Silvia Quandt & Cie. AG, Merchant & Investment Banking: In-between the lines - Bernhard Eschweiler
DGAP-News: Silvia Quandt & Cie. AG, Merchant & Investment Banking /
Schlagwort(e): Sonstiges
Silvia Quandt & Cie. AG, Merchant & Investment Banking: In-between the
lines - Bernhard Eschweiler
02.11.2011 / 10:30
---------------------------------------------------------------------
- EU summit outcome is a step forward but not the final breakthrough
- ECB likely to continue bond purchases
- Global business cycle patterns are diverging again
The drama and confusion leading to this week's EU summit had the potential
to drive financial markets into a tail spin. Instead, markets rallied.
The Dax, for example, rose 27% since its September low. Markets were not
betting on a miracle, but correctly expected that policy would make a move.
The outcome of this week's summit is a step forward but not the final break
through. Greece's solvency problem remains unresolved; the bank
recapitalization drive seems muddled and efforts to increase the impact of
the EFSF may not yield as much as hoped. Having said that, it would be
naïve to expect a swift resolution given the complexity of the matter and
the difficulty to keep all players on board. Thus, muddling through will
continue and the ECB will reluctantly keep buying governments bonds. The
market recovery was also helped by expectations being sufficiently beaten
down and some economic news coming in better than expected, notably from
the US and China.
Muddling through to continue
The outcome of last night's summit contained no major surprise. In fact,
the wording of the statement was vague in some areas and many details were
missing. It would be unrealistic to expect much more, but it is similarly
unrealistic to view this as the final breakthrough.
- Greece debt restructuring: Greece will receive the 6th disbursement of
the EU-IMF support program. Banks also agreed to a 50% haircut of
their Greek government bond holdings. However, bonds held by banks
account for only about a third of Greek government debt. Effectively,
Greek government debt will be lowered by just a sixth from currently
165% of GDP to just below 140% of GDP. At that level and given the
poor shape of the economy, Greece has no chance to get out of the debt
trap. More debt reductions will be necessary and since an outright
default is to be avoided, the next candidate to make concessions is the
Troika of EU, ECB and IMF. Already, the Troika holds about a third of
Greek government debt and by the end of next year will hold more than
half. Although inevitable, the Troika will try to delay the
restructuring of its own Greek debt holdings as long as possible.
First, to maintain pressure on Greece to implement reforms. Second, to
avoid that other crisis countries like Portugal would seek a debt
restructuring as well. Thus, the solvency problem remains unresolved
and the run-up to each future disbursement of the EU-IMF support
program is set to be bumpy.
- Bank recapitalization: Banks are required to hold an increased core
capital ratio of 9% by June 30th 2012. The additional capital needed
to attain the higher ratio is estimated to exceed EUR100 billion.
Unfortunately, there are little details on asset categorization and
valuation, which leaves plenty of room for manipulation and disputes.
National regulators together with the EBA are supposed to enforce the
implementation and make sure that banks do not deleverage and continue
to provide sufficient credit to the real economy (good luck!). Banks
are to use private sources of capital first and cut down on dividend
and bonus payments. If that is not sufficient, national governments
should help. And if that support is not available the EFSF should
provide capital. The process is too muddled, lacks guidelines and
leaves too much uncertainty. Moreover, the timeline is too short for
realistic implementation, yet too long to have a credible impact on
markets. A US-style forced recapitalization would have been much less
complex and more effective.
- EFSF leverage: The use of the word 'leverage' is misleading. The idea
is not to risk more funds than the EFSF has currently at its disposal,
but to spread the funds wider by providing partial guarantees
(20%-to-25%) for new sovereign bond issues or special purpose vehicles
instead of full guarantees as has been the case so far. The plan seems
clever but critically depends on investor sentiment. Partial
guarantees work well when investors are optimistic and just need a bit
more encouragement to take some extra risk. The plan is not designed
for countries under EU-IMF care, but may become an option for Ireland
at some point. Ireland has made the most reform progress and markets
are starting to take notice. Investors may also turn more optimistic
on Spain, if it continues to make reform progress. The biggest
potential user of the partial guaranty program as well as worry,
however, is Italy. First loss guarantees of 20%-to-25% may not be
enough to entice investors into Italian bonds at sufficiently lower
yields unless the government builds a more credible reform track
record.
