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8/2012/RP (40) April 18, 2012
Investment opinion & recommendation
Our underlying equity story or Agora remains intact, yet it requires
one to take two steps back rom the table. On the rst glance,
one can hardly nd anything ancy there. With eebleness o local
traditional media ad market (sotening o GDP growth seems likely
to result in another consecutive year o decline o advertising
spending in print media at double-digit yoy pace), shrinking
newspapers copy sales, add-on series business running short
o its initial marketing appeal, limited ability to urther trim operating
costs and stronger yoy Euro in relation to Polish zloty (boosting,
among others, rental costs o the cinema business), the Company's
prots or the coming quarters seem likely to deteriorate in the
yoy perspective (as a matter o act, or 1Q12 we expect Agoras
EBIT and bottom line to slide into the red). The act that current
consensus o markets expectations or Agora still seems overly
optimistic to us (by c. 17-19%, as ar as 2012E EBITDA goes),
makes the ST equity story even more sour.
With all these being true, we continue to believe that at current level
o share market prices Agoras equities actually present a buying
opportunity or value-oriented investors with some tolerance
or risk (as noted above, the near-term news ow is unlikely to be
thrilling) and with longer-run investment horizons, as according
to our estimates current market capitalization o the Company
lies materially below the non-going concern NAV. To remove any
ambiguities: we do nd Agora a going concern. On the grounds
o the above rationale, we maintain our ratings or Agoras equities
at a Buy (LT undamental) and Neutral (ST market-relative).
Please note that Agora constitutes no longer a pure daily
newspaper exposure last year the daily press division accounted
or only 55% o the Companys FY EBITDA (pre-unallocated
costs and impairments) yet is being priced with noticeable(>10%) discount to the oreign daily newspapers peers (2012E/
2013E median EV/EBITDA multiplier o 4.5x/ 4.1x, according
to Bloomberg). Putting other words: even i Agora continued
to be only a pure daily newspaper play (which is not the case),
its current share market price would be undervalued relative
to daily-press-peers-median-implied air value by >10%.
Lastly, we believe that Agora is near to reach an important milestone
in its media-segment-diversication strategy attainment o an
indierence in relation to daily newspaper advertising spending.
According to our estimates, already next year the Companys
consolidated EBITDA will increase yoy, despite continued deep
contraction o daily newspapers advertising spending (assumed
at c. -8%), as by that time the non-daily-press businesses
o Agora should attain scale sufcient (even at a sluggish pace
o composite growth at these segments) to oset the adverse
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WIG
Agora
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olume(m
Quarterly
ResultsPreviewAnalyst: Sobiesaw Pajk, CFA, [email protected], +48 (22) 489 94 70
Agora
Sector: Media & Entertainment Market Cap.: US$ 189 mFundamental rating: Buy () Reuters code: AGOD.WAMarket relative: Neutral () Av. daily turnover: US$ 0.37 mPrice: PLN 11.84 Free float: 87%12M EFV: PLN 16.2 () 12M range: PLN 10.59-27.10
Upcoming events
1. Release o ZKDP-audited newspapers paid circulation data: around 5th calenda r day o each month
2. Release o 1Q12 nancial result s: May 11, 2012
3. Release o 2Q12 nancial results: August 10, 2012
4. Release o 1H12 nancial results: August 17, 20125. Release o 3Q12 nancial results: November 9, 2012
Catalysts
1. Strong PLN in relation to Euro (newsprint, cinema
space rentals)
2. With streamlined operating costs base the operating
leverage should work in avor o the Company when
the traditional media ad spending rebounds
