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CEE Equity Research

CEE Equity Valuation Monitor

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Automobiles & Parts Austria

Banks Croatia

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Construction & Materials Poland

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Industrial Goods & Services Slovenia

Insurance Turkey

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Source for all data: Company Data, Factset, Erste Group Research

Automobiles & Parts

07/06/2013 Stock Mcap Price 12M target Rating

traded in current price

Company Reuters Bloomberg (EURmn) 1M 3M 6M 12M YTD (LC) (LC)

ACE ACEE.WA ACE PW PLN 45.5 19.4 35.3 57.7 65.1 58.8 9.05 8.0 Buy

AD Plastik ADPL.ZA ADPLRA CZ HRK 66.6 -0.5 -4.4 14.8 6.2 12.0 119.48 145.0 Buy

Dogus Otomotiv DOAS.IS DOAS TI TRY 1,006.1 -12.0 10.7 41.5 137.9 32.3 11.35 u.r. U.R.

Ford Otosan FROTO.IS FROTO TI TRY 3,449.8 -10.3 6.6 19.9 50.6 14.0 24.40 u.r. U.R.

Inter Cars IRCR.WA CAR PW PLN 401.6 20.0 18.9 39.5 22.4 39.5 120.00 u.r. U.R.

Polytec POLV.VI PYT AV EUR 138.3 -5.8 -9.4 7.7 3.4 5.5 6.19 7.8 Buy

Tofas TOASO.IS TOASO TI TRY 2,588.7 0.4 8.0 16.8 99.5 23.0 12.85 u.r. U.R.

Erste Sector Automobiles & Parts 7,696.5 -5.6 7.8 22.0 68.7 20.3 - - -

EuroStoxx Automobiles & Parts - 208,364 6.2 3.6 15.1 37.2 10.3 - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

ACE 10.1 12.5 19.8 13.6 4.3 4.1 5.4 5.0 0.5 0.7 1.1 1.0

AD Plastik 6.5 8.0 9.6 7.9 3.6 nm 6.9 5.7 0.6 0.6 0.7 0.6

Dogus Otomotiv 4.6 7.4 11.9 12.1 4.4 6.3 10.5 10.4 0.7 1.6 2.3 2.1

Ford Otosan 8.1 11.1 11.6 10.5 6.7 11.6 8.3 7.4 2.8 3.8 4.0 3.8

Inter Cars* 15.1 13.2 13.2 na 10.9 9.9 9.9 na 2.5 2.1 1.8 na

Polytec 3.5 6.0 7.5 6.6 2.5 3.5 4.4 4.0 1.0 1.0 1.0 0.9

Tofas 6.2 11.7 12.4 10.9 3.7 5.9 7.5 7.1 1.7 2.5 2.8 2.5

Sector CEE 6.5 11.1 11.9 10.7 4.3 6.1 7.5 6.4 1.0 1.6 1.8 1.6

EuroStoxx Automobiles & Parts 6.1 10.0 9.5 8.2 3.5 5.0 4.6 4.1 0.8 1.1 1.0 1.0

CEE to Peer, Prem/Disc 7% 11% 25% 30% 24% 23% 62% 55% 29% 41% 75% 62%

Performance (LC terms, %)

P/E P/CE P/BV

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

ACE 0.2 0.4 0.5 0.4 2.1 4.8 5.7 4.9 5.0% 5.0% 2.8% 4.2%

AD Plastik 0.8 1.0 1.1 0.9 5.5 8.0 9.1 6.8 7.4% 7.5% 6.7% 6.7%

Dogus Otomotiv 0.2 0.5 0.6 0.6 4.4 7.6 11.0 10.2 0.0% 0.0% 5.0% 4.2%

Ford Otosan 0.5 0.9 0.8 0.7 6.5 11.5 9.2 8.1 9.7% 7.7% 7.7% 7.8%

Inter Cars* 0.8 0.7 0.6 na 10.1 8.9 8.6 na 0.0% 0.0% 0.0% na

Polytec 0.2 0.3 0.3 0.3 2.3 3.6 4.3 3.7 6.5% 6.0% 4.8% 4.8%Tofas 0.6 0.9 0.9 0.7 5.3 7.2 7.8 7.0 8.4% 4.8% 4.2% 4.8%

Sector CEE 0.5 0.7 0.6 0.6 5.3 7.6 8.6 6.9 6.5% 5.0% 4.8% 4.8%

EuroStoxx Automobiles & Parts 0.3 0.3 0.4 0.4 2.3 3.1 3.8 3.3 4.3% 3.2% 3.4% 3.7%


2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

ACE 10.8% 8.4% 8.7% 8.8% 2.1% 2.4% 2.2% 2.9% 5.4% 6.0% 5.6% 7.9%

AD Plastik 13.9% 12.2% 12.4% 13.9% 8.8% 7.4% 6.8% 7.1% 9.3% 7.9% 7.1% 8.2%

Dogus Otomotiv 5.7% 6.3% 5.6% 5.4% 3.0% 5.0% 4.4% 4.0% 17.9% 24.9% 18.3% 17.9%

Ford Otosan 8.4% 7.7% 9.2% 9.2% 6.3% 6.9% 6.5% 6.4% 36.2% 34.7% 36.0% 37.3%

Inter Cars* 7.5% 7.6% 7.4% na 3.9% 4.2% 4.2% na 18.3% 17.5% 14.9% na

Polytec 9.4% 8.7% 7.8% 8.2% 5.4% 4.6% 4.0% 4.3% 34.7% 17.8% 13.8% 14.4%

Tofas 10.8% 12.4% 11.5% 10.2% 6.5% 6.7% 7.0% 6.7% 27.1% 23.3% 23.9% 24.5%

Sector CEE 9.4% 8.4% 8.7% 9.0% 5.4% 5.0% 4.4% 5.4% 18.3% 17.8% 14.9% 16.1%

EuroStoxx Automobiles & Parts 12.0% 11.3% 11.2% 11.9% 5.1% 5.5% 4.9% 5.6% 13.2% 11.3% 11.1% 11.7%