- Bond purchase program: It will take some time until the partial
guaranty program works, if at all. Until then, the focus will be on
stabilizing secondary markets. The plan is for the EFSF to replace the
ECB as market stabilizer. In practice, the EFSF lacks both funds and
skills to replace the ECB effectively. Thus, the ECB will probably
continue its bond purchases, as incoming President Draghi has already
hinted.
Fear of global recession fading
The initial driver of the market downturn last summer was the growing fear
of a global recession. At center stage was the US, which had already
slowed sharply and was at risk to slip into recession in the second half of
the year. The fear was compounded by the problems in Europe and a growing
concern that China may experience a hard landing. That picture is
changing. Strong production and sales figures through September point to a
bounce in third-quarter US growth. Moreover, forward looking indicators,
such as the regional PMIs for October show that sentiment has stabilized
and is even improving a bit. The prospect of more fiscal tightening keeps
consumer sentiment depressed, but the risk of that turning into recession
is declining. China's flash PMI has made a big jump in October, after
already inching higher in September. The government is also gradually
shifting focus from inflation fighting to growth promotion, as highlighted
in recent statements by President Hu and Premier Wen.
In contrast, economic prospects in Europe have not yet improved. The
October PMI for the Euro area fell again. Greece and Portugal are in
recession and Italy and Spain
are set to follow. The region as a whole may just avoid recession, but the
Euro area will find itself at the bottom of the global growth league. That
is nothing new, however. The Euro area has been an underperformer for most
of the last two decades, a fact that has not much harmed the rest of the
world.
Looking through Germany's seesaw pattern
Within the Euro area, not all is marching to the same beat either.
Third-quarter growth in Germany is likely to come in stronger than
expected. The production surge in July, which was partly due to special
calendar effects, was only modestly reversed in August. And even if there
is more payback in September, Q3 production probably rose 10% annualized
from Q2. However, the partly technical bounce in Q3 will probably be
followed by negative payback in Q4, similar to the pattern seen between Q1
and Q2. On average, growth in 2010 will reach 3% and possibly a touch
more. Looking through the quarterly seesaw pattern, momentum clearly
slowed in the second half, but stayed firmly in positive territory. That
is consistent with the moderation of the IFO survey. Business sentiment
will have to drop a lot more than the rather modest decline in October, if
the economy is to experience a hard landing. Given a less favorable Q4
base effect and the possibility for a soft start in Q1, we have lowered our
2012 growth forecast to 1.5%, but expect that the underlying momentum will
return to the 2+% growth potential in the Spring next year.
Disclaimer
This analysis was prepared by Bernhard Eschweiler, Senior Economic Advisor,
and was first published 2 November 2011, Silvia Quandt Research GmbH,
Grüneburgweg 18, 60322 Frankfurt is responsible for its preparation. German
Regulatory Authority: Bundesanstalt für Finanzdienstleistungsaufsicht
(BaFin), Graurheindorfer Str. 108, 53117 Bonn and Lurgiallee 12, 60439
Frankfurt.