3. Acceleration o online ad revenues
4. Further value-accretive acquisitions
5. Current share market price below our estimate
o the Companys per share liquidation value
6. The Company is about to reach (next year,
according to our estimates) an irrelevance point
as ar as its business mix is concerned (the impact
o urther (even material) declines o daily press
ad revenues on the consolidated EBITDA shouldstart to be more than oset by even sluggish
increases in non-daily-press-ad areas)
Risk actors
1. Weak outlook or adverti sing spending in 2012E
daily press is likely to record yoy contraction
at a mid-teens pace (c. 14-17%)
2. Weak PLN relative to Euro (newsprint, cinema
space rentals)
3. Poor visibility o traditional media ad spending
going orward
4. Consolidation among competing local market
outdoor companies
5. Rise in unit cost o newsprint
6. Value-dil utive takeovers
7. Share supply overhang (Arka)
8. Likely yoy decline o the Companys prots
in 2012E, with 1Q12E EBIT and bottom line likelyto slip into the negative territory
9. Downside risk to consensus estimates; we view
current consensus o markets expectations
(2012E EBITDA of PLN 147 million (PLN 145 million),
according to Bloomberg(Reuters)) as overstated
(by c. 17%-19%)
Key data
IFRS consolidated 2011 2012E 2013E 2014E
Sales PLN m 1,234.5 1,166.3 1,202.2 1,268.4
EBITDA PLN m 144.7 123.9 136.7 150.9
EBIT PLN m 51.9 31.8 39.9 46.6
Net income PLN m 42.2 24.0 30.6 36.1
EPS PLN 0.83 0.47 0.60 0.71
EPS yoy chng % -41 -43 28 18
P/E x 14.3 25.2 19.7 16.7
P/CE x 4.5 5.2 4.7 4.3
EV/EBITDA x 3.4 4.0 3.5 3.5
EV/EBIT x 9.5 15.4 12.2 11.4
Gross dividend yield % 4.2 4.2 4.2 4.2
Net debt PLN m -110.4 -112.2 -117.7 -70.2
DPS PLN 0.50 0.50 0.50 0.50
No. o shares (eop) m 50.9 50.9 50.9 50.9
Source: Company, DM IDMSA estimates
Guide to adjusted profts
No actors necessitating adjustments. Please note that the prots o Agora are NOT adjusted or the IFRS2 SOCs;
please reer to report2/2008/SR (6)regarding the justication o this stance o ours.
Stock perormance
Source: ISI
Please note that the gures have been removed rom this publication intentionally.
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Agora
????????????????????????2
impact o shrinking daily press ad revenue stream on Groups
EBITDA.
Quarterly earnings corner; 1Q12E results preview
On the back o (i) still deep yoy declines o advertising spendingin print media, (iii) exhaustion o the Companys reserves in the
area o internally-induced OPEX savings (except rom marketing
& promotion area), and (iii) appreciation o Euro in relation to PLN
(in the yoy perspective), one should not expect Agoras 1Q12
nancial results (to be released on May 11, beore the session
opening) to bring any rills; our orecast (please see Figure 1
regarding the details) provides or (i) high-single-digit (c. 7%) yoy
slide o consolidated revenues, (ii) approx. 32% yoy contraction
o EBITDA (i.e. by c. PLN 10 million in absolute value terms),
and (iii) quarterly EBIT and bottom line below the watermark
(albeit only marginally).
Our orecast o Agoras nancial results or 1Q12 was based
on the assumptions presented below.
a GWs copy sales. We assume 1Q12 average daily paid
circulation o Wyborcza at 269 ths. (16% down yoy). With
average eective net price o GW assumed to edge higher
yoy by c. 7% (yet to stay intact qoq), we orecast quarterly
revenues rom GWs copy sales at c. PLN 30 million (c. 10%
down yoy).
a GW ad revenues. We assume quarterly sales o GWs ads
at PLN 51 million, 18% down yoy.
a Free-of-charge press. We expect Metro to buck the declining
trend o slumping ad sales in daily press segment, with 1Q12E
revenues coming out attish yoy.
a Add-ons. On the back o much thinner yoy number o editorial
series and one-o add-on projects (as well as signicantly
lower yoy average selling price) we expect the Companys
special projects revenues to slump yoy by whooping 62%.