CEE to Peer, ppt -2.6 -2.9 -2.5 -2.9 0.3 -0.5 -0.6 -0.3 5.1 6.5 3.9 4.4

EV/Sales EV/EBITDA Dividend yield

EBITDA margin Net margin ROE

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

ACE 16.1% -24.0% 10.2% 11.2% -17.7% 13.2% -3.1% 45.7% 0.1 1.1 0.7 0.43

AD Plastik 10.6% -8.2% 2.5% 31.2% 20.9% -13.9% -6.9% 21.2% 1.4 3.2 3.8 2.72

Dogus Otomotiv 20.5% 19.1% -17.2% 6.2% -5.1% 80.5% -18.0% -1.3% 2.0 1.7 1.7 1.49

Ford Otosan 16.2% -13.8% 39.0% 12.4% 31.2% 2.0% 9.5% 10.6% 0.3 1.6 1.0 0.85

Inter Cars* 39.6% 10.0% -2.8% na 75.1% 14.1% 0.1% na 2.0 1.6 1.0 na

Polytec 13.0% -32.1% -10.3% 9.9% 37.9% -37.1% -14.9% 14.0% 0.2 0.3 0.4 0.17

Tofas 19.9% 5.7% 2.0% 6.7% 23.4% -5.4% 15.6% 14.0% 1.6 0.9 0.3 -0.07

Sector CEE** 3.4% -2.2% 9.2% 4.7% 8.5% 6.3% 3.3% 5.4% 1.4 1.6 1.0 0.64

EuroStoxx Automobiles & Parts 21.2% 12.6% -2.4% 11.8% 34.3% -7.8% 5.4% 15.8% 0.2 0.2 0.3 0.2

CEE to Peer, ppt** -17.7 -14.8 11.6 -7.1 -25.7 14.1 -2.1 -10.4 459% 658% 229% nm

(*) 2011 estimated

(**) growth based on accumulated numbers, Net debt/EBITDA based on median (comparison to peers as premium/discount)

Source: Factset, Erste Group Research

EBITDA growth (LC) EPS growth (LC) Net debt/EBITDA

Banks




Aik Banka AD AIKB.BEL AIKB SG RSD 118.0 -15.9 -19.8 -21.0 1.1 -14.1 1,345.00 2,050.0 Accumulate

Akbank AKBNK.IS AKBNK TI TRY 13,344.4 -17.2 -8.4 -5.0 42.8 -5.9 8.28 9.2 Hold

Albaraka Turk ALBRK.IS ALBRK TI TRY 696.2 -6.8 0.0 12.3 92.0 12.9 1.92 1.7 Hold

Banca Transilvania BATR.BX TLV RO RON 587.2 7.5 -4.9 22.1 54.4 9.6 1.20 1.1 Hold

Bank Asya ASYAB.IS ASYAB TI TRY 670.8 -17.8 -15.5 -8.9 10.1 -16.3 1.85 2.1 Hold

Bank Pekao PEO.WA PEO PW PLN 10,384.0 11.3 5.3 2.1 20.5 0.0 167.50 170.0 Hold

BRE Bank BREP.WA BRE PW PLN 3,871.7 12.8 11.8 21.6 48.0 19.3 389.00 327.0 Hold

BZ WBK BZWB.WA BZW PW PLN 6,451.7 9.6 8.6 22.2 28.1 20.7 292.00 341.0 Buy

FHB FHBK.BU FHB HB HUF 86.6 6.3 -6.1 -2.0 -21.8 -0.8 387.00 u.r. U.R.

Garanti Bank GARAN.IS GARAN TI TRY 14,891.5 -15.0 -3.3 -1.1 39.2 -5.0 8.80 9.6 Hold

Halkbank HALKB.IS HALKB TI TRY 9,015.1 -13.1 -2.5 2.3 42.1 2.3 17.90 21.1 Buy

Isbank ISCTR.IS ISCTR TI TRY 11,096.1 -16.6 -7.6 0.7 56.1 -1.0 6.12 u.r. U.R.

Komercijalna Banka KMBN.BEL KMBN SG RSD 155.5 -15.8 -20.0 15.1 -22.3 -8.5 1,280.00 1,880.0 Accumulate

Komercni banka BKOM.PR KOMB CP CZK 5,545.9 -2.3 -9.5 -6.8 11.4 -6.9 3,732.00 4,600.0 Accumulate

OTP OTPB.BU OTP HB HUF 4,793.7 4.0 4.4 25.9 48.3 21.7 5,050.00 4,460.0 Hold

PKO BP PKO.WA PKO PW PLN 10,599.2 5.6 3.7 1.4 9.8 -2.7 35.90 40.0 Accumulate

Raiffeisen Bank International RBIV.VI RBI AV EUR 5,015.7 -6.3 -12.2 -19.6 11.4 -18.4 25.66 u.r. U.R.

Sekerbank SKBNK.IS SKBNK TI TRY 705.1 -15.0 -6.9 4.8 82.3 -2.8 1.75 1.6 Reduce

Turkiye Sinai Kalkinma Bankasi TSKB.IS TSKB TI TRY 1,028.2 -10.4 -1.7 11.0 38.1 1.3 2.32 u.r. U.R.

Vakifbank VAKBN.IS VAKBN TI TRY 5,439.3 -21.3 -5.3 14.2 72.0 17.1 5.40 u.r. U.R.

Yapi Kredi Bank YKBNK.IS YKBNK TI TRY 8,827.4 -13.7 -5.6 -1.8 60.0 -3.1 5.04 5.6 Accumulate

Erste Sector Banks 114,546.5 -8.0 -2.9 1.6 34.7 -0.3 - - -x

Euro Stoxx Banks - - - 378,301 -1.4 -3.1 5.5 36.1 2.4 - - -

Erste Group Bank AG ERST.VI EBS AV EUR 22,818 -0.1 10.9 15.3 27.7 7.8 24.42 - -


2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Aik Banka AD 5.4 2.9 2.8 2.7 0.4 0.3 0.2 0.2 0.4% 1.4% 1.5% 1.5%

