Como se combate o populismo? "Com eleições", responde Fukuyama

[nunes]

RHODIA

Reentrada a 1,80. Foi mais abaixo, mas vamos fazer de contas que sim. O capital excedente (tiradas as comissões) resultante da venda anteontem a 1,80 desaparece como que por magia desta carteira, e vai para o recém-criado "Fundo natalício para prendas do Nunes".

Com tanto vermelho hoje, fica bem o verde da Rhodia.

[nunes]

O "rumor" da venda de direitos de emissão da CO2 é já "notícia"; o impacto relativo foi estimado em 0,32 por acção.

04/10/2005 15h13

(...)

Selon les analystes de Citigroup, la valeur actuelle nette du crédit d'émission pourrait atteindre 200 millions d'euros, soit 0,32 euro par action.

[nunes]

Rhodia:

De fora, o feriado foi mais descansado.

Fecho a 1,72. Acompanhar evolução até final da semana.

[nunes]

4.Outubro.05 - Venda de RHODIA a 1,80

Embora seja uma posição de longo prazo, pareceu-me prudente. Os rumores da BASF já vêm de há 3 anos, e não oferecem no curto-prazo real valorização. O "rumor" da venda de direitos de emissão da CO2 é já "notícia"; o impacto relativo foi estimado em 0,32 por acção. A 1,80 fico com 20% de valorização face ao preço de entrada e vendo o valor da notícia.

Procurarei no entanto reinvestir a breve trecho o capital resultante desta venda... na Rhodia, claro está. Objectivos de longo-prazo em vigor.

[nunes]

Com tanto volume negociado, falta saber se é desta que a Sanofi-Aventis larga esta sua mal-amada.

[nunes]

Resistência muito relevante a 1,94.

Ontem tinha ultrapassado com volume um obstáculo de relevo, os 1,80. Hoje tocou nos 1,88 mas chegou a inverter aos 1,74... Animadíssima em volume e amplitude.

[nunes]

www. Boursier.com
mardi 4 octobre 2005, 8h59

Par Claude Legilloux

Historique Jamais le volume d'échange n'avait été aussi copieux sur le dossier Rhodia (Paris: FR0000120131 - actualité) en bourse ! Le titre a terminé hier en hausse de 7,6% à 1,83 Euro, dans un marché qui a représenté plus de... 17% du capital du groupe traité sur la journée ! C'était la quatrième séance de hausse sur le dossier, avec un rebond de 29% à la clé et un sommet atteint en séance à 1,91 Euro lundi... En quatre jours, plus de 28% du capital a ainsi changé de mains ! De quoi dérouter les boursiers les plus avertis alors que les rumeurs insistantes d'intérêt de BASF (Xetra: 515100 - actualité) n'arrivent pas vraiment à convaincre le marché... Pour la direction de Rhodia, l'explication de cette agitation est à chercher tout simplement du côté de l'annonce faite en fin de semaine dernière, le groupe ayant annoncé qu'il avait reçu l'accord du gouvernement coréen en vue de formaliser son engagement en matière de réduction des émissions de gaz à effet de serre sur son site d'Onsan.

Dans le gaz. Ce projet pour Rhodia, initié en Corée du Sud dans le cadre des Mécanismes de Développement Propre (MDP) du protocole de Kyoto, s'inscrit dans les engagements du Groupe (Paris: FR0000044406 - actualité) en matière de Développement Durable. En clair, Rhodia pourra disposer de crédits d'émissions de gaz carbonique et gagner jusqu'à 150 ME par an à partir de 2008 selon certains calculs... Pas vraiment suffisant toutefois pour expliquer le volume d'échanges observé sur le marché ces derniers jours... D'autant que dans les comptes il faudra attendre le 9 novembre pour connaître les chiffres du troisième trimestre. Pour l'ensemble de 2005, rappelons que si Rhodia espère une amélioration de son EBE, le management devrait encore annoncer un résultat net dans le rouge. C'est en 2006 seulement que Rhodia verra son résultat net repasser positif. En attendant, nous sommes gagnants sur l'ensemble de nos derniers conseils sur le dossier. Comme on voit mal le titre repasser les 2 Euros, même dans le cadre d'une annonce capitalistique, nous préconisons des prises de bénéfices en profitant de la spéculation actuelle qui reste intense en bourse. On prendra ses profits en hausse.