In terms o EBITDA impact this should make no harm, in our
view; we expect the 1Q12 contribution o special projects
to consolidated EBITDA at a zero, compared to PLN -1.2 million
loss or the base quarter o 1Q11.
a Daily press segment miscellaneous revenues. A material
(>20%) yoy increase should be shown here (more printing
services rendered to external parties this was visible already
in the nancial showing or the preceding quarter).
a Online. Sotening o the yoy dynamics o the display ads was
visible already in 4Q11; we expect this tendency to continue,
with 1Q12E yoy pace o growth o Agoras Internet revenues
merely in the low-single-digit range.
a Magazines copy sales. We assume approx. 5% lower yoy
average paid circulations and copy sales at Agoras magazines
portolio.
a Magazines ad sales. A eeble showing expected; we assume
yoy contraction by c. 11%.
a Radio. This medium showed its resilience to slowdown already
last year; similarly, or 1Q12 we assume it to show positive
yoy dynamics (albeit only in low single-digit range).
a Outdoor. Just like in case o radio, last year Agoras outdoor
business ared reasonably well; we expect this to extend into
2012, with 1Q12E yoy momentum seen at approx. 2%.
a Cinema. In case o the cinema business it should be remembered
that in March 2012 the Company opened one new multiplex
(with ve screens and >1 thousand seats) a development which
probably more weighted on the segments operating costs
or the quarter than on its revenues. Assuming c. 2 million
tickets sold in the quarter (c. 20% decline yoy), and average net
ticket price o c. PLN 18 (moderately higher yoy), we orecast this
segment to generate quarterly: (i) revenues o c. PLN 50 million
(10% down yoy), (ii) EBITDA o c. PLN 8 million (c. 30% down
yoy), and (iii) EBIT o c. PLN 3.5 million (halved yoy).
a Non-D&A OPEX. Operating-cost-wise, we expect to see some
yoy decline, albeit at a soter pace than in case o revenues
(-4% versus -7%). Specically, we expect: (i) marginal (c. 1%)
yoy increase o (non-SOC) HR costs, (ii) 80% decline o SOCs
(rom PLN 4.5 million to c. PLN 0.9 million), (iii) >10% yoy
contraction o marketing & promotion outlays, (iv) c. 10%
yoy slide in GWs newsprint costs, (v) signicant (c. 17% yoy)
hike in cinema space rentals (stronger yoy Euro + increased
number o multiplexes), (vi) >60% yoy slump in add-on costs
(mirroring the dynamics o the revenues rom this source),
(vii) minor (low-single-digit) yoy increase o outdoor system
maintenance costs, and (viii) noticeable (>10%) yoy increase
o miscellaneous costs (mainly materials (e.g. newsprint
or printing services rendered to external parties) and energy).
The modest discrepancy between the revenues and opexs
pace o declines (ormer expected to contract by somewhat
more (c. 3pp, or c. PLN 10 million in absolute value terms)
than the latter) stands behind our expectancy o noticeable
contraction o the Companys 1Q12 EBITDA in yoy perspective.
a D&A. Nothing new on this ront to be expected; we orecastAgoras quarterly D&A charge at approx. PLN 22.6 million at
qoq and marginally (by c. 3%) higher yoy.
Financial orecasts
Having an explicit orecast o the Companys 1Q12 nancial
results, we link it to our FY12 projections. We also signicantly
trim our expectations regarding the add-on series revenues
(the main reason or resultant slide in our consolidated top line
orecast or Agora; in terms o prot orecast this bears no impact,
though, as we continue to assume neutral impact o editorial series
on the Companys EBITDA), moderately lower our expectations
regarding the level o GWs average daily paid circulation (while
via lowered copy sales component this adds to the extent
o decline o our consolidated revenue projection or Agora,
the resultant (adverse) impact on prots in muted (as in a large
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Agora
???????????????????????? 3
extent this is covered by lowered newsprint costs)), and ne-
tune our assumptions or the Companys remaining business
lines and operating cost categories. The net eect o the changes
in question is slightly adverse or our orecasts o Agoras
consolidated revenues and EBITDA (declines in the 3-5% range)
in the coming years, yet noticeably adverse or projected EBITand NI (orecasts lowered by 11-19%; please note, though, that
here the low base eect is at play in absolute value terms our
orecasts are trimmed by c. PLN 4-7 million); please see Figure 2
regarding the details.