Akbank 8.6 11.5 na na 1.2 1.6 1.4 1.3 2.3% 1.9% na na

Albaraka Turk* 10.7 9.1 8.3 7.3 1.8 1.7 1.5 1.4 1.9% 2.2% 2.4% 2.8%

Banca Transilvania 4.5 11.9 12.0 9.1 0.6 1.0 1.0 0.9 3.1% 1.7% 1.7% 2.2%

Bank Asya 6.6 8.6 6.2 4.9 0.7 0.7 0.6 0.6 0.0% 0.0% 0.0% 0.0%

Bank Pekao 12.8 14.9 13.2 12.2 1.7 1.9 1.8 1.7 3.8% 5.0% 4.5% 5.7%

BRE Bank 9.1 11.4 14.6 12.6 1.3 1.4 1.8 1.6 0.0% 3.1% 2.7% 3.2%

BZ WBK 13.9 12.3 17.8 13.8 2.2 2.5 1.9 1.8 3.5% 3.1% 2.8% 3.6%

FHB nm nm 7.1 4.8 0.6 0.3 0.5 0.4 0.0% 0.0% 2.8% 4.2%

Garanti Bank 2.4 12.7 10.3 8.9 0.4 1.8 1.5 1.4 na na na na

Halkbank 6.1 8.4 8.2 7.6 1.4 1.8 1.6 1.3 na na na na

Isbank 1.6 8.4 8.2 7.8 0.2 1.2 1.1 1.0 na na na na

Komercijalna Banka 6.7 5.1 4.0 3.5 0.5 0.3 0.3 0.3 0.0% 0.0% 0.0% 0.0%

Komercni banka 13.3 10.9 10.8 9.5 1.6 1.5 1.4 1.3 4.8% 5.7% 5.9% 6.7%

OTP 10.3 9.0 6.6 2.5 0.6 0.9 0.8 0.7 3.3% 2.2% 4.6% 12.0%

PKO BP 10.5 12.3 9.6 7.6 1.8 1.9 1.6 1.4 4.0% 4.1% 4.2% 5.3%

Raiffeisen Bank International 5.1 11.7 5.4 4.0 0.5 0.8 0.6 0.5 5.2% 3.7% 3.9% 3.8%

Sekerbank 7.6 7.3 7.2 6.3 0.6 1.0 0.9 0.8 1.3% na na na

Turkiye Sinai Kalkinma Bankasi 4.2 8.2 7.9 7.6 0.8 1.4 1.3 1.2 3.6% 2.1% na na

Vakifbank 5.0 7.9 8.5 7.2 0.7 1.0 1.1 0.9 na na na na

Yapi Kredi Bank 6.3 16.1 9.4 8.4 1.0 1.4 1.3 1.1 na na na na

Sector CEE 6.7 10.0 8.3 7.6 0.7 1.4 1.3 1.1 2.3% 2.1% 2.8% 3.4%

Erste Group Bank AG na 15.4 12.4 8.5 0.9 0.9 0.8 0.8 0.0% 1.6% 2.0% 2.7%

Euro Stoxx Banks 12.3 8.8 0.5 0.6 0.6 0.6 4.4% 4.1% 4.5% 5.2%

CEE to Euro Stoxx Prem/Disc na na -33% -14% 42% 138% 115% 93% -47% -47% -38% -34%

P/E P/BV Dividend yield

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Aik Banka AD 6.5% 9.4% 9.0% 8.4% 29.4% 31.0% 32.6% 33.7% 4.5% 4.9% 4.7% 4.7%

Akbank 11.8% 13.9% 14.2% 14.7% 39.9% 37.4% 38.2% 36.3% 3.2% 3.5% 3.5% 3.4%

Albaraka Turk* 17.7% 18.9% 18.7% 19.4% 43.8% 49.6% 48.7% 46.6% 4.1% 4.2% 4.1% 4.3%

Banca Transilvania 13.3% 8.9% 8.3% 10.6% 54.9% 49.9% 51.1% 49.4% 3.9% 4.1% 4.3% 4.3%

Bank Asya 10.6% 8.4% 10.5% 12.4% 53.1% 50.9% 49.7% 47.5% 4.0% 4.6% 4.2% 4.3%

Bank Pekao 14.0% 13.2% 13.9% 14.5% 47.8% 46.2% 48.2% 48.8% 3.2% 3.2% 3.3% 3.5%BRE Bank 15.2% 13.6% 11.8% 13.5% 50.8% 49.1% 56.5% 55.8% 2.3% 2.2% 2.4% 2.6%BZ WBK 16.9% 17.7% 13.3% 13.5% 50.3% 43.9% 51.2% 45.3% 3.7% 3.8% 3.8% 3.2%FHB -10.0% -6.8% 5.4% 9.3% 63.2% 76.1% 83.4% 76.4% 2.5% 2.4% 2.9% 2.9%Garanti Bank 18.1% 15.8% 15.9% 16.3% 40.4% 41.0% 42.1% 39.7% 3.5% 3.7% 3.7% 3.6%Halkbank 25.4% 24.8% 20.7% 19.2% 34.2% 33.2% 35.1% 35.8% 4.2% 4.5% 4.3% 4.4%Isbank 15.3% 16.3% 14.2% 13.6% 42.6% 45.7% 45.3% 45.9% 3.1% 3.5% 3.4% 3.2%Komercijalna Banka 8.0% 7.8% 8.0% 8.4% 64.7% 60.6% 58.8% 56.4% 3.9% 3.7% 3.9% 4.2%Komercni banka 12.3% 15.8% 13.1% 14.4% 51.2% 42.7% 43.4% 42.0% 3.1% 2.8% 2.7% 2.8%OTP 6.1% 10.1% 12.8% 29.0% 49.4% 55.3% 55.5% 55.7% 6.3% 5.9% 5.7% 5.6%PKO BP 17.2% 15.8% 17.4% 19.3% 41.3% 41.8% 44.0% 44.0% 4.2% 4.1% 4.4% 4.4%Raiffeisen Bank International 10.9% 7.0% 11.3% 13.5% 63.7% 68.0% 65.0% 64.5% 2.6% 2.5% 2.7% 2.7%Sekerbank 8.2% 14.6% 12.9% 13.2% 62.3% 50.6% 52.3% 52.5% 4.4% 5.4% 5.2% 4.8%Turkiye Sinai Kalkinma Bankasi 19.4% 19.5% 17.4% 16.2% 15.6% 14.8% 14.6% 14.9% 4.2% 4.4% 4.1% 3.7%Vakifbank 13.7% 13.8% 12.8% 13.8% 43.9% 40.7% 43.0% 41.4% 3.5% 4.2% 4.0% 4.0%Yapi Kredi Bank 16.9% 10.1% 14.0% 14.1% 45.9% 46.8% 43.0% 42.4% 3.4% 3.6% 3.8% 3.6%

Sector CEE 13.5% 13.7% 13.1% 13.8% 46.9% 46.2% 48.2% 45.9% 3.8% 3.8% 3.9% 3.7%

Erste Group Bank AG -8.4% 5.7% 6.7% 9.1% - - - - 1.5% 1.4% 1.3% 1.4%

Euro Stoxx Banks -0.5% -1.5% 4.8% 6.5% - - - - 1.5% 1.4% 1.3% 1.4%

CEE to Euro Stoxx Prem/Disc -2945% -1000% 174% 112% - - - - 146% 163% 206% 166%

ROE Cost/income ratio Net interest margin

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Aik Banka AD -47.9% 52.5% 4.3% 1.7% 3.7% 10.5% 5.5% 6.7% 96.1% 104.3% 108.2% 111.3%