[nunes]

http://www.boursier.com
Mardi 4 octobre 2005, 10h39

Après son incroyable volume d'échange enregistré en séance hier (plus de 17% du capital échangé, nouveau record historique), le titre Rhodia (Paris: FR0000120131 - actualité) a bien tenté de poursuivre le rebond ce matin à l'ouverture, mais le courant positif s'est tari. Il cède désormais plus de 3% à 1,78 euro.

Le chimiste a été porté hier par le retour de la rumeur concernant un intérêt supposé de BASF (Xetra: 515100 - actualité) et par les bénéfices escomptés de son engagement à réduire ses émissions de gaz sur son site coréen, qui pourrait aboutir à des crédits conséquents.

A Paris à 10h38, 11,5 millions d'actions Rhodia ont déjà changé de mains.

[nunes]

Rhodia: pode vir vender direitos de emissão de CO2 na Coreia do Sul, e eventualmente no Brasil. Notícia positiva no médio/longo-prazo (2006-2008). Analistas dividem-se quanto ao impacto relativo dos ganhos.

PARIS, Oct 3 (Reuters) - Shares in French chemicals group
Rhodia jumped as much as 10 percent in heavy volume on
Monday on the back of approval by South Korea for a project that
would allow it to trade in carbon dioxide credits.
Under the project Rhodia will reduce greenhouse gas
emissions at its facility in Onsan in South Korea, and in
exchange could get credits which it can trade to companies that
do not meet pollution restrictions under the Kyoto agreement.
This would create an additional source of revenue for the
debt-laden specialty chemicals firm, which earlier this month
warned the impact of Hurricane Katrina and Swiss floods meant it
would not meet market expectations for 2005 core earnings.
Analysts said the net value of these credits could be at
least 200 million euros ($241 million), or 0.3 euros per share,
with some placing the future revenue windfall at anywhere
between 300 and 600 million euros.
But an analyst at a major French bank, who declined to be
named, said the market "exaggerated" the benefit to shares.
"They will have to share some of the credits, there are
costs involved and they are likely to use the revenues to cut
debt. All in all, I estimate this will add 0.22 euros to the
value of Rhodia shares and the market has added 0.36 euros since
Friday when there were some rumours in the market," he said.
At 1006 GMT Rhodia's share price was up 9.41 percent at 1.86
euros in heavy turnover of over 50 million shares. This
represents 9 percent of its capital and is some five times its
daily volume over the past 30 days.
In total, one quarter of Rhodia's capital has changed hands
in the past week.
"Technically, the next resistance level is 1.94 euros and
the stock looks set to reach it very soon," said a trader.

VOLATILE
Heavily indebted Rhodia has proved a relatively volatile
stock, with a beta of 1.25, indicating it tends to exaggerate
moves in the wider market by 25 percent. Some analysts have said
the stock, which is trading 5 percent below its 52-week high, is
overvalued compared to DSM or BASF .
With the South Korean approval, and earlier support by
French and Japanese authorities, Rhodia can now file with the
United Nations Framework Convention on Climate Change (UNFCCC)
which has the power to grant Clean Development Mechanism (CDM)
credits.
Merrill Lynch analyst Owen Dwyer said it would take until
the first half of 2006 before the UNFCCC granted approval and
the South Korean project would start in 2007 with first revenues
at the end of 2007, or early 2008. Rhodia also has a smaller
project in Brazil for which it intends to file for CDM credits.
An investment manager at an asset fund, who declined to be
named, said the gains for Rhodia could be much higher because
currently CDM's were trading at some 22.50 euros per tonne.
He said the South Korean and Brazilian projects combined
would add 2.5 euros per Rhodia share.
But the analyst at a major French bank said there were costs
of 10 to 15 euros per tonne to cut the emissions, leading to a
net gain of 15 euros per tonne.
The South Korean plant produces adipic acid for the Asia
Pacific and Korean markets. Adipic acid is a polyurethane
intermediate and the product made by the Onsan plant is used for
shoe soles and synthetic leather.
The production of adipic acid creates nitrous oxide as a by
product. According to the U.S. Environmental Protection Agency
(EPA) nitrous oxide has a global warming potential of 310 times
that of carbon dioxide and the United States accounts for some
40 percent of world production of adipic acid.
Rhodia was spun off from Rhone-Poulenc in 1998 and is
recovering from an ill-fated expansion move that caused a slump
in its share price several years ago.