From the perspective o our nancial projections or the Company,
we continue to perceive current market consensus estimates
or Agora (2012E EBITDA o PLN 147 million/ PLN 145 million,
according to Bloomberg/ Reuters) as stretched (by c. 17-19%);
we believe than in the coming weeks/ months they will continue
to trend downwards (they did come o during past quarter, albeit
in our view insufciently) on the back o a series o nancial
orecast downgrades by brokers.
Valuation
On the back o aorementioned mild downgrade o our nancial
projections or the Company, our 12M EFV assessment or Agoras
equities (50%-50% average o DCF and peer-relative approaches)
declines slightly (by 5%) to PLN 16.2 per share (rom PLN 17.0per share previously). We sustain our view that at current level
o share market prices Agora is being valued by the market
as a non-going concern company. Based on our calculations,
should the Company went belly-over (which, despite disappointing
sectoral environment and obsolete structure o business mix,
is (at worst) probably merely a distant-tail scenario), sell-o its
assets and pay-o its liabilities (inclusive o additional employee
liabilities arising in such case), the money let (c. PLN 16.4 per
share) would exceed its current market pricing (regarding the
detailed calculations, please reer to page 5 o our research
report 6/2012/FN (10) dated February 29, 2012).
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BASIC DEFINITIONS
A/R tur nover (in days) = 365/(sales/average A/R))
Inventory turnover (in days) = 365/(COGS/average inventory))
A/P tur nover (in days) = 365/(COGS/average A/P))
Current ratio = ((current assets ST deerred assets)/current liabilities)
Quick ratio = ((current assets ST deerred assets inventory)/current liabilities)
Interest coverage = (pre-tax prot beore extraordinary items + interest payable/interest payable)
Gross margin = gross prot on sales/sales
EBITDA margin = EBITDA/salesEBIT margin = EBIT/sales
Pre-tax margin = pre-tax prot/sales
Net margin = net prot/sales
ROE = net prot/average equity
ROA = (net income + interest payable)/average assets
EV = market capitalization + interest bearing debt cash and equivalents
EPS = net prot/ no. o shares outstanding
CE = net prot + depreciation
Dividend yield (gross) = pre-tax DPS/stock market price
Cash sales = accrual sales corrected or the change in A/R
Cash operating expenses = accrual operating expenses corrected or the changes in inventories and A/P,
depreciation, cash taxes and changes in the deerred taxes
DM IDM S.A. generally values the covered non bank companies via two methods: comparative method and
DCF method (discounted cash fows). The advantage o the ormer is the act that it incorporates the current
market assessment o the value o the companys peers. The weakness o the comparative method is the risk
that the valuation benchmark may be mispriced. The advantage o the DCF method is its independence rom
the current market valuation o the comparable companies. The weakness o this method is its high sensitivity to
undertaken assumptions, especially those related to the residual value calculation. Please note that we also resort
to other valuation techniques (e.g. NAV-, DDM- or SOTP-based), should it prove appropriate in a given case.
Banks
Net Interest Margin (NIM) = net interest income/average assets
NIM Adjusted = (net interest income adjusted or SWAPs)/average assets
Non interest income = ees&commissions + result on nancial operations (trading gains) + FX gains
Interest Spread = (interest income/average interest earning assets)/ (interest cost/average interest bearing liabilities)
Cost/Income = (general costs + depreciation + other operating costs)/ (prot on banking activity + other
operating income)
ROE = net prot/average equity
ROA = net income/average assetsNon perorming loans (NPL) = loans in substandard, doubtul and lost categories
NPL coverrage ratio = loan loss provisions/NPL
Net provision charge = provisions created provisions released
DM IDM S.A. generally values the covered banks via two methods: comparative method and undamental target
air P/E and target air P/BV multiples method. The advantage o the ormer is the act that it incorporates
the current market assessment o the value o the companys peers. The weakness o the comparative
method is the risk that the valuation benchmark may be mispriced. The advantage o the undamental target
air P/E and target air P/BV multiples method is its independence o the current market valuation o the comparable
companies. The weakness o this method is its high sensitivity to undertaken assumptions, especially those
related to the residual value calculation.
