SNS Securities komt vandaag in één klap met een flinke portie adviezen door zoals Guruwatch die zelden ziet. Op AkzoNobel en SNS Reaal (logisch) na zitten ook alle cijferaars van vandaag er bij . Onderstaande teksten zijn in recordtijd (de morning call plofte om 9:26 uur in de mailbox) gecopypaste uit de respectievelijke laatste alinea's uit de research, wat SNS zelf Conclusion & Action noemt.
Op Heineken na - dat een flinke upgrade krijgt - zijn er geen advieswijzigingen.
Acomo: accumulate - 11,50 euro
Acomo has continued to do well in the fourth quarter of 2011, leading to record results for the company last year. All activities were profitable in 2011, although more detail will only be provided on 15 March. We rate the shares Accumulate.
Batenburg: hold - 20 euro
Batenburg’s preliminary results were broadly in line with expectations. Markets conditions remain difficult and the business is very volatile. We expect market conditions to improve only gradually going forward and reiterate our Hold recommendation.
Binck: buy - 14 euro
In spite of the fact that we can’t quantify the impact of the introduction of the American stock options on the executed number of transactions, we can clearly state that this is a positive development for
BinckBank’s commission income. In 2012, we believe that the company will continue to introduce new products which will further improve its commission income.
Heineken: accumulate - 43 euro
We upgrade our recommendation on Heineken from Hold to Accumulate after the release of stronger than expected 2011 earnings. Volumes in Heineken’s US business have improved in the course of last year and we expect momentum to be maintained in 2012 in combination with higher earnings. The European operations of Heineken were hampered by weak summer weather causing earnings to be flat last year.
However, in 2012 we expect 10% earnings growth in the region. We are positive on Heineken’s decision to materially step up capital expenditure. This will worsen cash conversion in the near term, but cater for higher future organic earnings growth. We raise our target price to EUR 43 (from EUR 33) based on a target EV/EBITDA multiple of 8.5x.
Mediq: buy - 15 euro
Mediq’s fourth-quarter earnings were better than expected. We see the outlook statement as slightly positive overall.
Randstad: buy - 50 euro
A mixed bag, but selected goodies. The continued US recovery and the stabilising Dutch government volumes are a relief. For the time being, we are cutting our estimates for the coming years to bring them in line with current performance levels. Medium-term margin prospects and hence long-term. value will depend on a mix improvement. Buy for the strategic performance in a decent business.
Reed Elsevier: hold - 10 euro
Reed Elsevier reported better than expected operating margins with stronger than expected results from particularly Exhibitions. We expect continued growth in underlying revenues and profit for 2012. We have a Hold rating.
TomTom: by - 5,25 euro
The introduction of HD Traffic in China is positive, not so much because of the potential of the Chinese market (as competition in this market is fierce) but more because it is really the first bulk content deal for TomTom. On the other hand, this offer only works if the customer is also a TomTom map client, limiting take up.