Akbank -12.5% 2.8% na na 32.9% 27.9% 15.4% 17.1% 91.5% 98.7% 100.1% 105.8%

Albaraka Turk* 20.6% 17.4% 9.3% 14.7% 15.7% 20.1% 19.4% 17.6% 92.6% 99.6% 101.8% 106.3%

Banca Transilvania na na na na 14.0% 7.5% 8.7% 9.7% 78.8% 87.0% 87.0% 87.0%

Bank Asya -17.2% -9.6% 37.6% 26.9% 21.6% 20.6% 14.4% 14.9% 111.0% 106.7% 111.0% 115.1%

Bank Pekao 14.8% 1.9% 12.3% 8.6% 18.4% 2.2% 12.0% 13.2% 92.5% 95.1% 96.7% 97.6%

BRE Bank 54.1% 6.0% na na 14.3% -1.2% 10.8% 15.2% 129.5% 120.0% 136.1% 139.8%

BZ WBK 21.6% 21.1% -16.4% na 15.8% 4.9% 73.5% 9.9% 84.2% 88.0% 89.2% 89.4%

FHB nm 20.5% nm na -6.0% -17.8% 20.3% 6.5% 402.1% 352.8% 323.7% 298.9%

Garanti Bank -1.8% -70.2% 17.3% 15.6% 29.3% 9.6% 18.3% 16.7% 99.1% 105.0% 105.1% 112.7%

Halkbank 1.7% 26.9% 5.4% 8.3% 26.9% 17.2% 16.0% 16.2% 84.9% 82.4% 88.8% 95.1%

Isbank -10.6% -65.5% 1.0% 5.6% 42.6% 16.9% 12.0% 14.6% 93.2% 101.7% 101.3% 106.6%

Komercijalna Banka 18.9% -0.7% 25.6% 14.4% 3.0% 12.5% 7.9% 9.4% 87.2% 89.8% 92.3% 96.3%

Komercni banka -28.7% 47.8% -6.4% 13.8% 12.9% 4.0% 4.7% 8.2% 80.4% 81.0% 83.1% 85.6%

OTP -29.5% 80.8% 36.1% 163.2% 4.5% -0.3% 6.9% 12.8% 126.7% 121.3% 119.0% 118.9%

PKO BP 18.4% -1.5% 24.2% 27.1% 8.4% 1.6% 14.7% 14.1% 100.6% 103.0% 102.1% 103.0%

Raiffeisen Bank International -13.5% -31.7% 76.7% 35.2% 7.9% 1.5% 2.2% 6.4% 122.2% 125.6% 111.9% 111.9%

Sekerbank -48.0% 102.3% 2.3% 14.0% 13.2% 17.7% 15.7% 13.8% 96.8% 101.2% 104.0% 106.9%

Turkiye Sinai Kalkinma Bankasi 5.6% -12.5% 5.3% 4.3% 32.2% 7.5% 20.7% 12.2% nm nm nm nm

Vakifbank 6.1% 19.1% 8.7% 18.2% 27.7% 18.9% 13.7% 15.7% 94.0% 101.3% 104.2% 109.7%

Yapi Kredi Bank -9.8% -24.6% 66.5% 12.2% 28.8% 11.8% 16.8% 14.7% 106.7% 111.4% 116.2% 123.5%

Sector CEE** -16.8% -33.4% 15.5% 22.3% 6.2% 11.6% 8.8% 13.2% 95.1% 101.3% 102.1% 106.6%

Erste Group Bank AG -33.3% -22.5% 7.5% 40.0%

Euro Stoxx Banks na 211.0% n.a. 40.5% - - - - - - - -

CEE to Euro Stoxx ppt na -244.4 na -1820.3% - - - - - - - -

EPS growth Customer loans growth Loan/Deposit ratio

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Aik Banka AD 3.2% 1.7% 1.3% 1.4% 24.0% 24.0% 23.5% 23.5% 69.8% 70.0% 73.0% 74.0%

Akbank 1.1% 1.3% 1.2% 1.1% 1.8% 1.6% 1.6% 1.5% 0.0% 0.0% 0.0% 0.0%

Albaraka Turk* 1.5% 1.1% 1.3% 1.4% 2.6% 2.5% 2.5% 2.4% 81.1% 93.0% 91.8% 91.0%

Banca Transilvania 2.1% 3.2% 3.0% 2.8% 17.5% 15.0% 15.0% 15.0% 63.7% 81.3% 80.0% 78.7%

Bank Asya 1.8% 2.7% 2.1% 2.0% 5.2% 4.8% 4.0% 3.4% 42.7% 55.0% 77.3% 84.3%

Bank Pekao 0.6% 0.7% 0.5% 0.4% 6.7% 7.0% 6.5% 6.2% 70.1% 68.7% 80.0% 80.0%

BRE Bank 0.6% 0.6% 0.5% 0.5% 4.7% 5.2% 5.8% 5.6% 72.7% 69.6% 82.0% 82.5%

BZ WBK 1.0% 1.2% 1.4% 1.1% 5.5% 5.4% 8.0% 7.5% 65.0% 68.4% 63.4% 66.4%

FHB 3.0% 1.6% 0.0% 0.1% 13.6% 13.1% 11.0% 10.5% 45.0% 53.2% 56.0% 56.0%

Garanti Bank 1.1% 1.3% 1.0% 1.0% 1.8% 2.3% 1.7% 1.6% 0.0% 0.0% 0.0% 0.0%

Halkbank 1.4% 1.5% 1.1% 1.1% 3.0% 3.0% 2.5% 2.3% 0.0% 0.0% 0.0% 0.0%

Isbank 1.8% 1.2% 1.1% 1.0% 2.2% 1.9% 2.0% 1.8% 0.0% 0.0% 0.0% 0.0%

Komercijalna Banka 0.8% 1.1% 0.9% 1.0% 10.9% 12.0% 12.0% 12.0% 79.4% 79.0% 80.0% 81.0%

Komercni banka 0.5% 0.4% 0.5% 0.4% 5.7% 5.8% 6.1% 6.0% 64.5% 65.8% 66.8% 68.0%

OTP 4.1% 2.4% 1.7% -2.4% 16.5% 16.8% 16.7% 13.7% 79.5% 82.7% 86.9% 80.4%

PKO BP 1.4% 1.6% 1.1% 0.7% 8.0% 8.9% 8.3% 8.0% 48.2% 50.6% 70.0% 72.0%

Raiffeisen Bank International 1.4% 1.2% 1.1% 1.1% 8.7% 9.8% 9.4% 8.9% 71.6% 68.9% 89.0% 100.0%