Assumptions used in valuation can change, infuencing thereby the level o the valuation. Among the most
important assumptions are: GDP growth, orecasted level o infation, changes in interest rates and currency
prices, employment level and change in wages, demand on the analysed company products, raw material prices,
competition, standing o the main customers and suppliers, legislation changes, etc.
Changes in the environment o the analysed company are monitored by analysts involved in the preparation
o the recommendation, estimated, incorporated in valuation and published in the recommendation whenever
needed.
KEY TO INVESTMENT RANKINGS
This is a guide to expected price perormance in absolute terms over the next 12 months:
Buy undamental ly underval ued (upside to 12M EFV in excess o the cost o equi ty) + catalyst s which should clo se the valuation ga p identied;
Hold either (i) airly priced, or (ii) undamentally undervalued/overvalued but lacks catalysts which could close the valuation gap;
Sell undamentall y overvalued (12M EFV < current shar e price + 1-year cost o e quity) + catal ysts which should cl ose the valuatio n gap identie d.
This is a guide to expected relative price perormance:
Overweight expected to pe rorm be tter than the be nchmark (WIG) over t he next quarte r in relati ve terms
Neutral expected to pe rorm in line w ith the benchma rk (WIG) over the next q uarter in re lative term s
Underweight expected to perorm worse than the benchmark (WIG) over the next quarter in relative terms
The recommendation tracker presents the perormance o DM IDMSAs recommendations. A recommendation expires on the day it is altered or on the day 12 months ater its issuance, whichever comes rst.
Relative perormance compares the rate o return on a given recommended stock in the period o the recommendations validity (i.e. rom the date o issuance to the date o alteration or in case o maintained
recommendations rom the date o issuance to the current date) in a relation to the rate o return on the benchmark in this time period. The WIG index constitutes the benchmark. For recommendations that expire
by an alteration or are maintained, the ending values used to calculate their absolute and relative perormance are: the stock closing price on the day the recommendation expires/ is maintained and the closing value
o the benchmark on that date. For recommendations that expire via a passage o time, the ending values used to calculate their absolute and relative perormance are: the average o the stock closing prices or the day therecommendation elapses and our directly preceding sessions and the average o the benchmarks closing values or the day the recommendation expires and our directly preceding sessions.
Distribution of IDMs current recommendations
Buy Hold Sell Suspended Under revision
Numbers 27 40 9 0 0
Percentage 36% 53% 12% 0% 0%
Distribution of IDMs current market relative recommended weightings