Publication according to article 5 (4) no. 3 of the German Regulation
concerning the analysis of financial instruments (Finanzanalyseverordnung):
Number of recommendations Thereof recommendations for issuers to which
from Silvia Quandt Research investment banking services were provided
during
GmbH in 2011 the preceding twelve months
Buys: 99 37
Neutral: 38 1
Avoid: 6 0
Company disclosures
Article 34b of the German Securities Trading Act (Wertpapierhandelsgesetz)
in combination with the German regulation concerning the analysis of
financial instruments (Finanzanalyseverordnung) requires an enterprise
preparing a securities analysis to point out possible conflicts of interest
with respect to the company or companies that are the subject of the
analysis. A conflict of interest is presumed to exist, in particular, if an
enterprise preparing a security analysis:
(a) holds more than 5 % of the share capital of the company or companies
analysed;
(b) has lead managed or co-lead managed a public offering of the
securities of the company or companies in the previous 12 months;
(c) has provided investment banking services for the company or companies
analysed during the last 12 months for which a compensation has been or
will be paid;
(d) is serving as a liquidity provider for the company's securities by
issuing buy and sell orders;
(e) is party to an agreement with the company or companies that is the
subject of the analysis relating to the production of the recommendation;
(f) or the analyst covering the issue has other significant financial
interests with respect to the company or companies that are the subject of
this analysis, for example holding a seat on the company's boards.
In this respective analysis the following of the above-mentioned conflicts
of interests exist: none
Silvia Quandt Research GmbH, Silvia Quandt & Cie. AG, and its affiliated
companies regularly hold shares of the analysed company or companies in
their trading portfolios. The views expressed in this analysis reflect the
personal views of the analyst about the subject securities or issuers. No
part of the analyst's compensation was, is or will be directly or
indirectly tied to the specific recommendations or views expressed in this
analysis. It has not been determined in advance whether and at what
intervals this report will be updated.
Equity Recommendation Definitions Silvia Quandt Research GmbH analysts rate
the shares of the companies they cover on an absolute basis using a 6 -
12-month target price. 'Buys' assume an upside of more than 10% from the
current price during the following 6 - 12-months. These securities are
expected to out-perform their respective sector indices. Securities with an
expected negative absolute performance of more than 10% and an
under-performance to their respective sector index are rated 'avoids'.
Securities where the current share price is within a 10% range of the
sector performance are rated 'neutral'. Securities prices used in this
report are closing prices of the day before publication unless a different
date is stated. With regard to unlisted securities median market prices are
used based on various important broker sources (OTC-Market).
Disclaimer This publication has been prepared and published by Silvia
Quandt Research GmbH, a subsidiary of Silvia Quandt & Cie. AG. This
publication is intended solely for distribution to professional and
business customers of Silvia Quandt & Cie. AG. It is not intended to be
distributed to private investors or private customers. Any information in
this report is based on data obtained from publicly available information
and sources considered to be reliable, but no representations or guarantees
are made by Silvia Quandt Research GmbH with regard to the accuracy or
completeness of the data or information contained in this report. The
opinions and estimates contained herein constitute our best judgement at
this date and time, and are subject to change without notice. Prior to this
publication, the analysis has not been communicated to the analysed
companies and changed subsequently. This report is for information purposes
only; it is not intended to be and should not be construed as a
recommendation, offer or solicitation to acquire, or dispose of, any of the
securities mentioned in this report. In compliance with statutory and
regulatory provisions, Silvia Quandt & Cie. AG and Silvia Quandt Research
GmbH have set up effective organisational and administrative arrangements
to prevent and avoid possible conflicts of interests in preparing and
transmitting analyses. These include, in particular, inhouse information
barriers (Chinese walls). These information barriers apply to any
information which is not publicly available and to which any of Silvia
Quandt & Cie. AG and Silvia Quandt Research GmbH or its affiliates may have
access from a business relationship with the issuer. For statutory or
contractual reasons, this information may not be used in an analysis of the
securities and is therefore not included in this report. Silvia Quandt &
Cie. AG and Silvia Quandt Research GmbH, its affiliates and/or clients may
conduct or may have conducted transactions for their own account or for the
account of other parties with respect to the securities mentioned in this
report or related investments before the recipient has received this
report. Silvia Quandt & Cie. AG and Silvia Quandt Research GmbH or its
affiliates, its executives, managers and employees may hold shares or
positions, possibly even short sale positions, in securities mentioned in
this report or in related investments. Silvia Quandt & Cie. AG in
particular may provide banking or other advisory services to interested
parties. Neither Silvia Quandt Research GmbH, Silvia Quandt & Cie. AG or
its affiliates nor any of its officers, shareholders or employees accept
any liability for any direct or consequential loss arising from any use of
this publication or its contents. Copyright and database rights protection
exists in this publication and it may not be reproduced, distributed or
published by any person for any purpose without the prior express consent
of Silvia Quandt Research GmbH. All rights reserved. Any investments
referred to herein may involve significant risk, are not necessarily
available in all jurisdictions, may be illiquid and may not be suitable for
all investors. The value of, or income from, any investments referred to
herein may fluctuate and/or be affected by changes in exchange rates. Past
performance is not indicative of future results. Investors should make
their own investment decisions without relying on this publication. Only
investors with sufficient knowledge and experience in financial matters to
evaluate the merits and risks should consider an investment in any issuer
or market discussed herein and other persons should not take any action on
the basis of this publication.