[nunes]

RHODIA: mais de 111 milhões de acções negociadas na sessão de hoje. Fechou a 1,83.

Voltam os rumores sobre eventual interesse da BASF, que me parecem despropositados, mas enfim...

Rhodia (Paris: FR0000120131 - actualité) flambe actuellement de 5,3% sur le marché parisien, dans un volume inédit proche de 100 millions de pièces échangées, ou encore 16% du capital négocié. A Wall Street, rebond également notable de 6% sur le Nyse, à 2,11$, dans un volume de 0,35 MT largement supérieur à la moyenne quotidienne.

Le Groupe Rhodia annonçait vendredi soir qu'il avait reçu l'accord du gouvernement coréen en vue de formaliser son engagement en matière de réduction des émissions de gaz à effet de serre sur son site d'Onsan.

Ce projet important pour Rhodia, initié en Corée du Sud dans le cadre des Mécanismes de Développement Propre (MDP) du protocole de Kyoto, s'inscrit dans les engagements du Groupe (Paris: FR0000044406 - actualité) en matière de Développement Durable. Ce projet a été approuvé par les autorités françaises et japonaises, ajoute le Groupe.

Cet accord, qui constitue une étape essentielle du projet, permet à Rhodia de soumettre son dossier au Secrétariat de la Convention Climat, organisme dépendant de l'ONU (UNFCC), seul habilité, en dernière instance, à autoriser le projet ainsi que l'allocation à Rhodia de crédits d'émissions.

Bien entendu, l'euphorie du jour est également très spéculative sur le marché parisien, avec des volumes qui témoignent d'un vif intérêt mais également un range de trading un peu trop large pour être assuré. La rumeur BASF (Xetra: 515100 - actualité) entretient aussi la hausse, mais la volatilité se veut extrême à une heure de la clôture parisienne sur la valeur Rhodia.

[nunes]

Cap Gemini - lucros ao fim de 4 anos de miséria agradaram aos mercados. As casas de investimento vão reparando nela (o que não sendo necessariamente bom, de forma alguma me desagrada). Um grande bem-haja ao Pierre Danon.

Faltou o upgrade da JP-Morgan, mais optimista que o preço-alvo que estabeleci inicialmente.

42 € pour JP Morgan, soit 6 € de mieux
Dow Jones le 30/09/2005 08h57

ECHO BOURSE: JP Morgan relève l'obj de cours de Capgemini

PARIS (Dow Jones)-- JP Morgan relève l'objectif de cours de Capgemini (12533.FR) de 17%, à EUR42 contre EUR36, estimant que le groupe a dépassé le "point d'inflexion" dans son retournement. La banque affirme que la crédibilité de la direction augmente, et note qu'un projet visant à restructurer les activités d'externalisation pour générer des marges de 8% pour la division sera annoncé le 8 novembre. "Cet objectif de marges de 8% est bien supérieur à notre modèle, même révisé, et offre un potentiel de hausse supplémentaire." JPM maintient sa recommandation surpondérer. Le titre a clôturé jeudi à EUR31,41.

[nunes]

Acerinox - tem andado a marinar...

Confesso que o conceito de "devolución de prima de emisión", não sujeito a retenção na fonte, me ultrapassa...