Sekerbank 2.1% 3.2% 3.0% 2.7% 8.4% 5.0% 5.3% 5.6% 37.5% 0.0% 0.0% 0.0%

Turkiye Sinai Kalkinma Bankasi 0.6% 0.5% 0.6% 0.5% 0.3% 0.2% 0.4% 0.4% 100.0% 0.0% 0.0% 0.0%

Vakifbank 1.8% 2.2% 1.6% 1.6% 3.8% 4.0% 3.2% 3.0% 0.0% 0.0% 0.0% 0.0%

Yapi Kredi Bank 1.3% 1.6% 1.6% 1.4% 3.1% 3.3% 2.6% 2.6% 0.0% 0.0% 0.0% 0.0%

Sector CEE** 1.5% 1.4% 1.2% 0.8% 6.2% 6.1% 5.8% 5.3% 55.1% 55.1% 66.3% 67.6%

Cost of risk Non-performing loans ratio Non-performing loans coverage

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Aik Banka AD 0.4 0.3 0.2 0.2 34.6% 31.7% 33.3% 34.3% 9.6% 0.0% 0.0% 0.0%

Akbank 1.2 1.6 1.4 1.3 17.0% 16.5% 15.7% 14.3% 7.5% 7.9% 7.3% 7.2%

Albaraka Turk* 1.8 1.7 1.5 1.4 13.5% 12.5% 12.0% 12.0% 8.4% 8.9% 9.0% 9.0%

Banca Transilvania 0.6 1.0 1.0 0.9 15.2% 18.1% 17.8% 16.7% na 8.4% 9.0% 9.0%

Bank Asya 0.7 0.7 0.6 0.6 13.0% 13.1% 12.5% 12.0% 8.5% 9.1% 8.9% 9.1%

Bank Pekao 1.7 1.9 1.8 1.7 17.0% 13.8% 11.9% 11.2% 5.6% 5.9% 5.8% 5.9%

BRE Bank 1.3 1.4 1.8 1.6 15.0% 18.7% 15.7% 15.7% 4.2% 4.6% 5.4% 5.6%

BZ WBK 2.2 2.5 2.2 2.0 15.1% 16.5% 14.5% 14.2% 6.2% 6.6% 7.0% 5.9%

FHB 0.6 0.3 0.5 0.4 12.7% 13.1% 13.3% 13.5% 9.8% 10.4% 0.0% 0.0%

Garanti Bank 0.4 1.8 1.5 1.4 16.9% 18.2% 16.0% 14.8% 8.0% 8.6% 7.6% 7.2%

Halkbank 1.4 1.8 1.6 1.3 14.3% 16.2% 13.7% 13.5% 9.2% 9.3% 8.6% 8.9%

Isbank 0.2 1.2 1.1 1.0 14.1% 16.3% 14.9% 14.0% 8.0% 8.5% 7.9% 7.6%

Komercijalna Banka 0.5 0.3 0.3 0.3 18.3% 23.7% 24.3% 24.9% 7.2% 0.0% 0.0% 0.0%

Komercni banka 1.7 1.6 1.4 1.4 14.6% 14.7% 15.0% 15.1% 5.1% 4.8% 4.6% 4.7%

OTP 0.7 1.0 0.9 0.7 17.3% 18.0% 18.1% 20.4% 0.0% 0.0% 0.0% 0.0%

PKO BP 1.8 1.9 1.6 1.4 12.4% 13.1% 12.0% 12.0% 6.9% 7.0% 7.2% 7.1%

Raiffeisen Bank International 0.6 0.9 0.6 0.5 13.5% 15.6% 12.6% 10.9% 4.9% 4.8% 4.8% 4.8%

Sekerbank 0.6 1.0 0.9 0.8 13.0% 14.9% 14.7% 14.7% 11.1% 11.7% 11.2% 10.5%

Turkiye Sinai Kalkinma Bankasi 0.8 1.4 1.3 1.2 18.0% 20.4% 17.3% 17.3% 6.1% 6.2% 5.8% 5.7%

Vakifbank 0.7 1.0 1.1 0.9 13.4% 16.1% 13.8% 13.2% 8.3% 9.4% 8.4% 8.4%

Yapi Kredi Bank 1.0 1.4 1.3 1.1 14.7% 16.3% 13.1% 12.9% 7.9% 7.6% 8.0% 7.6%

Sector CEE** 0.8 1.5 1.3 1.2 15.0% 16.2% 14.7% 14.2% 6.3% 6.8% 6.6% 6.4%

Consensus data for Erste Group Bank AG, (*) 2011 estimated


Tangible P/BV Capital adequacy ratio Yield on assets

Basic Resources




AMAG AMAV.VI AMAG AV EUR 825.2 -0.2 -2.5 5.4 30.1 1.0 23.40 24.5 Hold

Anadolu Cam ANACM.IS ANACM TI TRY 457.2 2.9 2.2 5.9 30.6 1.8 2.85 3.7 Buy

Bogdanka SA LWBP.WA LWB PW PLN 972.1 3.2 -4.7 -6.9 2.9 -11.0 121.00 155.0 Buy

KGHM KGHM.WA KGH PW PLN 7,180.3 3.3 -11.9 -13.7 16.6 -20.0 152.00 210.0 Accumulate

Mayr-Melnhof MMKV.VI MMK AV EUR na -0.7 -5.9 2.1 13.0 3.1 83.40 88.0 Hold

New World Resources NWRRsp.PR NWR PZ CZK 324.2 -36.0 -58.5 -63.1 -69.2 -67.9 31.30 94.0 Hold

Park Elektrik PRKME.IS PRKME TI TRY 334.7 -10.9 -15.7 -10.3 11.2 -9.1 5.58 6.1 Accumulate

RHI RHIV.VI RHI AV EUR 1,076.5 1.8 3.7 15.8 58.3 8.6 27.04 31.0 Accumulate

Sisecam SISE.IS SISE TI TRY 1,770.8 -5.5 -0.3 6.9 8.9 -0.7 2.93 3.1 Hold

voestalpine VOES.VI VOE AV EUR 4,886.1 14.0 9.7 13.3 33.1 2.5 28.35 28.5 Buy

Erste Sector Basic Resources 19,493.9 2.9 -5.7 -4.3 15.4 -10.9 - - -

EuroStoxx Basic Resources - 56,296 -3.9 -7.2 -6.6 4.7 -10.7 - - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