Specific notices of possible conflicts of interest with respect to issuers
or securities forming the subject of this report according to US or English
law: None
This publication is issued in the United Kingdom only to persons described
in Articles 19, 47 and 49 of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2001 and is not intended to be distributed,
directly or indirectly, to any other class of persons (including private
investors). Neither this publication nor any copy of it may be taken or
transmitted into the United States of America or distributed, directly or
indirectly, in the United States of America.
Frankfurt am Main, 02.11.2011
Silvia Quandt Research GmbH
Grüneburgweg 1860322 Frankfurt
Tel: + 49 69 95 92 90 93 -0
Fax: + 49 69 95 92 90 93 - 11
Ende der Corporate News
---------------------------------------------------------------------
02.11.2011 Veröffentlichung einer Corporate News/Finanznachricht,
übermittelt durch die DGAP - ein Unternehmen der EquityStory AG.
Für den Inhalt der Mitteilung ist der Emittent / Herausgeber
verantwortlich.
Die DGAP Distributionsservices umfassen gesetzliche Meldepflichten,
Corporate News/Finanznachrichten und Pressemitteilungen.
Medienarchiv unter http://www.dgap-medientreff.de und
http://www.dgap.de
---------------------------------------------------------------------
144370 02.11.2011
DGAP-News: Silvia Quandt & Cie. AG, Merchant & Investment Banking /
Schlagwort(e): Sonstiges
Silvia Quandt & Cie. AG, Merchant & Investment Banking: In-between the
lines - Bernhard Eschweiler
02.11.2011 / 10:30
---------------------------------------------------------------------
- EU summit outcome is a step forward but not the final breakthrough
- ECB likely to continue bond purchases
- Global business cycle patterns are diverging again
The drama and confusion leading to this week's EU summit had the potential
to drive financial markets into a tail spin. Instead, markets rallied.
The Dax, for example, rose 27% since its September low. Markets were not
betting on a miracle, but correctly expected that policy would make a move.
The outcome of this week's summit is a step forward but not the final break
through. Greece's solvency problem remains unresolved; the bank
recapitalization drive seems muddled and efforts to increase the impact of
the EFSF may not yield as much as hoped. Having said that, it would be
naïve to expect a swift resolution given the complexity of the matter and
the difficulty to keep all players on board. Thus, muddling through will
continue and the ECB will reluctantly keep buying governments bonds. The
market recovery was also helped by expectations being sufficiently beaten
down and some economic news coming in better than expected, notably from
the US and China.
Muddling through to continue
The outcome of last night's summit contained no major surprise. In fact,
the wording of the statement was vague in some areas and many details were
missing. It would be unrealistic to expect much more, but it is similarly
unrealistic to view this as the final breakthrough.
- Greece debt restructuring: Greece will receive the 6th disbursement of
the EU-IMF support program. Banks also agreed to a 50% haircut of
their Greek government bond holdings. However, bonds held by banks
account for only about a third of Greek government debt. Effectively,
Greek government debt will be lowered by just a sixth from currently
165% of GDP to just below 140% of GDP. At that level and given the
poor shape of the economy, Greece has no chance to get out of the debt
trap. More debt reductions will be necessary and since an outright
default is to be avoided, the next candidate to make concessions is the
Troika of EU, ECB and IMF. Already, the Troika holds about a third of
Greek government debt and by the end of next year will hold more than
half. Although inevitable, the Troika will try to delay the
restructuring of its own Greek debt holdings as long as possible.
