EFTA01432866Set 10
2018-07-01106p17,893w
Page 6 BAT
— Page 7 Bovis Homes
Page 8 Carrefour - SELL
IIFinancials
— Page 10 Aroundtown Properties
— Page 11 AXA
— Page 12 Banco Santander
— Page 13 Credit Suisse Group
Page ... together by sector (SELLs in RED):
— Consumer: B&M, BAT, Bovis Homes, Carrefour
— Financials: Aroundtown Properties, AXA, Banco Santander, Credit Suisse
Group, Prudential
— Healthcare: AstraZeneca, Fresenius, Shire
— Energy, Materials & Industrials ... EFTA01432879
Financials
Deutsche Bank Research: European Equity Focus — January 2018
9
EFTA01432880
> Financials
5 Aroundtown Properties — Markus Scheufler, BUY, close €6.5, €7.50 tgt, 15%
upside
IIWe like Aroundtown
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01432866.pdf
Financials
Deutsche Bank
Aroundtown Properties - Markus Scheufler, BUY, close €6.5, €7.50 tgt, 15% upside
■ We like Aroundtown as a play on a stronger German economy. Its portfolio
Acquisition volume continues ... EURm) ,,,, ,,, Acquisition yield (%. RHS)
3.500 9
• Key driver #1: Acquisitions keep beating expectations. Aroundtown has 85
3.000
closed €3bn of acquisitions YTD at a 6.3% yield ... believe that Aroundtown should be able to continue making acquisitions
2,000 7
below replacement costs for the next two to three years. 65
■ Refinancing could drive cash flow upside
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01385509.pdf
together by sector (SELLs in RED):
Consumer: B&M, BAT, Bovis Homes, Carrefour
- Financials: Aroundtown Properties, AXA, Banco Santander, Credit Suisse Group, Prudential
- Healthcare: AstraZeneca, Fresenius, Shire
Energy, Materials & Industrials
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01385502.pdf