Balimoney 1 juni 2012 09:15 auteur info Balimoney Lid sinds: 19 jan 2012 Laatste bezoek: 07 mei 2024 Aanbevelingen Ontvangen: 388 Gegeven: 154 Aantal posts: 3.214 New pension regulations: free Aspirin from the Cabinet!New Cabinet proposals for pension fund regulation bode well for PostNL. Tentative calculations suggest that the formal coverage ratio will be adjusted upwards by 8-10%-points, to a level that would eliminate top-up requirements. Relative to our Aspirin scenario presented earlier this week, the group’s pension cash-out would be reduced by a total EUR 350m, c EUR 0.85 per share. Given the close tracking of the PostNL stub value to prevailing pension fund coverage ratios, we would expect short-term translation of the proposals into the PostNL share price. Buy, target EUR 5.85. On Wednesday, 30 May 2012, the Dutch Cabinet presented long-awaited changes to regulatory calculation methods (“Financieel Toetsingskader”) for pension schemes. The most prominent changes for defined benefit schemes include a repeated adjustment of the pension age, an adjusted discount rate calculation (closely related to European Commission Solvency II proposals for insurance companies) and a 12-months’ rolling average coverage ratio check, all of which may have dramatic upwards effects on prevailing pension fund coverage ratios and thus downward effects on top-up requirements. The government’s statistical agency CPB ran impact tests, reporting here: bit.ly/Pensioen2012CPBpdf (PDF in Dutch). The formal text of the proposals is available here: bit.ly/Pensioen2012FTKpdf (PDF in Dutch) The proposals will be important discussion topics in the upcoming national elections, due 12 September 2012. Please note that in good Dutch “polder” tradition, the government proposals have been drawn up after discussions and negotiations between the Cabinet, government officials, regulators, pension funds, employer representatives, unions and scientists. Although the proposals’ details may be fine-tuned, we would be surprised if the basic premise of “affordable pensions in a stable and predictable regime” would change much before becoming law. Please note that the proposals mostly concern the external pension fund, with an effect on PostNL’s medium term cash balance. The equity problem, which precludes cash dividend payments to shareholders, is not related to Dutch regulations but to International Accounting Standards. The capitalised investment losses that according to IAS19 will have to be written off against equity in January 2013E will be impacted much less, if at all. There could be an effect from the higher pension age, but given the nature of the post-employment benefits that underlie these balance sheet items, this effect is hard for us to gauge. Aanbevelingen 0 ” Quote Reageren Niet oké
[verwijderd] 1 juni 2012 09:19 auteur info [verwijderd] Lid sinds: 01 jan 0001 Laatste bezoek: 01 jan 0001 Aanbevelingen Ontvangen: 0 Gegeven: 0 Aantal posts: 0 Bali, mooi stukje, goed gevonden!Geeft precies aan wat ik hier al weken schrijf, het PNL pensioenprobleemkan wel eens grotendeels overwaaid zijn tegen het eind van het jaar! Aanbevelingen 1 ” Quote Reageren Niet oké