First, to maintain pressure on Greece to implement reforms. Second, to
avoid that other crisis countries like Portugal would seek a debt
restructuring as well. Thus, the solvency problem remains unresolved
and the run-up to each future disbursement of the EU-IMF support
program is set to be bumpy.
- Bank recapitalization: Banks are required to hold an increased core
capital ratio of 9% by June 30th 2012. The additional capital needed
to attain the higher ratio is estimated to exceed EUR100 billion.
Unfortunately, there are little details on asset categorization and
valuation, which leaves plenty of room for manipulation and disputes.
National regulators together with the EBA are supposed to enforce the
implementation and make sure that banks do not deleverage and continue
to provide sufficient credit to the real economy (good luck!). Banks
are to use private sources of capital first and cut down on dividend
and bonus payments. If that is not sufficient, national governments
should help. And if that support is not available the EFSF should
provide capital. The process is too muddled, lacks guidelines and
leaves too much uncertainty. Moreover, the timeline is too short for
realistic implementation, yet too long to have a credible impact on
markets. A US-style forced recapitalization would have been much less
complex and more effective.
- EFSF leverage: The use of the word 'leverage' is misleading. The idea
is not to risk more funds than the EFSF has currently at its disposal,
but to spread the funds wider by providing partial guarantees
(20%-to-25%) for new sovereign bond issues or special purpose vehicles
instead of full guarantees as has been the case so far. The plan seems
clever but critically depends on investor sentiment. Partial
guarantees work well when investors are optimistic and just need a bit
more encouragement to take some extra risk. The plan is not designed
for countries under EU-IMF care, but may become an option for Ireland
at some point. Ireland has made the most reform progress and markets
are starting to take notice. Investors may also turn more optimistic
on Spain, if it continues to make reform progress. The biggest
potential user of the partial guaranty program as well as worry,
however, is Italy. First loss guarantees of 20%-to-25% may not be
enough to entice investors into Italian bonds at sufficiently lower
yields unless the government builds a more credible reform track
record.
- Bond purchase program: It will take some time until the partial
guaranty program works, if at all. Until then, the focus will be on
stabilizing secondary markets. The plan is for the EFSF to replace the
ECB as market stabilizer. In practice, the EFSF lacks both funds and
skills to replace the ECB effectively. Thus, the ECB will probably
continue its bond purchases, as incoming President Draghi has already
hinted.
Fear of global recession fading
The initial driver of the market downturn last summer was the growing fear
of a global recession. At center stage was the US, which had already
slowed sharply and was at risk to slip into recession in the second half of
the year. The fear was compounded by the problems in Europe and a growing
concern that China may experience a hard landing. That picture is
changing. Strong production and sales figures through September point to a
bounce in third-quarter US growth. Moreover, forward looking indicators,
such as the regional PMIs for October show that sentiment has stabilized
and is even improving a bit. The prospect of more fiscal tightening keeps
consumer sentiment depressed, but the risk of that turning into recession
is declining. China's flash PMI has made a big jump in October, after
already inching higher in September. The government is also gradually
shifting focus from inflation fighting to growth promotion, as highlighted
in recent statements by President Hu and Premier Wen.
In contrast, economic prospects in Europe have not yet improved. The
October PMI for the Euro area fell again. Greece and Portugal are in
recession and Italy and Spain
are set to follow. The region as a whole may just avoid recession, but the
Euro area will find itself at the bottom of the global growth league. That
is nothing new, however. The Euro area has been an underperformer for most
of the last two decades, a fact that has not much harmed the rest of the
world.
Looking through Germany's seesaw pattern
Within the Euro area, not all is marching to the same beat either.