MADRID, 26 Sep. (EUROPA PRESS) -

Acerinox abonará el próximo 5 de octubre un importe de 0,08 euros por acción en concepto de devolución de prima de emisión, informó hoy la empresa a la Comisión Nacional del Mercado de Valores (CNMV).

Esta retribución, que no lleva retención en la fuente, se hará efectiva a cada una de las 259,50 millones de acciones de la empresa en circulación, través de las oficinas de Banesto.

El pago por devolución de prima de emisión es idéntico al distribuido el pasado año y se abona en cumplimiento de lo acordado en la junta general de accionistas que la compañía celebró el 9 de junio.

[nunes]

Rhodia - grande malandra!

By Tim Hepher
PARIS, Sept 13 (Reuters) - French chemicals group Rhodia
became one of the first European industrial firms to warn on the
impact of Hurricane Katrina on Tuesday, saying the Louisiana
devastation and Swiss floods would hit second-half earnings.
A gap in demand from oil refineries struggling to resume
full operations has hit Rhodia's sulphuric acid plant in Baton
Rouge, Louisiana, which supplies the oil industry, Rhodia said.
And in an even worse blow for the debt-laden specialty
chemicals firm, a plant that makes polyamide technical fibres in
Emmenbrucke, Switzerland, has been closed following "severe
damage" caused by heavy floods in that country in late August.
The combined natural disasters prompted Rhodia to issue what
amounted to a profit warning, saying it would miss the market's
forecasts for core earnings in 2005, hitting its shares.
"These exceptional events will slow down the forecasted
growth in EBITDA (earnings before interest, tax, depreciation
and amortisation) in the second half," a statement said.
"The full-year 2005 impact of these natural disasters is not
expected to exceed a 5 percent shortfall in projected EBITDA."
A Rhodia spokeswoman said the projected EBITDA referred to a
market consensus forecast of "slightly below 600 million euros".
Katrina and the Swiss floods are expected to have a combined
25 million euro ($30.8 million) cash impact, with analysts
forecasting this will be provisioned in the third quarter and
will affect cashflow for both the third and fourth quarters.
The warning over analysts' consensus forecasts caused Rhodia
shares to fall as much as 5.8 percent. The stock was
down 3.9 percent at 1.49 euros in late trading.
Rhodia was spun off from Rhone-Poulenc in 1998 and the
indebted firm is recovering after an ill-fated expansion move
that caused a slump in its fortunes several years ago.
Its chemicals range from ingredients for cigarette filters
to vanilla flavouring and decorative paints.
Rhodia said it was maintaining its 2006 targets of a return
to net profit, a recurring EBITDA margin of at least 13 percent
and a 3.5 ratio for consolidated net debt to EBITDA.

SUPPLY CHAIN DISRUPTED
Rhodia said its Baton Rouge plant in Louisiana, which makes
sulphuric acid for nearby refineries and manufactures diphenols,
bore little of the brunt from Katrina and was back on stream.
"However, Rhodia is still waiting for some of its customers
to resume operations and is adversely impacted by the disruption
of the supply chain in this region."
Around three refineries are still closed in the area, with
U.S. energy officials saying repair work could take months.
European reinsurers have joined a growing list of U.S.-based
companies in preparing their shareholders for financial setbacks
as a result of the New Orleans catastrophe. Rhodia is among the
first industrial firms in Europe to report a direct impact.
However analysts said most of the 25 million-euro cash
impact reported by Rhodia appeared to be linked to the direct
production impact of Swiss flooding rather than Katrina.
Rhodia said the Emmenbrucke fibres plant had been completely
shut down and some production transferred to Humenne in Slovakia
following August's torrential rains from Berne to Bucharest.
Output will gradually resume in the fourth quarter, it added.
"Most of the (European chemicals) firms which are exposed in
Louisiana, like Rhodia and Air Liquide, have problems with their
clients not starting up, rather than with their own plants," a
European chemicals analyst said, asking not to be named.
Air Liquide , which has an industrial gases plant
in Baton Rouge, said it had been spared any major production
difficulties -- a line echoed by Germany's BASF , the
world's top chemicals firm by turnover, and its rival Bayer.
"We had shut down our plant in Geismar, Louisiana, for a few
days, starting before the hurricane arrived. The plant is
running again and there are no problems now," a BASF spokesman
said. "If there is any impact we will report it in the third
quarter, but at the moment we see no major impact."