Balimoney 1 juni 2012 09:24 auteur info Balimoney Lid sinds: 19 jan 2012 Laatste bezoek: 07 mei 2024 Aanbevelingen Ontvangen: 388 Gegeven: 154 Aantal posts: 3.214 vervolg...Repeated adjustment of the pension age The budget agreement of last month included an accelerated rise in the AOW State Pension age from the current 65 to 67. The AOW State Pension is pay-as-you-go, and thus the AOW age has an immediate effect on government cash flows. For funded pensions, an earlier political agreement, currently in the Senate for approval before becoming law, already suggest raising the pension age in line with the AOW age, with the aim of stabilising the number of years that pensioners are expected to live from the start of their pensions. The current proposals confirm that earlier agreement. Life expectancy for Dutch pensioners. Left: life expectancy projections from age 65. Right: life expectancy from the official AOW State Pension age. Chart source CPB Notitie, page 15, on bit.ly/Pensioen2012CPBpdf (PDF in Dutch) In 2009, the government’s statistical agency CPB calculated a 5%-point positive effect on pension fund coverage ratios if the pension age would be raised to 67 for all fund obligations. The current government proposals include a gradual inclusion of a higher pension age, with the raise effecting only new obligations. Although this implies a long-term 5%-point effect on the coverage ratio, immediate effects will be very limited. Discount rate adjustment: the Ultimate Forward RatePension fund liabilities are discounted to a present value by the interbank risk-free swap curve prevailing in the Dutch market. In parallel to the European Commission’s Solvency II, the Dutch government proposes to adjust assumed very long term interest rates. The theory is that beyond the maturity range where swap and bond markets are liquid, prevailing rates do not accurately reflect expected returns. Regulators therefore introduce the Ultimate Forward Rate, a fixed ultralong interest rate to which forward curves are assumed to converge. This UFR has been set at 4.2%. The net effect would be that the current rate curve would be adjusted upwards from maturities beyond 20 years (see the chart below). CPB has calculated that the average pension fund’s coverage ratio would have been 4%-points higher at the end of 2011. UFR effect on rate curves: continuous line = excluding UFR, dotted line = including UFR; source CPB Notitie, page 21, on bit.ly/Pensioen2012CPBpdf (PDF in Dutch) Aanbevelingen 0 ” Quote Reageren Niet oké
Balimoney 1 juni 2012 09:24 auteur info Balimoney Lid sinds: 19 jan 2012 Laatste bezoek: 07 mei 2024 Aanbevelingen Ontvangen: 388 Gegeven: 154 Aantal posts: 3.214 Below is an explanation of the Ultimate Forward rate by the European Commission: A central feature is the definition of an unconditional ultimate long-term forward rate (UFR) for infinite maturity and for all practical purposes for very long maturities. The UFR has to be determined for each currency. While being subject to regular revision, the ultimate long term forward rate should be stable over time and only change due to fundamental changes in long term expectations. (...) In order to have a robust and credible estimate for the UFR the assessment is based on the estimates of the expected inflation and the expected short term real rate only. Making assumptions about expectations this far in the future for each economy is difficult. However, in practice a high degree of convergence in forward rates can be expected when extrapolating at these long-term horizons. From a macro economical point of view it seems consistent to expect broadly the same value for the UFR around the world in 100 ears. (...) Thus, the macro economically assessed UFR for use in the QIS5 is set to 4.2 per cent (+/-1 percentage points) per anno. This value is assessed as the sum of the expected inflation rate of annually 2 per cent (+/- 1 percentage points) and of an expected short term return on risk free bonds of 2.2 per cent per anno. (source: European Commission Paper CEIOPS QIS 5 Risk-free interest