AMAG 6.3 11.5 12.5 11.8 4.0 6.7 6.8 6.4 1.0 1.5 1.4 1.3

Anadolu Cam 5.9 15.6 6.8 7.3 3.0 4.7 3.2 3.4 0.9 1.1 0.9 0.8

Bogdanka SA 16.0 16.0 10.2 7.8 12.3 7.2 6.0 4.9 1.7 2.0 1.6 1.5

KGHM 2.5 6.3 8.6 8.5 2.4 5.4 6.9 6.6 1.2 1.4 1.3 1.2

Mayr-Melnhof 11.1 13.6 13.8 13.4 6.7 8.0 8.2 7.9 1.3 1.5 1.4 1.3

New World Resources 10.9 29.6 nm 104.0 4.0 1.7 2.7 2.0 1.9 0.4 0.5 0.5

Park Elektrik 5.1 7.4 4.7 5.4 4.2 5.1 4.0 4.4 1.2 1.8 1.3 1.1

RHI 4.9 8.7 7.7 9.1 3.8 4.9 5.1 5.8 1.4 2.1 1.8 1.6

Sisecam 4.9 13.2 11.6 9.6 3.1 4.8 4.6 4.1 0.9 0.9 0.9 0.8

voestalpine 10.9 12.8 12.0 11.1 4.8 4.3 5.0 4.8 1.5 1.1 1.2 1.1

Sector CEE 6.1 13.0 10.2 9.4 4.0 5.0 5.0 4.8 1.3 1.4 1.3 1.2

EuroStoxx Basic Resources 13.2 16.1 11.6 5.3 5.4 5.8 5.0 0.7 0.8 0.7 0.7

CEE to Peer, Prem/Disc -54% na -37% -19% -25% -7% -13% -3% 77% 92% 85% 70%


P/E P/CE P/BV

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

AMAG 0.8 1.1 1.2 1.1 4.1 6.8 7.1 6.9 9.5% 2.6% 2.6% 2.6%

Anadolu Cam 1.4 1.5 1.3 1.1 5.7 7.4 6.7 5.6 0.6% 0.0% 1.3% 2.9%

Bogdanka SA 2.9 2.7 2.0 1.6 8.4 7.5 5.5 4.5 3.8% 3.3% 7.8% 10.2%

KGHM 0.8 1.5 1.6 1.5 1.1 4.4 5.1 4.9 19.8% 7.9% 5.9% 5.9%

Mayr-Melnhof 0.6 0.8 0.8 0.7 4.6 6.0 5.9 5.5 3.2% 2.8% 2.8% 2.8%

New World Resources 1.1 0.6 0.7 0.7 3.9 3.5 4.9 3.9 4.3% 4.9% 0.0% 0.5%Park Elektrik 2.8 3.0 2.0 1.6 4.7 4.5 2.8 2.5 0.0% 12.0% 2.7% 4.3%RHI 0.7 0.9 1.0 0.9 5.9 7.4 5.8 6.7 5.0% 3.0% 3.0% 3.1%Sisecam 1.1 1.1 1.1 1.1 4.4 6.2 5.8 5.3 1.2% 0.0% 0.0% 0.0%voestalpine 0.9 0.7 0.8 0.8 6.4 6.7 6.7 6.6 2.4% 3.2% 3.2% 3.5%

Sector CEE 1.0 1.1 1.2 1.1 4.7 6.5 5.8 5.4 3.5% 3.1% 2.7% 3.0%

EuroStoxx Basic Resources 0.6 0.6 0.7 0.7 5.2 6.2 6.3 5.6 3.6% 3.9% 2.9% 3.0%

CEE to Peer, Prem/Disc 69% 75% 70% 66% -10% 4% -8% -4% -2% -21% -5% 2%

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

AMAG 18.2% 16.5% 16.6% 16.5% 10.7% 8.8% 8.1% 7.9% 19.9% 13.1% 11.7% 11.4%

Anadolu Cam 24.4% 19.7% 19.7% 20.0% 9.4% 3.5% 7.4% 6.4% 15.7% 7.4% 14.6% 11.9%

Bogdanka SA 34.6% 35.8% 35.6% 35.9% 17.0% 15.8% 17.7% 18.9% 10.8% 13.1% 16.4% 19.3%

KGHM 71.5% 34.7% 30.3% 31.1% 56.4% 23.4% 17.5% 17.5% 60.3% 21.4% 15.8% 15.1%

Mayr-Melnhof 13.0% 12.9% 12.7% 12.8% 6.1% 6.1% 6.0% 6.0% 12.1% 11.5% 10.7% 10.4%

New World Resources 27.1% 17.6% 14.1% 17.2% 7.8% 0.8% -3.1% 0.2% 16.5% 1.5% -5.5% 0.4%

Park Elektrik 58.2% 67.1% 71.2% 65.2% 58.5% 45.5% 55.2% 49.7% 25.7% 25.0% 32.8% 22.7%

RHI 11.6% 12.5% 16.7% 13.5% 6.9% 6.2% 7.8% 6.4% 32.0% 24.7% 26.3% 18.7%

Sisecam 25.0% 18.5% 19.6% 19.8% 17.4% 7.1% 8.2% 8.7% 20.1% 7.5% 7.8% 8.6%

voestalpine 14.7% 10.8% 12.0% 12.0% 5.4% 3.4% 4.1% 4.4% 15.0% 9.0% 10.2% 10.3%

Sector CEE 24.7% 18.1% 18.1% 18.5% 10.1% 6.7% 8.0% 7.2% 18.2% 12.3% 13.2% 11.6%

EuroStoxx Basic Resources 10.8% 10.6% 10.2% 11.8% 3.1% 2.1% 1.9% 3.6% 7.8% 6.2% 5.5% 6.6%

CEE to Peer, ppt 13.9 7.4 8.0 6.7 6.9 4.6 6.1 3.6 10.4 6.1 7.6 5.0



2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

AMAG 7.7% -10.6% 1.5% 7.3% 58.7% -19.0% -7.1% 5.4% 0.4 0.7 1.0 1.2

Anadolu Cam 19.5% -7.7% 10.3% 8.7% 31.5% -53.6% 131.9% -6.5% 2.7 3.2 2.8 2.1

Bogdanka SA 8.7% 46.0% 23.4% 23.1% -3.9% 31.0% 39.0% 30.4% 0.5 0.5 0.4 0.4

KGHM 129.6% -50.4% -14.2% 4.1% 148.1% -57.6% -26.8% 1.9% -0.9 0.1 0.2 0.1

Mayr-Melnhof 4.5% -1.3% 1.4% 3.8% 9.8% 0.7% 1.1% 3.0% -0.6 -0.4 -0.6 -0.8

New World Resources -2.7% -46.3% -24.4% 31.5% -44.7% -91.5% nm nm 0.8 2.1 3.1 2.5

