EFTA02115859Set 10
2014-02-069p2,419w
Chemie FY revs good, EBITDA ahead, Siltronic & Polysilicon strong, good chemical
demand (trading +6.4%)
• DSV O4 sales in line, PTP & net income light, announces DKK200mn (max 2mn shs) buy back
https://www.justice.gov/epstein/files/DataSet%2010/EFTA02115859.pdf
EFTA02123600Set 10
2013-10-299p2,436w
Ferrovial Q3 revs improve, EBITDA declines slightly, dividend better, positive outlook (trading
+2.7%)
• DSV O3 revs shade light, EBIT ahead, EPS ahead, gaining mkt share, maintains 2013 outlook
(trading
https://www.justice.gov/epstein/files/DataSet%2010/EFTA02123600.pdf
EFTA00329451Set 9
2016-02-047p2,413w
LBBW upgrades UBSG VX & downgrades ABBN VX, Numis upgrades JMAT LN
•• MainFirst upgrades DSV DC, PWTN SW, KNIN VX & downgrades MAERSKB DC, SEB downgrades KCR1V FH
•• SNS downgrades
https://www.justice.gov/epstein/files/DataSet%209/EFTA00329451.pdf
EFTA00386261Set 9
2013-07-319p3,206w
replace PNN LN
•• DBK downgrade NXT LN, upgrade IN LN, PWTN SW, MAQ downgrade DSV DC, SDF GY
• Mirabaud upgrade ABI BB, RBC downgrade STHR LN, Investec upgrade
https://www.justice.gov/epstein/files/DataSet%209/EFTA00386261.pdf
EFTA00407720Set 9
2012-07-317p2,168w
Ziggo, JPM/MS placing 29M shares for Cinven/Warburg Pincus, reducing stake to 57%
(trading -3.5%)
DSV Q2 solid earnings per unit, good margins, guiding down freight vols but cutting
costs (trading
https://www.justice.gov/epstein/files/DataSet%209/EFTA00407720.pdf
EFTA00380436Set 9
2013-10-308p2,669w
downgrades X
Europe Key Research:
•• RBC initiate HNR1 GY (b), SCR FP (op), downgrade DSV DC
•• GS upgrade PFC LN, PRS NO, downgrade FUR NA, SBMO NA, TEC FP
• Citi
https://www.justice.gov/epstein/files/DataSet%209/EFTA00380436.pdf
EFTA02140417Set 10
2013-05-038p2,188w
upgrade APR LN, SAND SS, DNB downgrade ELUXB BB
• HSBC upgrade IFX GY, downgrade DSV DC, SocGen initiate SW FP (h), CPG LN (b)
• Bere downgrade DRI GY, FNTN
https://www.justice.gov/epstein/files/DataSet%2010/EFTA02140417.pdf