rates – Extrapolation method, page 3, bit.ly/QIS5pdf (PDF in English) Smoothing coverage ratios Rather than using the quarter-end single-point coverage ratio as a base for recovery plans, topup requirements and pension cuts, the Cabinet suggests using the 12-months’ rolling average overage ratio. Other smoothing methods, such as the recent application of 3-months’ rolling average swap curves to postpone and smoothen the impact of the bond market’s flight into Germanic debentures, will be abolished. For the PostNL pension fund, this 12-months’ rolling average ratio would stand at c 99% currently, sharply higher than the 92% estimated without any smoothing at all and the 95% based on a 3-months averaged rate curve as per the standing practice. The positive effect from this proposal would lift the coverage ratio an estimated 4%-points from the level assumed in our Aspirin note of earlier this week. Source: PostNL Pensioen, SNS Securities estimates Aanbevelingen 0 ” Quote Reageren Niet oké
[verwijderd] 1 juni 2012 09:25 auteur info [verwijderd] Lid sinds: 01 jan 0001 Laatste bezoek: 01 jan 0001 Aanbevelingen Ontvangen: 0 Gegeven: 0 Aantal posts: 0 waar gaan deze beurzen nog overwaar gaat deze crisis nog overmet wat voor enorme sukkels van een politieke leiders hebben wij te makenhoeveel bedrog en manipulatie moeten we nog accepterenhet is in en in triest hoe deze wereld een speelbal is geworden van gekken en politieke gestoorden Aanbevelingen 0 ” Quote Reageren Niet oké
Balimoney 1 juni 2012 09:25 auteur info Balimoney Lid sinds: 19 jan 2012 Laatste bezoek: 07 mei 2024 Aanbevelingen Ontvangen: 388 Gegeven: 154 Aantal posts: 3.214 Combined effect for PostNL: at least EUR 0.85 per share Working off twice adjusted coverage ratios, PostNL’s near-term top-up risk would all but vanish. Both the smoothing and the UFR adjustments add 4%-points to the 95% base that we applied in our Aspirin scenario, bringing the coverage ratio within spitting distance of the required level of 105%. The 8%-point gain translates as 8%*5,700*0.75=EUR 352m less of a shortage to be funded by the schemes sponsor. In our note, we suggested that PostNL could de-risk its pension exposure by buying off the assetliability risk. Where we had assumed that the company would have to compensate fund particpants through raising the coverage ratio to 112%, this exercise would become EUR 352m less expensive. Additionally, pension age adjustments will help in the medium-term. Obviously, our Aspirin buy-out calculations were hypothetical and for illustrative purposes only. The exact cost of de-risking will be the outcome of negotiations between fund trustees and company management. In any case, the Cabinet proposals make a deal any combination of “more likely” and “less expensive”. EUR 352m amounts to EUR 0.85 per PostNL share. The PostNL stub (PostNL market cap -/- 0.3* TNT Express market cap) has tracked the unprotected coverage ratio since October 2011. The Cabinet proposals would therefore suggest a boost for the share price. Source: Bloomberg, AON Hewitt Pensioenthermometer bit.ly/w9eesU Aanbevelingen 1 ” Quote Reageren Niet oké
