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Don't give up on oil stocks yet! (page 4 of 4)
- Tuesday, September 09 - 2003 at 10:04
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As a consequence, CSFB increased its EPS estimates by 6% for 04 to EUR 4.16. EPS 05 is expected to increase by 20% due to the streamlining of its business and operational efficiency. Applying an EPS of EUR 4.16 the stock is trading at a PER 04 of 30.17x, which is in line with its peers, but already prices in some of the upside. Concerns over licence revenue in the 3Q remain due to a still difficult market environment.
However, the focus seems to have shifted beyond that. SAP has a leadership position and a well-established customer base on which the company should be able to leverage off as the corporate spending environment improves.
SAP is also among the stocks, which will be added to the Stoxx 50 effective 22nd September. We have a target price of EUR 138.00 and a stop loss of EUR 113.00.
On 1 September the constituents of the Euro Stoxx 50 and the Stoxx 50 indices were reviewed. Iberdrola (IBE SM; EUR 15.33) will replace Hypovereinsbank (HVM GY; EUR 16.84) as expected and Anglo American Plc (AAL LN; GBP 12.03) and SAP AG (SAP GY; EUR 122.47) will replace Munich Re (MUV2 GY; EUR 100.60) and Prudential (PRU LN; GBP 4.73) in the Stoxx 50 effective 22nd September.
This week, newsflow in the luxury goods sector should remain strong, as many companies will report their interim earnings next week. Whereas the results will not be reason for cheer given SARS and Euro strength in the 2Q, the outlook is expected to brighten. We reiterate our buy on The Swatch Group (UHR VX; CHF 138.00) with a target price of CHF 158.
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Credit Suisse, Private BankingTuesday, September 09 - 2003 at 10:04 UAE local time (GMT+4)
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