[nunes]

Inditex - resultados acima do esperado, remodelações nos quadros directivos, o sr. Amâncio a ver se arranjava electricidade mais barata, enfim. Semanas recheadas de notícias (vários "upgrades").

MADRID, Sept 22 (Reuters) - Investment bank Merrill Lynch said on Thursday it had raised its recommendation on Spanish
fashion retailer Inditex to "buy" from "neutral" after
better-than-expected results.
The bank said Inditex had recovered more quickly than
expected after a weak start to the second quarter and upgraded
its full year earnings per share forecast to 1.13 euros ($1.38)
from 1.07 euros.
On Wednesday Inditex, which owns the Zara fashion chain,
posted a 29 percent rise in first half net profit, beating an
average forecast of an 18 percent rise in a Reuters poll.
After a weak start to the second quarter, Inditex made a
rapid recovery to post like-for-like sales growth of 4.5 percent
for the first half.
Merrill analysts also said comments from new CEO Pablo Isla
that he would focus on efficiency had been encouraging.
Rival Goldman Sachs also raised it earnings per share
forecast for this year by 6 percent, and raised its fair value
to 30 euros from 28 euros a share.
Analysts said results had proved Inditex's flexibility to
respond to trends and said they expected Inditex to move closer
to Swedish rival H&M in terms of valuations.
Inditex stock, which rose 5 percent after results on
Wednesday, had added another 1.5 percent by 1115 GMT on Thursday
to 24.44 euros.
((Reporting by Emma Ross-Thomas, editing by Paul Gallagher;
Reuters Messaging: emma.ross-thomas.reuters.com@reuters.net; +34
91 585 8340))

[nunes]

Cap Gemini - lucros ao fim de 4 anos de miséria agradaram aos mercados. As casas de investimento vão reparando nela (o que não sendo necessariamente bom, de forma alguma me desagrada).

PARIS, Sept 30 (Reuters) - Morgan Stanley on Friday upgraded
Capgemini to overweight from equal-weight and raised
its price target to 37 euros from 29 euros.
In a note on IT services pricing power, it also downgraded
Spanish technology firm Indra to underweight from
equal-weight but raised its share price target on the same
company to 17.6 euros from 13 euros.
"Capgemini has the business model most geared to positive
pricing and we believe it has the most valuation case to play
for on a move to 'normalised' margins," the note said.
((Reuters Messaging: tim.hepher.reuters.com@reuters.net; +33 1
49 49 5452))

PARIS, Sept 26 (Reuters) - Merrill Lynch has raised its
rating on Capgemini to "buy" from "neutral" with a
price target of 36 euros, traders said on Monday.
By 0819 GMT, Capgemini shares gained 1.79 percent at 30.72
euros.

[nunes]

- Sucesso no rumo traçado pelo CEO (Pierre Danon) que "subtraíram" à BT.

Cá se fazem, cá se pagam...

PARIS, Sept 30 (Reuters) - Pierre Danon has joined the list
of candidates to replace Accor's outgoing chief executive
Jean-Marc Espalioux, 6 months after joining French IT
consultancy Capgemini as chief operating officer, Le Figaro
reported on Friday.
Espalioux's mandate as head of Europe's biggest hotelier,
which operates the Sofitel, Mercure and Red Roof chains, will
not be renewed when it expires on January 15.
Le Figaro said Danon's name had been added to a list that
already includes Club Mediterranee Chairman Henri
Giscard d'Estaing, Bouygues Telecom chief Gilles
Pellison, Alcatel's former second in command Philippe
Germond, and Lufthansa board member and vice president
in charge of marketing, Thierry Antinori.
Accor will give its recommendations to the supervisory board
in the coming days, the paper said. The company hopes to make a
decision by early October.