Third-quarter growth in Germany is likely to come in stronger than
expected. The production surge in July, which was partly due to special
calendar effects, was only modestly reversed in August. And even if there
is more payback in September, Q3 production probably rose 10% annualized
from Q2. However, the partly technical bounce in Q3 will probably be
followed by negative payback in Q4, similar to the pattern seen between Q1
and Q2. On average, growth in 2010 will reach 3% and possibly a touch
more. Looking through the quarterly seesaw pattern, momentum clearly
slowed in the second half, but stayed firmly in positive territory. That
is consistent with the moderation of the IFO survey. Business sentiment
will have to drop a lot more than the rather modest decline in October, if
the economy is to experience a hard landing. Given a less favorable Q4
base effect and the possibility for a soft start in Q1, we have lowered our
2012 growth forecast to 1.5%, but expect that the underlying momentum will
return to the 2+% growth potential in the Spring next year.
Disclaimer
This analysis was prepared by Bernhard Eschweiler, Senior Economic Advisor,
and was first published 2 November 2011, Silvia Quandt Research GmbH,
Grüneburgweg 18, 60322 Frankfurt is responsible for its preparation. German
Regulatory Authority: Bundesanstalt für Finanzdienstleistungsaufsicht
(BaFin), Graurheindorfer Str. 108, 53117 Bonn and Lurgiallee 12, 60439
Frankfurt.
Publication according to article 5 (4) no. 3 of the German Regulation
concerning the analysis of financial instruments (Finanzanalyseverordnung):
Number of recommendations Thereof recommendations for issuers to which
from Silvia Quandt Research investment banking services were provided
during
GmbH in 2011 the preceding twelve months
Buys: 99 37
Neutral: 38 1
Avoid: 6 0
Company disclosures
Article 34b of the German Securities Trading Act (Wertpapierhandelsgesetz)
in combination with the German regulation concerning the analysis of
financial instruments (Finanzanalyseverordnung) requires an enterprise
preparing a securities analysis to point out possible conflicts of interest
with respect to the company or companies that are the subject of the
analysis. A conflict of interest is presumed to exist, in particular, if an
enterprise preparing a security analysis:
(a) holds more than 5 % of the share capital of the company or companies
analysed;
(b) has lead managed or co-lead managed a public offering of the
securities of the company or companies in the previous 12 months;
(c) has provided investment banking services for the company or companies
analysed during the last 12 months for which a compensation has been or
will be paid;
(d) is serving as a liquidity provider for the company's securities by
issuing buy and sell orders;
(e) is party to an agreement with the company or companies that is the
subject of the analysis relating to the production of the recommendation;
(f) or the analyst covering the issue has other significant financial
interests with respect to the company or companies that are the subject of
this analysis, for example holding a seat on the company's boards.
In this respective analysis the following of the above-mentioned conflicts
of interests exist: none
Silvia Quandt Research GmbH, Silvia Quandt & Cie. AG, and its affiliated
companies regularly hold shares of the analysed company or companies in
their trading portfolios. The views expressed in this analysis reflect the
personal views of the analyst about the subject securities or issuers. No
part of the analyst's compensation was, is or will be directly or
indirectly tied to the specific recommendations or views expressed in this
analysis. It has not been determined in advance whether and at what
intervals this report will be updated.
Equity Recommendation Definitions Silvia Quandt Research GmbH analysts rate
the shares of the companies they cover on an absolute basis using a 6 -
12-month target price. 'Buys' assume an upside of more than 10% from the
current price during the following 6 - 12-months. These securities are
expected to out-perform their respective sector indices. Securities with an
expected negative absolute performance of more than 10% and an
under-performance to their respective sector index are rated 'avoids'.
Securities where the current share price is within a 10% range of the
sector performance are rated 'neutral'. Securities prices used in this
report are closing prices of the day before publication unless a different
date is stated. With regard to unlisted securities median market prices are
used based on various important broker sources (OTC-Market).