Park Elektrik 126.8% 64.9% 37.5% -11.9% 171.5% 11.4% 57.0% -13.2% -0.4 -0.5 -0.8 -1.6

RHI 18.7% 12.4% 31.6% -16.8% 14.7% -6.7% 24.0% -15.7% 3.0 3.1 2.2 2.4

Sisecam 26.8% -19.8% 16.2% 11.1% 84.0% -62.0% 13.6% 20.8% 0.7 0.8 1.0 1.0

voestalpine 59.9% -18.9% 7.0% 0.7% 370.1% -35.0% 19.9% 7.6% 2.2 2.7 2.4 2.4

Sector CEE** 59.2% -32.7% 0.0% 2.8% 97.9% -50.2% -7.6% 4.7% 0.4 0.5 0.4 0.4

EuroStoxx Basic Resources 13.0% -16.9% -0.6% 15.1% 13.0% -16.9% -0.6% 15.1% 2.1 2.1 2.0 1.8

CEE to Peer, ppt** 46.2 -15.7 0.5 -12.3 85.0 -33.3 -7.0 -10.4 -79% -78% -79% -79%

(*) 2011 estimated




Chemicals




Bagfas BAGFS.IS BAGFS TI TRY 169.3 -10.6 -17.0 -12.3 -16.6 -13.5 46.70 59.0 Hold

Ciech S.A. CECH.WA CIE PW PLN 333.3 17.5 22.3 19.4 47.5 20.6 26.78 20.0 Buy

Gubre Fabrikalari GUBRF.IS GUBRF TI TRY 445.8 -15.3 -25.6 -6.0 8.6 -6.7 13.25 18.5 Accumulate

Lenzing LENV.VI LNZ AV EUR 1,565.1 -4.3 -18.2 -7.2 -10.8 -13.6 58.95 77.4 Buy

Pegas NW PGSN.PR PEGAS CP CZK 196.7 5.3 3.0 16.0 29.6 10.5 545.00 550.0 Buy

Petkim PETKM.IS PETKM TI TRY 1,164.4 -6.8 -8.0 20.4 48.2 4.3 2.89 3.5 Accumulate

Petrokemija PTKM.ZA PTKMRA CZ HRK 91.4 -7.6 -12.7 -1.0 -14.8 -5.7 206.00 241.0 Hold

Semperit SMPV.VI SEM AV EUR 565.8 -6.9 -15.3 -15.4 -6.9 -12.3 27.50 34.5 Accumulate

Synthos DWOR.WA SNS PW PLN 1,634.6 6.5 -17.8 -9.2 -3.3 -3.3 5.23 5.0 Buy

ZA Pulawy S.A. PULW.WA ZAP PW PLN 603.6 2.8 1.7 -1.4 32.1 -2.8 133.70 92.5 Hold

ZCh Police S.A. PICE.WA PCE PW PLN 492.8 32.8 81.8 130.9 243.5 124.5 27.82 10.3 Sell

Erste Sector Chemicals 7,262.9 -0.1 -10.0 1.5 11.1 -0.9 - - -

EuroStoxx Chemicals - 256,225 -1.4 1.4 6.2 32.8 5.6 - - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Bagfas 2.1 20.3 19.6 19.9 1.7 26.7 11.5 10.2 0.7 2.1 1.7 1.6

Ciech S.A.* 124.8 14.9 18.9 15.4 5.9 4.4 4.7 4.4 1.1 1.0 0.9 0.9

Gubre Fabrikalari 7.3 6.2 5.9 5.8 3.4 7.3 4.3 4.2 1.4 2.2 1.1 0.9

Lenzing 6.4 10.3 14.5 12.9 4.2 5.6 6.9 6.3 1.7 1.6 1.3 1.3

Pegas NW 11.8 10.9 7.5 7.0 6.7 7.4 5.1 5.0 1.3 1.4 1.3 1.2

Petkim 19.2 158.9 87.8 30.7 12.0 31.1 23.9 14.5 1.2 1.7 1.7 1.6

Petrokemija 6.1 nm 14.4 nm 18.7 nm 3.3 3.4 0.9 1.1 1.0 1.0

Semperit 11.3 13.9 11.0 10.0 8.0 8.4 6.2 5.7 1.6 1.6 1.3 1.2

Synthos* 7.9 8.7 9.3 na 6.8 7.2 7.6 na 2.4 2.0 1.7 na

ZA Pulawy S.A. 7.6 13.2 12.9 8.0 5.9 8.6 8.3 5.9 1.2 1.2 1.2 1.0

ZCh Police S.A.* 14.1 31.6 28.6 na 9.5 14.7 13.8 na 2.9 2.7 2.5 na

Sector CEE 7.9 13.6 14.4 11.4 6.7 7.9 6.9 5.7 1.3 1.6 1.3 1.2

EuroStoxx Chemicals 10.7 15.0 14.6 13.0 7.3 10.4 9.3 8.5 1.8 2.5 2.4 2.2

CEE to Peer, Prem/Disc -26.0% -9.5% -1.8% -12.3% -8.5% -24.0% -26.3% -32.8% -30.2% -34.3% -45.4% -45.9%


P/E P/CE P/BV

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Bagfas 0.2 1.4 0.9 0.9 0.7 13.8 8.4 7.5 12.8% 6.1% 1.1% 1.0%

Ciech S.A.* 0.5 0.5 0.5 0.4 6.1 5.4 5.5 5.1 0.0% 0.0% 0.0% 3.7%

Gubre Fabrikalari 0.9 0.8 0.6 0.5 3.3 3.4 2.7 2.0 0.0% 0.0% 0.0% 0.0%

Lenzing 0.9 1.1 0.9 1.0 3.9 6.7 7.3 6.9 3.9% 2.6% 3.0% 3.0%

Pegas NW 1.7 1.7 1.5 1.4 7.9 9.0 8.4 7.7 5.9% 5.2% 5.4% 5.6%

Petkim 0.5 0.6 0.7 0.7 9.5 45.1 22.2 13.3 0.0% 2.0% 0.0% 0.0%Petrokemija 0.4 0.4 0.4 0.4 4.7 44.7 6.2 8.5 0.0% 0.0% 0.0% 0.0%Semperit 0.7 0.8 0.7 0.7 4.9 6.2 5.2 4.8 2.7% 2.6% 3.1% 3.3%Synthos* 1.2 1.0 1.0 na 5.7 5.6 5.5 na 1.3% 2.9% 2.7% naZA Pulawy S.A. 0.8 0.9 0.8 0.8 5.1 7.9 7.7 5.5 0.8% 2.9% 1.9% 1.9%ZCh Police S.A.* 0.9 0.8 0.8 na 9.3 14.4 12.3 na 0.0% 0.0% 0.0% na