[nunes]

3 semanas passadas, fim do mês, tempo de uma pequena actualização.


Acerinox - tem andado a marinar... Tem tempo.

Cap Gemini - lucros ao fim de 4 anos de miséria agradaram aos mercados. As casas de investimento vão reparando nela (o que não sendo necessariamente bom, de forma alguma me desagrada). Um grande bem-haja ao Pierre Danon.

Inditex - resultados acima do esperado, remodelações nos quadros directivos, o sr. Amâncio a ver se arranjava electricidade mais barata, enfim. Semanas recheadas de notícias (vários "upgrades") .

Rhodia - grande malandra! Atravessou alegremente os meus stop's, mas não se abandona o navio aos primeiros sinais de tempestade... Vendi parte da posição, vi-a descer à penumbra dos 1.35, mas refiz integralmente a posição na carteira (25%), agora com um preço médio de compra de 1,50.


Em resumo, face às cotações do fecho de hoje:

Acerinox
11,72 -> 11,56 ==> -1,4%

Cap Gemini
26,45 -> 32,38 ==> +22,4%

Inditex
22,50 -> 24,42 ==> +8,5%

Rhodia
1,50 -> 1,70 ==> +13,3%


Rentabilidade global => +10,7%


Simpático, mas a carteira é de médio/longo-prazo. Ainda é cedo para o foguetório.


Cumprimentos,

nunes


PS1 - Um brinde a um grande final de ano no PSI-20!

PS2 - Façam o favor de desculpar a apresentação verdadeiramente jurássica desta carteira.

[nunes]

Está concluída a abertura das 4 posições previstas.

25% Acerinox – 5.Setembro - compra a 11.72
25% Capgemini – 5.Setembro - compra a 26.45
25% Inditex – 6.Setembro - compra a 22.50
25% Rhodia – 8.Setembro – compra a 1.54


Como atrás escrevi, são posições de médio/longo-prazo. Apostas para o ano de 2006, pois então, que resolvi expor publicamente.

Seleccionara há algum tempo estas acções, e acabei por entrar esta semana, por estar de férias, e para ir a tempo da divulgação de resultados da Cap-Gemini.

Foi de facto ela a estrela da companhia. Fechou a 29.36, uma valorização de 11% em relação ao preço de entrada.

A Inditex valorizou-se 4,2%.
As demais tiveram variações residuais: Acerinox +1,3%; Rhodia +0,6%.


Um início simpático. Daqui a uns tempos se fará o balanço.


Cumprimentos,

nunes

[nunes]

- Expectativa de bons resultados confirmada; primeiro semestre positivo desde há 4 anos.

- Possível dividendo em 2006.

- Sucesso no rumo traçado pelo CEO (Pierre Danon) que "subtraíram" à BT.