Overweight Neutral Underweight Suspended Under revision
Numbers 28 31 17 0 0
Percentage 37% 41% 22% 0% 0%
Distribution of IDMs current market relative recommended weightings for the companies that werewithin the last 12M IDM customers in investment banking
Overweight Neutral Underweight Suspended Under revision
Numbers 2 2 2 0 0
Percentage 33% 33% 33% 0% 0%
Distribution of IDMs current recommendations for companies that were within the last 12M IDMcustomers in investment banking
Buy Hold Sell Suspended Under revision
Numbers 1 4 1 0 0
Percentage 17% 67% 17% 0% 0%
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LT fundamental recommendation tracker
Recommendation Issue date Reiteration date Expiry date PerormanceRelative
perormance
Price at issue/
reiteration (PLN)
12M EFV
(PLN)
Agora
Hold - 03.02.2008 - 16.10.2008 -52% -21% 48.01 45.90 -
- - 11.02.2008 - - - 48.10 45.90
- - 02.03.2008 - - - 43.80 41.50
- - 06.03.2008 - - - 42.75 41.50 - - 30.03.2008 - - - 43.00 41.80
- - 17.04.2008 - - - 41.35 42.00
- - 14.05.2008 - - - 40.40 42.00
- - 17.07.2008 - - - 27.73 39.30
- - 17.08.2008 - - - 30.000 34.20
- - 31.08.2008 - - - 29.220 34.20
- - 28.09.2008 - - - 28.730 34.20
Sell 16.10.2008 - 01.02.2009 -41% -28% 22.75 19.80
- - 29.10.2008 - - - 19.400 19.80
- - 16.11.2008 - - - 18.30 19.60
- - 30.11.2008 - - - 16.550 19.60
- - 11.01.2009 - - - 17.300 19.60
Hold 01.02.2009 - 19.02.2009 -2% 8% 13.39 16.70
- - 08.02.2009 - - - 12.80 16.70
Sell 19.02.2009 - 08.06.2009 17% -16% 13.06 13.50
- - 08.03.2009 - - - 11.21 13.50
- - 05.04.2009 - - - 14.690 13.50
- - 25.04.2009 - - - 15.41 12.00
- - 17.05.2009 - - - 13.95 12.00 Hold 08.06.2009 - 08.07.2009 -11% -8% 15.28 17.90
Buy 08.07.2009 - 02.08.2009 36% 15% 13.59 20.30
Hold 02.08.2009 - 11.11.2009 6% -6% 18.50 20.30
- - 31.08.2009 - - - 23.35 20.30
- - 12.10.2009 - - - 21.72 20.30
- - 14.10.2009 - - - 21.89 23.60
Buy 11.11.2009 - 24.02.2010 22% 26% 19.70 23.60
- - 14.12.2009 - - - 21.20 23.60
- - 07.01.2010 - - - 21.70 24.50
- - 31.01.2010 - - - 20.80 24.50
- - 03.02.2010 - - - 21.59 24.50
Hold 24.02.2010 - 17.05.2010 3% -4% 23.98 24.50
- - 01.03.2010 - - - 24.10 24.50
- - 29.03.2010 - - - 25.38 24.50
- - 30.03.2010 - - - 26.91 26.40
- - 21.04.2010 - - - 25.45 27.70
Buy 17.05.2010 - 14.10.2010 11% 0% 24.71 27.70
-
- 14.06.2010 - - - 24.05 27.70
- - 12.07.2010 - - - 22.70 27.20
- - 15.07.2010 - - - 22.70 28.20
- - 19.07.2010 - - - 22.70 28.20
- - 31.08.2010 - - - 24.95 28.20
- - 12.10.2010 - - - 26.50 28.20
Hold 14.10.2010 - 25.07.2011 -38% -40% 26.98 28.20
- - 12.11.2010 - - - 26.38 28.20
- - 15.11.2010 - - - 26.50 28.20
- - 15.12.2010 - - - 27.35 28.20
- - 02.01.2011 - - - 26.10 26.80
- - 28.01.2011 - - - 25.30 26.80
- - 01.03.2011 - - - 26.57 26.80
- - 24.03.2011 - - - 26.10 26.80
- - 20.04.2011 - - - 26.00 25.50
- - 16.05.2011 - - - 22.60 25.50
- - 20.06.2011 - - - 18.70 25.50