Balimoney 1 juni 2012 09:26 auteur info Balimoney Lid sinds: 19 jan 2012 Laatste bezoek: 07 mei 2024 Aanbevelingen Ontvangen: 388 Gegeven: 154 Aantal posts: 3.214 PostNL: Summary tables PROFIT & LOSS (EURm) 12/2008 12/2009 12/2010 12/2011 12/2012e 12/2013eSales 0.0 4,212 4,293 4,297 4,414 4,507Cost of Sales & Operating Costs 0.0 -3,448 -3,749 -3,866 -3,968 -4,049Non Recurrent Expenses/Income 0.0 -43.0 46.0 54.0 105 135EBITDA 0.0 721 590 485 552 593EBITDA (adj.)* 0.0 764 544 431 447 458Depreciation 0.0 -134 -109 -85.9 -88.3 -90.1EBITA 0.0 587 481 399 463 503EBITA (adj)* 0.0 630 435 345 358 368Amortisations and Write Downs 0.0 -118 -11.0 -24.0 -24.0 -24.0EBIT 0.0 469 470 375 439 479EBIT (adj.)* 0.0 512 424 321 334 344Net Financial Interest 0.0 -148 -106 -101 -101 -51.0Other Financials 0.0 0.0 0.0 0.0 0.0 0.0Associates 0.0 -6.0 -1.0 -25.0 5.0 5.0Other Non Recurrent Items 0.0 -43.0 -100 -686 25.0 75.0Earnings Before Tax (EBT) 0.0 272 263 -437 368 508Tax 0.0 -136 -91.0 -78.0 -79.6 -89.4Tax rate 50.0% 34.6% nm 21.6% 17.6%Discontinued Operations 0.0 0.0 0.0 0.0 0.0 0.0Minorities 0.0 -8.0 -4.0 0.0 0.0 0.0Net Profit (reported) 0.0 128 168 -515 289 418Net Profit (adj.) 0.0 332 379 247 263 292CASH FLOW (EURm) 12/2008 12/2009 12/2010 12/2011 12/2012e 12/2013eCash Flow from Operations before change in NWC 0.0 539 132 -17.1 141 202Change in Net Working Capital 0.0 124 -5.0 40.0 -48.9 -37.4Cash Flow from Operations 0.0 663 127 22.9 92.0 165Capex 0.0 -76.0 -91.0 -75.0 -110 -110Net Financial Investments 0.0 -1.0 -3.0 108 1,689 0.0Free Cash Flow 0.0 586 33.0 55.9 1,671 55.1Dividends 0.0 -34.0 -119 -80.0 0.0 -292Other (incl. Capital Increase & share buy backs) 0.0 -1,658 -328 498 -200 -175Change in Net Debt 0.0 -1,106 -414 474 1,471 -411NOPLAT 0.0 358 297 225 234 241BALANCE SHEET & OTHER ITEMS (EURm) 12/2008 12/2009 12/2010 12/2011 12/2012e 12/2013eNet Tangible Assets 0.0 1,610 499 451 473 493Net Intangible Assets (incl.Goodwill) 0.0 2,061 166 176 152 128Net Financial Assets & Other 0.0 1,002 4,780 2,232 1,317 100Total Fixed Assets 0.0 4,673 5,445 2,859 1,942 721Inventories 0.0 24.0 8.0 9.0 8.7 9.4Trade receivables 0.0 1,591 450 458 487 514Other current assets 0.0 264 111 124 124 124Cash (-) 0.0 -910 -65.0 -668 -2,037 -1,037Total Current Assets 0.0 2,789 634 1,259 2,656 1,684Total Assets 0.0 7,462 6,079 4,118 4,598 2,405Shareholders Equity 0.0 2,100 2,462 428 1,117 110Minority 0.0 -20.0 -19.0 -14.0 0.0 0.0Total Equity 0.0 2,080 2,443 414 1,117 110Long term interest bearing debt 0.0 1,925 1,582 1,607 1,407 707Provisions 0.0 660 620 552 452 163Other long term liabilities 0.0 423 306 341 341 41.0Total Long Term Liabilities 0.0 3,008 2,508 2,500 2,200 911Short term interest bearing debt 0.0 91.0 3.0 63.0 161 272Trade payables 0.0 470 154 156 135 126Other current liabilities 0.0 1,813 971 985 985 985Total Current Liabilities 0.0 2,374 1,128 1,204 1,281 1,384Total Liabilities and Shareholders' Equity 0.0 7,462 6,079 4,118 4,598 2,405Net Capital Employed 0.0 4,269 4,889 2,309 1,441 257Net Working Capital 0.0 -404 -556 -550 -501 -464GROWTH & MARGINS 12/2008 12/2009 12/2010 12/2011 12/2012e 12/2013eSales growth +chg 1.9% 0.1% 2.7% 2.1%EBITDA (adj.)* growth +chg -28.8% -20.8% 3.6% 2.5%EBITA (adj.)* growth +chg -31.0% -20.7% 3.8% 2.7%EBIT (adj)*growth +chg -17.2% -24.3% 4.1% 2.8% Aanbevelingen 0 ” Quote Reageren Niet oké
Balimoney 1 juni 2012 09:27 auteur info Balimoney Lid sinds: 19 jan 2012 Laatste bezoek: 07 mei 2024 Aanbevelingen Ontvangen: 388 Gegeven: 154 Aantal posts: 3.214 PostNL: Summary tables GROWTH & MARGINS 12/2008 12/2009 12/2010 12/2011 12/2012e 12/2013eNet Profit growth +chg 14.2% -34.9% 6.4% 11.3%EPS adj. growth 14.2% -35.7% 6.4% 11.3%DPS adj. growth +chg -14.3% 200.0%EBITDA (adj)* margin nm 18.1% 12.7% 10.0% 10.1% 10.2%EBITA (adj)* margin nm 15.0% 10.1% 8.0% 8.1% 8.2%EBIT (adj)* margin nm 12.2% 9.9% 7.5% 7.6% 7.6%RATIOS 12/2008 12/2009 12/2010 12/2011 12/2012e 12/2013eNet Debt/Equity nm 0.5 0.6 2.4 -0.4 -0.5Net Debt/EBITDA nm 1.5 2.6 2.1 -0.9 -0.1Interest cover (EBITDA/Fin.interest) 4.9 5.6 4.8 5.5 11.6Capex/D&A nm 56.7% 83.5% 87.3% 124.6% 122.0%Capex/Sales ns 1.8% 2.1% 1.7% 2.5% 2.4%NWC/Sales nm -9.6% -13.0% -12.8% -11.4% -10.3%ROE (average) nm 31.6% 16.6% 17.1% 34.0% 47.6%ROCE (adj.) nm 11.0% 272.3% 291.8% 189.2% 153.4%WACC 9.8% 9.1% 9.1% 9.1% 9.1%ROCE (adj.)