PARIS, Sept 8 (Reuters) - Capgemini , Europe's
largest computer consultancy, said on Thursday it would probably
resume dividend payments next year after posting its first
interim net profit in four years and raising its 2005 goals.
Chief Operating Officer Pierre Danon, the main architect of
the revamp of North America, also reiterated that the region
would be near break-even in the second half of the year, as
planned.
He also forecast positive margins in the outsourcing sector
in the second-half after the start-up costs of large contracts
hit the sector's profitability in the first-half.
This helped reassure investors who had voiced concern that
the loss-making North American business had not improved more
quickly, traders said.
After an initial negative reaction, Capgemini shares were up
1.87 percent at 28.28 euros by 1006 GMT, compared with a 0.3
percent rise in the DJ Stoxx European technology sector index
<.SX8P>.
The operating margin of the North American businesses, which
had losses of 40 million euros, worsened slightly to a negative
6.6 percent from a negative 6.0 percent a year ago.
Capgemini said the launch of a TXU outsourcing
contract in the U.S. masked progress in the rest of the
business.
"TXU will show a profit in the second half and the rest of
the operations (in North America) will be near break-even," COO
Danon said.
DIVIDEND IN SIGHT ?
The strong first-half performance was led by good progress
in Europe, where underlying sales growth was 23.1 percent and
the operating margin reached 5.6 percent.
This led Capgemini to raise its forecast for 2005 underlying
sales growth to 12 percent, against 10 percent previously.
It also expected a 2005 operating margin above the initial
target of 2.6 percent, under new IFRS accounting rules.
Chief Executive Paul Hermelin said the group was comfortable
with analysts' estimates of a 2005 operating margin at 2.9
percent, under IFRS.
First-half net profit was 58 million euros ($72.52 million)
against a loss of 157 million euros in the year-ago period.
It was the first profit since the second half of 2001, when
Capgemini was about to face a collapse in global spending on
technology services and was trying to absorb the costly
acquisition of Ernst & Young's U.S. consultancy arm.
Hermelin said Capgemini was likely to pay in 2006 its first
dividend after three years.
He also said that Capgemini could participate in the
consolidation of the IT services sector next year.
"The group is focused on its recovery in 2005. It will not
put acquisitions on its agenda before January 1 (2006)."
Operating profit was 62 million euros, for a margin of 1.8
percent, against a loss of 44 million euros, and in line with
analyst estimates.
"The cost of launching large outsourcing contracts limited
operating margin growth but it was counter-balanced by a
significant improvement in efficiency and utilisation rate in
consulting and technology services", the statement said.
The average forecast in a Reuters poll of 10 analysts had
put operating profit at 61 million euros and the operating
margin at 1.76 percent under IFRS.
Revenue rose 17.1 percent to 3.47 billion euros, helped by
large outsourcing deals sealed in 2004 such as the Aspire
contract with the British tax authorities.
The outsourcing business had sales growth of 64 percent but
the cost of launching large contracts hit the profitability of
that sector, which had a negative operating margin of 1.8
percent. Danon said the outsourcing margin would be positive in
the second-half of the year.
((Writing by Dominique Vidalon, editing by Edmund
Klamann/Paul Gallagher; Reuters Messaging:
rm://dominique.vidalon.reuters.com@reuters.net; email:
dominique.vidalon@reuters.com; Telephone: +33 1 49495432))
($1=.7997 Euro)

[nunes]

(News flow positivo. Como qualquer preço-alvo, tem a importância que se lhe queira dar.)


LONDON, Sept 7 (Reuters) - Deutsche Bank said on Wednesday
it had increased its rating on Spanish fashion retailer Inditex
to "buy" from "hold" and raised its price target to
26.5 euros from 25 euros.
"Inditex's shares have fallen out of favour due to concerns
over whether the recent sales slowdown was fashion-related or
whether the growth model is unsustainable," Deutsche analysts
said in a note.
"Our analysis suggests Inditex's business model is intact
and that the shares offer 15 percent potential upside," Deutsche
said.
"Trading at a 10 percent discount to H&M , we
believe this is an excellent opportunity for investors to
revisit the fundamentals."
Shares in Inditex were 0.3 percent higher at 23.2 euros.
Deutsche has a "hold" rating on Swedish retailer Hennes &
Mauritz .
((Reporting by Anshuman Daga, editing by Steven Silber;
Reuters messaging
rm://anshuman.daga.reuters.com@reuters.net
Telephone: +44 20 7542 6437
Email: anshuman.daga@reuters.com))

[daviddias]

na caixa bi aparece..1.53€

[bolinha]

Pois...já pesquisei por esse título no banco BEST e não aparece.

[nunes]

A Rhodia não faz parte do CAC-40.

Mas deveria aparecer na listagem de todo o mercado Euronext Paris.

Cumprimentos,

nunes

[bolinha]

Mmmmmhhh...A RHODIA não aparece na secção "Euronext Paris" do banco BEST ?

[nunes]

08/Setembro/2005

- Compra de RHODIA a 1.54