- - 12.07.2011 - - - 18.10 25.00
Buy 25.07.2011 - 11.12.2011 -21% -3% 16.10 19.90
- - 31.08.2011 - - - 14.57 19.00 - - 03.10.2011 - - - 13.00 19.00
- - 19.10.2011 - - - 13.99 18.20
- - 24.10.2011 - - - 14.25 18.20
- - 14.11.2011 - - - 14.92 18.20
Hold 11.12.2011 - 29.02.2012 -10% -16% 12.77 18.20
- - 01.01.2012 - - - 11.10 17.00
- - 25.01.2012 - - - 11.20 17.00
Buy 29.02.2012 - Not later than
28.02.2013
3% 6% 11.50 17.00
- - 20.03.2012 - - - 12.40 17.00
- - 15.04.2012 - - - 12.16 17.00
- - 18.04.2012 - - - 11.84 16.20
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Market-relative recommendation tracker
Relative recommendation Issue date Reiteration date Expiry datePrice at issue/
reiteration (PLN)
Relative
perormance
Agora
Neutral - 03.02.2008 - 16.10.2008 48.01 -21%
- - 11.02.2008 - 48.10 -
- - 02.03.2008 - 43.80 -
-
- 06.03.2008 - 42.75 -- - 30.03.2008 - 43.00 -
- - 17.04.2008 - 41.35 -
- - 14.05.2008 - 40.40 -
- - 17.07.2008 - 27.73 -
- - 17.08.2008 - 30.00 -
- - 31.08.2008 - 29.22 -
- - 28.09.2008 - 28.73 -
Underweight 16.10.2008 - 08.06.2009 22.75 -35%
- - 29.10.2008 - 19.40 -
- - 16.11.2008 - 18.30 -
- - 30.11.2008 - 16.55 -
- - 11.01.2009 - 17.30 -
- - 01.02.2009 - 13.39 -
- - 08.02.2009 - 12.80 -
- - 19.02.2009 - 13.06 -
- - 08.03.2009 - 11.21 -
- - 05.04.2009 - 14.69 -
- - 25.04.2009 - 15.41 -
- - 17.05.2009 - 13.95 -Neutral 08.06.2009 - 11.11.2009 15.28 0%
- - 08.07.2009 - 13.59 -
- - 02.08.2009 - 18.50 -
- - 31.08.2009 - 23.35 -
- - 12.10.2009 - 21.72 -
- - 14.10.2009 - 21.89 -
Overweight 11.11.2009 - 24.02.2010 19.70 26%
- - 14.12.2009 - 21.20 -
- - 07.01.2010 - 21.70 -
- - 31.01.2010 - 20.80 -
- - 03.02.2010 - 21.59 -
Neutral 24.02.2010 - 30.03.2010 23.98 1%
- - 01.03.2010 - 24.10 -
- - 29.03.2010 - 25.38 -
Overweight 30.03.2010 - 14.10.2010 26.91 -6%
- - 21.04.2010 - 25.45 -
- - 17.05.2010 - 24.71 -
- - 14.06.2010 - 24.05 -
- - 12.07.2010 - 22.70 -
- - 15.07.2010 - 22.70 -
- - 19.07.2010 - 22.70 -
- - 31.08.2010 - 24.95 -
- - 12.10.2010 - 26.50 -
Neutral 14.10.2010 - 12.11.2010 26.98 -5%
Overweight 12.11.2010 - 28.01.2011 26.38 -4%
- - 15.11.2010 - 26.50 -
- - 15.12.2010 - 27.35 -
- - 02.01.2011 - 26.10 -
Neutral 28.01.2011 - 20.04.2011 25.30 -3%
- - 01.03.2011 - 26.57 -
- - 24.03.2011 - 26.10 -
Underweight 20.04.2011 - 20.06.2011 26.00 -26%
- - 16.05.2011 - 22.60 -
Neutral 20.06.2011 - 11.12.2011 18.70 -10%
- - 12.07.2011 - 18.10 -
- - 25.07.2011 - 16.10 -
- - 31.08.2011 - 14.57 -- - 03.10.2011 - 13.00 -
- - 19.10.2011 - 13.99 -
- - 24.10.2011 - 14.25 -
- - 14.11.2011 - 14.92 -
Underweight 11.12.2011 - 29.02.2012 12.77 -16%
- - 01.01.2012 - 11.10 -
- - 25.01.2012 - 11.20 -
Neutral 29.02.2012 - No later than
28.02.2013
11.50 6%
- - 20.03.2012 - 12.40 -
- - 15.04.2012 - 12.16 -
- - 18.04.2012 - 11.84 -
-
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Copyright 2012 by DM IDMSA
Dom Maklerski IDMSA
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