/WACC 1.1 29.9 32.1 20.8 16.9PER SHARE DATA (EUR)*** 12/2008 12/2009 12/2010 12/2011 12/2012e 12/2013eAverage diluted number of shares 0.0 400.0 400.0 405.0 405.0 405.0EPS (reported) 0.32 0.42 -1.27 0.71 1.03EPS (adj.) 0.83 0.95 0.61 0.65 0.72BVPS 5.15 6.06 0.99 2.76 0.27DPS 0.00 0.00 0.00 0.21 0.18 0.54VALUATION 12/2008 12/2009 12/2010 12/2011 12/2012e 12/2013eEV/Sales nm 2.4 2.2 0.4 0.2 0.2EV/EBITDA nm 13.8 16.3 3.3 1.5 1.8EV/EBITDA (adj.)* nm 13.0 17.7 3.7 1.9 2.3EV/EBITA nm 16.9 20.0 4.0 1.8 2.1EV/EBITA (adj.)* nm 15.7 22.1 4.7 2.3 2.8EV/EBIT nm 21.1 20.5 4.3 1.9 2.2EV/EBIT (adj.)* nm 19.4 22.7 5.0 2.5 3.0P/E (adj.) 25.9 20.8 4.0 4.2 3.8P/BV 4.2 3.3 2.5 1.0 10.0Total Yield Ratio ns 1.4% 1.0% 0.0% 26.5%EV/CE nm 3.0 nm nm 6.7 6.7OpFCF yield nm 6.8% 0.5% -5.2% -1.6% 5.0%OpFCF/EV nm 5.9% 0.4% -3.2% -2.2% 5.3%Payout ratio 0.0% 0.0% -16.5% 25.3% 52.3%Dividend yield (gross) 0.0% 0.0% 0.0% 7.7% 6.6% 19.8%EV AND MKT CAP (EURm) 12/2008 12/2009 12/2010 12/2011 12/2012e 12/2013ePrice** (EUR) 13.42 21.50 19.75 2.46 2.72 2.72Outstanding number of shares for main stock 0.0 400.0 400.0 405.0 405.0 405.0Total Market Cap 0 8,600 7,900 996 1,102 1,102Net Debt 0 1,106 1,520 1,002 -469 -58o/w Cash & Marketable Securities (-) 0 -910 -65 -668 -2037 -1037o/w Gross Debt (+) 0 2,016 1,585 1,670 1,568 979Other EV components 0 208 200 -385 200 0Enterprise Value (EV adj.) 0 9,914 9,620 1,613 833 1,045Source: Company, SNS Securities estimates. Notes* Where EBITDA (adj.) or EBITA (adj)= EBITDA (or EBITA) -/+ Non Recurrent Expenses/Income and where EBIT (adj)= EBIT-/+ Non Recurrent Expenses/Income - PPA amortisation **Price (in local currency): Fiscal year end price for Historical Years and Current Price for current and forecasted yearsSector: Industrial Transportation & Motorways/Delivery ServicesCompany Description: PostNL is the incumbent mail operator in the Netherlands and the leading challenger in the UK, Germany andItalyPostN Aanbevelingen 0 ” Quote Reageren Niet oké
Balimoney 1 juni 2012 09:28 auteur info Balimoney Lid sinds: 19 jan 2012 Laatste bezoek: 07 mei 2024 Aanbevelingen Ontvangen: 388 Gegeven: 154 Aantal posts: 3.214 ESN Recommendation System The ESN Recommendation System is Absolute. It means that each stock is rated on the basis of a total return, measured by the upside potential (including dividends and capital reimbursement) over a 12 month time horizon. The ESN spectrum of recommendations (or ratings) for each stock comprises 5 categories: Buy, Accumulate (or Add), Hold, Reduce and Sell (in short: B, A, H, R, S). Furthermore, in specific cases and for a limited period of time, the analysts are allowed to rate the stocks as Rating Suspended (RS) or Not Rated (NR), as explained below. Meaning of each recommendation or rating:• Buy: the stock is expected to generate total return of over 20% during the next 12 months time horizon• Accumulate: the stock is expected to generate total return of 10% to 20%during the next 12 months time horizon• Hold: the stock is expected to generate total return of 0% to 10% during the next 12 months time horizon. • Reduce: the stock is expected to generate total return of 0% to -10% during the next 12 months time horizon • Sell: the stock is expected to generate total return under -10% during the next 12 months time horizon • Rating Suspended: the rating is suspended due to a capital operation (takeover bid, SPO, …) where the issuer of the document (a partner of ESN) or a