Disclaimer This publication has been prepared and published by Silvia
Quandt Research GmbH, a subsidiary of Silvia Quandt & Cie. AG. This
publication is intended solely for distribution to professional and
business customers of Silvia Quandt & Cie. AG. It is not intended to be
distributed to private investors or private customers. Any information in
this report is based on data obtained from publicly available information
and sources considered to be reliable, but no representations or guarantees
are made by Silvia Quandt Research GmbH with regard to the accuracy or
completeness of the data or information contained in this report. The
opinions and estimates contained herein constitute our best judgement at
this date and time, and are subject to change without notice. Prior to this
publication, the analysis has not been communicated to the analysed
companies and changed subsequently. This report is for information purposes
only; it is not intended to be and should not be construed as a
recommendation, offer or solicitation to acquire, or dispose of, any of the
securities mentioned in this report. In compliance with statutory and
regulatory provisions, Silvia Quandt & Cie. AG and Silvia Quandt Research
GmbH have set up effective organisational and administrative arrangements
to prevent and avoid possible conflicts of interests in preparing and
transmitting analyses. These include, in particular, inhouse information
barriers (Chinese walls). These information barriers apply to any
information which is not publicly available and to which any of Silvia
Quandt & Cie. AG and Silvia Quandt Research GmbH or its affiliates may have
access from a business relationship with the issuer. For statutory or
contractual reasons, this information may not be used in an analysis of the
securities and is therefore not included in this report. Silvia Quandt &
Cie. AG and Silvia Quandt Research GmbH, its affiliates and/or clients may
conduct or may have conducted transactions for their own account or for the
account of other parties with respect to the securities mentioned in this
report or related investments before the recipient has received this
report. Silvia Quandt & Cie. AG and Silvia Quandt Research GmbH or its
affiliates, its executives, managers and employees may hold shares or
positions, possibly even short sale positions, in securities mentioned in
this report or in related investments. Silvia Quandt & Cie. AG in
particular may provide banking or other advisory services to interested
parties. Neither Silvia Quandt Research GmbH, Silvia Quandt & Cie. AG or
its affiliates nor any of its officers, shareholders or employees accept
any liability for any direct or consequential loss arising from any use of
this publication or its contents. Copyright and database rights protection
exists in this publication and it may not be reproduced, distributed or
published by any person for any purpose without the prior express consent
of Silvia Quandt Research GmbH. All rights reserved. Any investments
referred to herein may involve significant risk, are not necessarily
available in all jurisdictions, may be illiquid and may not be suitable for
all investors. The value of, or income from, any investments referred to
herein may fluctuate and/or be affected by changes in exchange rates. Past
performance is not indicative of future results. Investors should make
their own investment decisions without relying on this publication. Only
investors with sufficient knowledge and experience in financial matters to
evaluate the merits and risks should consider an investment in any issuer
or market discussed herein and other persons should not take any action on
the basis of this publication.
Specific notices of possible conflicts of interest with respect to issuers
or securities forming the subject of this report according to US or English
law: None
This publication is issued in the United Kingdom only to persons described
in Articles 19, 47 and 49 of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2001 and is not intended to be distributed,
directly or indirectly, to any other class of persons (including private
investors). Neither this publication nor any copy of it may be taken or
transmitted into the United States of America or distributed, directly or
indirectly, in the United States of America.
Frankfurt am Main, 02.11.2011
Silvia Quandt Research GmbH
Grüneburgweg 1860322 Frankfurt
Tel: + 49 69 95 92 90 93 -0
Fax: + 49 69 95 92 90 93 - 11
Ende der Corporate News
---------------------------------------------------------------------
02.11.2011 Veröffentlichung einer Corporate News/Finanznachricht,
übermittelt durch die DGAP - ein Unternehmen der EquityStory AG.
Für den Inhalt der Mitteilung ist der Emittent / Herausgeber
verantwortlich.
Die DGAP Distributionsservices umfassen gesetzliche Meldepflichten,
Corporate News/Finanznachrichten und Pressemitteilungen.
Medienarchiv unter http://www.dgap-medientreff.de und
http://www.dgap.de
---------------------------------------------------------------------
144370 02.11.2011