related party of the issuer is or could be involved or to a change of analyst covering the stock • Not Rated: there is no rating for a company being floated (IPO) by the issuer of the document (a partner of ESN) or a related party of the issuer SNS Securities Ratings Breakdown Buy41%Accumulate19%Hold36%Reduce4%History of ESN Recommendation System Since 18 October 2004, the Members of ESN are using an Absolute Recommendation System (before was a Relative Rec. System) to rate any single stock under coverage. Since 4 August 2008, the ESN Rec. System has been amended as follow. • Time horizon changed to 12 months (it was 6 months) • Recommendations Total Return Range changed as below: BEFORE-15% 0% 5% 15% Aanbevelingen 0 ” Quote Reageren Niet oké
Balimoney 1 juni 2012 09:28 auteur info Balimoney Lid sinds: 19 jan 2012 Laatste bezoek: 07 mei 2024 Aanbevelingen Ontvangen: 388 Gegeven: 154 Aantal posts: 3.214 Recommendation history for POSTNLDate Recommendation Target price Price at change date19-Mar-12 Buy 5.85 4.7120-Feb-12 Accumulate 5.60 4.9619-Jan-12 Accumulate 4.50 3.172-Dec-11 Accumulate 3.00 2.4716-Jun-11 Buy 9.00 6.094-May-10 Hold 24.50 22.188-Dec-09 Hold 22.00 20.917-Dec-09 Hold 19.50 20.339-Nov-09 Hold 19.00 19.483-Nov-09 Hold 19.50 18.04Source: Factset & ESN, price data adjusted for stock splits. This chart shows SNS Securities continuing coverage of this stock; the current analyst may or may not have covered it over the entire period. Current analyst: Gert Steens (since 16/04/2008) -50510152025May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12Buy Accumulate Hold Reduce Sell Not ratedPrice history Target price historyPostNLPage 9This report has been prepared by Gert S Aanbevelingen 0 ” Quote Reageren Niet oké
Balimoney 1 juni 2012 09:29 auteur info Balimoney Lid sinds: 19 jan 2012 Laatste bezoek: 07 mei 2024 Aanbevelingen Ontvangen: 388 Gegeven: 154 Aantal posts: 3.214 This report has been prepared by Gert Steens Changes in RecommendationDate Previous Recommendation New Recommendation 19-03-2012 Accumulate Buy 02-12-2011 Buy Accumulate 12-08-2011 Hold Buy 12-08-2011 Buy Hold 16-06-2011 Hold Buy This report has been prepared by SNS Securities Research, which is part of SNS Securities N.V., a subsidiary of SNS Bank N.V. SNS Bank belongs to SNS REAAL Groep N.V. SNS Securities is registered with AFM, the Dutch Authority for the Financial Markets. Analyst certification The analyst or analysts who prepared this report hereby certifies or certify that (1) the views expressed in this report accurately reflect his, her or their personal views about all of the subject companies and securities in this report and (2) no part of his, her or their compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this report. The analyst or analysts responsible for preparing this research report receives compensation that is based upon various factors including the profitability of SNS Securities, which includes investment banking activities. Methodology Our forecasts regarding the company's profit and loss account, balance sheet and/or cash flow statement are based on subjective views of relevant future company specific developments and market developments. Important variables are among others expected market growth, company's strategy and competitive position. In addition, company guidance is taken into account. Price targets and opinions in this report are based on a combination of discounted cash flow analysis, peer group analysis and/or historical valuation analysis, whereas the previously mentioned forecasts are used as input for these analyses. In addition industrial knowledge, company specific elements and/or market technical elements could play an important role to determine our price targets and opinions. SNS Securities’ policy is to update research reports as it deems appropriate, based on developments with the subject company, the sector or the market that may have a material impact on the research views or opinions stated herein. Regulatory, compliance or other reasons may prevent us to update research reports. Since the research report contains more complete information concerning the analyst’s views, investors should carefully read the entire research report and not infer its contents from the rating alone. In any case, ratings (or research) should not be used or relied upon as investment advice. An investor’s decision to buy or sell a stock should depend on among others individual circumstances. For information on our rating distribution we would like to refer to our website www.snssecurities.nlOther disclosures SNS Securities acts as a liquidity provider for the following companies and has an agreement with these companies regarding the publication of research reports: Accell Group, ACOMO, Batenburg Beheer, BE Semiconductor Industries, Brill, Crown Van Gelder, Ctac, Docdata, Dockwise, DPA Flex Group, HES Beheer, Holland Colours, ICT Automatisering, Kendrion, LBI International, Nedap, Neways, RoodMicrotec, Stern Groep, The Member Company and Xeikon. SNS Securities has established procedures to prevent conflict of interest and to ensure the provision of high quality research based on research objectivity and independence. 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[verwijderd] 1 juni 2012 09:29 auteur info [verwijderd] Lid sinds: 01 jan 0001 Laatste bezoek: 01 jan 0001 Aanbevelingen Ontvangen: 0 Gegeven: 0 Aantal posts: 0 POSTNL NL0009739416 2,724 (0,07%) Terug naar Index AEXMARKET TALK: PostNL koersdoel omlaag naar EUR3,25 - Rabo Publicatiedatum: 31-05-2012 15:11AMSTERDAM (Dow Jones)--Rabobank heeft het koersdoel op PostNL (PNL.AE) verlaagd naar euro3,25 van euro3,75. Rabo geeft aan dat de voorgestelde wijzigingen aan het pensioenstelsel lijken te lijden tot een hogere dekkingsgraad voor het pensioenfonds van de postbezorger. De exacte impact is nog afhankelijk van de onderhandelingen, maar Rabo verwacht dat de met de herstelbetalingen samenhangende kasstromen van PostNL zullen verminderen. Rabo hanteert een hold-advies. Omstreeks 15.05 uur noteert het aandeel 2,6% hoger op euro2,80, terwijl de AEX vlak noteert. (EVG)Dow Jones Nieuwsdienst: +31-20-5715200; amsterdam@dowjones.com(c) 2012 Dow Jones & Company, Inc. Aanbevelingen 0 ” Quote Reageren Niet oké
[verwijderd] 1 juni 2012 09:32 auteur info [verwijderd] Lid sinds: 01 jan 0001 Laatste bezoek: 01 jan 0001 Aanbevelingen Ontvangen: 0 Gegeven: 0 Aantal posts: 0 SNS Securities herhaalt het koopadvies voor PostNL vrijdag 1 juni 2012 - 08:52u - Advies opvolgen met een turbo oplossing? Het koopadvies van woensdag 30 mei 2012 wordt herhaald. Dit vorige advies heeft geresulteerd in een rendement van -0,95%. Fonds: PostNL Guru: SNS Securities Advies: Kopen Status: Actief Koersdoel: € 5,85 Score: 0,00% Startkoers: € 2,72 Huidige koers: € 2,70 Verw. rendement: 114,92% 1 juni 2012 - 09:16u Aanbevelingen 0 ” Quote Reageren Niet oké
Balimoney 1 juni 2012 09:45 auteur info Balimoney Lid sinds: 19 jan 2012 Laatste bezoek: 07 mei 2024 Aanbevelingen Ontvangen: 388 Gegeven: 154 Aantal posts: 3.214 quote:TOWIU schreef op 1 juni 2012 09:19:Bali, mooi stukje, goed gevonden!Geeft precies aan wat ik hier al weken schrijf, het PNL pensioenprobleemkan wel eens grotendeels overwaaid zijn tegen het eind van het jaar!Laat onze forum analisten/pensioen experts (waartoe ik mezelf absoluut niet reken) er maar even aan ruiken en hun mening geven. Sorry voor een paar onleesbare sheets, mocht iemand de PDF willen hebben dan hoor ik het wel. Aanbevelingen 0 ” Quote Reageren Niet oké
[verwijderd] 1 juni 2012 09:48 auteur info [verwijderd] Lid sinds: 01 jan 0001 Laatste bezoek: 01 jan 0001 Aanbevelingen Ontvangen: 0 Gegeven: 0 Aantal posts: 0 Wat me vanmorgen weer opvalt is dat de koers weer tegen een enorme weerstand aan staat te hikken.Compleet onlogisch, ben benieuwd of het vandaag dan wel uit mag breken,of dat weer een zelfde koersverloop krijgen te zien net zoals alle voorgaande keren, fors volume omhoog, met een laag volume weer terug! Aanbevelingen 0 ” Quote Reageren Niet oké
Balimoney 1 juni 2012 09:49 auteur info Balimoney Lid sinds: 19 jan 2012 Laatste bezoek: 07 mei 2024 Aanbevelingen Ontvangen: 388 Gegeven: 154 Aantal posts: 3.214 Volgens mij begint de locomotief te ronken...Kijk eens naar dat volume! Aanbevelingen 0 ” Quote Reageren Niet oké
Balimoney 1 juni 2012 09:52 auteur info Balimoney Lid sinds: 19 jan 2012 Laatste bezoek: 07 mei 2024 Aanbevelingen Ontvangen: 388 Gegeven: 154 Aantal posts: 3.214 BART, tijd om te kopen! LOL Aanbevelingen 0 ” Quote Reageren Niet oké
[verwijderd] 1 juni 2012 09:53 auteur info [verwijderd] Lid sinds: 01 jan 0001 Laatste bezoek: 01 jan 0001 Aanbevelingen Ontvangen: 0 Gegeven: 0 Aantal posts: 0 [Modbreak IEX]: Gelieve niet over elkaar te discussiëren, bericht is bij dezen verwijderd.] Aanbevelingen 0 ” Quote Reageren Niet oké
bart1805 1 juni 2012 09:56 auteur info bart1805 Lid sinds: 05 jan 2010 Laatste bezoek: 25 jan 2025 Aanbevelingen Ontvangen: 646 Gegeven: 116 Aantal posts: 10.734 quote:Balimoney schreef op 1 juni 2012 09:52:BART, tijd om te kopen! LOLVanochtend al gedaan. Verhaal SNS is in lijn met wat hier de afgelopen dagen is geschreven: voorstellen schelen fors tav de top up payments, hebben geen effect op de IAS regels. Inschatting van SNS over de dekking is te hoog omdat in de huidige dekking al gerekend is met bijstortingen die PostNl weigert om te betalen. Aanbevelingen 0 ” Quote Reageren Niet oké
[verwijderd] 1 juni 2012 09:57 auteur info [verwijderd] Lid sinds: 01 jan 0001 Laatste bezoek: 01 jan 0001 Aanbevelingen Ontvangen: 0 Gegeven: 0 Aantal posts: 0 quote:Balimoney schreef op 1 juni 2012 09:49:Volgens mij begint de locomotief te ronken...Kijk eens naar dat volume!Dat klopt Bali, maar dit hebben we de laatste weken al velen malen meergezien.Met zwaar geschut omhoog daarna word het systematisch weer terug gezet.Zie grafiek van gisteren, verwacht vanavond weer hetzelfde plaatje van deze dag!Koers wordt zwaar gemanipuleerd, gezien dat dit maar blijft aanhouden maakt de kans op een overname alleen maar groter, kan niet lang meer duren, dit zien profs ook overduidelijk. Aanbevelingen 0 ” Quote Reageren Niet oké
Beurscodes, betekenis en hulp bij zoeken Europa AEX Euronext Amsterdam BRU Euronext Brussels PSE Euronext Paris LIS Euronext Lissabon CHX CBOE Europe, grote(re) EU aandelen NAV Investment Funds (NAV) Noord-Amerika NYS New York Stock Exchange OTC CBOE BZX Exchange (US) TSE Toronto Stock Exchange Kunt u een instrument niet vinden? Zoek dan via de zogenaamde ISIN code. Elk instrument, aandeel etc. heeft een unieke code. Kies vervolgens - wanneer er meerdere resultaten zijn - de notering op de beurs van uw keuze. Waar vind ik die ISIN code? Google de naam van het instrument, aandeel etc. met de toevoeging 'ISIN'. Als zoeken op ISIN code geen resultaten oplevert hebben wij het instrument of aandeel niet in onze koersendatabase.