Sector CEE 0.8 0.8 0.8 0.7 5.1 7.9 7.3 6.9 0.8% 2.6% 1.1% 1.9%

EuroStoxx Chemicals 0.9 1.1 1.0 1.0 6.5 8.7 8.4 7.4 3.5% 2.7% 2.9% 3.1%

CEE to Peer, Prem/Disc -14% -22% -25% -31% -22% -10% -14% -6% -76% -7% -61% -37%

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Bagfas 27.8% 10.0% 11.3% 12.1% 22.7% 6.6% 5.6% 5.6% 35.9% 10.2% 8.9% 8.2%

Ciech S.A.* 8.6% 9.6% 8.5% 8.6% 0.3% 2.2% 1.7% 2.0% 1.0% 6.9% 5.1% 5.9%

Gubre Fabrikalari 26.5% 24.0% 22.5% 24.8% 16.5% 19.3% 16.5% 16.3% 23.3% 31.5% 24.6% 17.7%

Lenzing 22.0% 15.7% 13.0% 13.8% 12.2% 8.4% 5.2% 5.6% 30.5% 16.8% 9.5% 10.1%

Pegas NW 21.7% 19.1% 17.8% 17.7% 8.4% 8.8% 11.2% 10.2% 10.8% 13.3% 18.0% 17.5%

Petkim 5.8% 1.4% 3.0% 5.2% 2.6% 0.4% 0.7% 2.0% 6.2% 1.0% 2.0% 5.4%

Petrokemija 8.0% 1.0% 6.4% 5.0% 3.7% -4.2% 1.6% -0.2% 15.0% -16.6% 7.1% -0.9%

Semperit 13.7% 13.1% 13.2% 13.8% 6.6% 5.6% 5.6% 5.8% 14.9% 11.9% 12.2% 12.3%

Synthos* 21.5% 18.6% 18.0% na 15.8% 13.6% 13.3% na 34.7% 24.8% 19.7% na

ZA Pulawy S.A. 14.9% 10.9% 10.9% 14.1% 10.6% 6.1% 5.8% 8.4% 16.6% 9.7% 9.3% 13.7%

ZCh Police S.A.* 9.8% 5.7% 6.3% na 6.1% 2.5% 2.6% na 23.4% 8.9% 9.0% na

Sector CEE 14.9% 10.9% 11.3% 13.8% 8.4% 6.1% 5.6% 5.6% 16.6% 10.2% 9.3% 10.1%

EuroStoxx Chemicals 16.1% 15.8% 15.5% 16.0% 6.8% 5.7% 6.5% 7.2% 16.9% 16.7% 16.2% 16.7%

CEE to Peer, ppt -1.2 -4.9 -4.3 -2.3 1.7 0.4 -1.0 -1.6 -0.3 -6.5 -6.9 -6.5



2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Bagfas 43.2% -59.8% 19.6% 5.6% 61.9% -89.2% -10.4% -1.5% -1.0 0.4 -1.3 -1.7

Ciech S.A.* -6.7% 13.2% -6.0% 4.1% -73.6% 738.7% -21.3% 22.6% 2.2 1.9 1.8 1.5

Gubre Fabrikalari 50.3% -11.7% -3.6% 24.1% 8.4% 46.0% -1.3% 1.6% 0.8 0.6 0.0 -0.1

Lenzing 44.9% -30.1% -17.1% 11.1% 56.0% -34.3% -38.4% 12.7% 0.5 1.3 1.6 1.8

Pegas NW -3.3% 9.1% 6.4% 15.3% -39.5% 29.4% 45.7% 6.0% 3.3 4.0 3.7 3.6

Petkim 20.5% -72.7% 120.2% 78.0% -21.3% -83.0% 88.8% 185.6% 0.7 0.0 0.8 1.3

Petrokemija nm -88.0% 575.0% -31.7% nm nm nm nm 1.9 20.0 2.5 3.1

Semperit 0.5% -3.9% 12.6% 10.0% 19.2% -14.5% 11.3% 10.0% -0.5 0.2 0.6 0.6

Synthos* 66.8% -7.2% -7.2% na 83.5% -8.5% -6.6% na -0.3 -0.7 -1.4 na

ZA Pulawy S.A. 424.3% -19.5% 8.5% 41.8% 734.5% -34.7% 2.3% 61.5% -0.2 0.5 0.8 0.6

ZCh Police S.A.* 42.0% -36.3% 13.7% na 103.9% -55.5% 10.6% na 0.5 0.6 0.2 na

Sector CEE** 39.5% -22.4% -0.6% nm 52.1% -31.1% -7.0% nm 0.8 1.3 1.6 1.5

EuroStoxx Chemicals 8.4% 7.0% -2.3% 8.9% 14.4% -2.1% 2.5% 12.3% 1.1 1.2 1.0 0.9

CEE to Peer, ppt** 31.1 -29.4 1.7 nm 37.7 -29.0 -9.5 nm -27% 9% 51% 77%

(*) 2011 estimated




Construction & Materials




Akcansa AKCNS.IS AKCNS TI TRY 913.8 7.7 10.2 8.7 66.0 14.5 11.85 10.4 Accumulate

Alarko Holding ALARK.IS ALARK TI TRY 477.2 -8.3 -1.5 21.0 33.5 3.5 5.30 7.4 Buy

Berling BRG.WA BRG PW PLN 25.4 3.5 -6.1 -6.9 55.1 -6.2 6.19 10.0 Buy

Cimsa CIMSA.IS CIMSA TI TRY 702.1 15.7 20.6 44.3 56.9 41.1 12.90 10.3 Buy

Mostostal Warszawa MOWA.WA MSW PW PLN 34.0 121.9 -46.8 -40.1 -46.4 -42.7 7.19 U.R. U.R.

STRABAG STRV.VI STR AV EUR 1,725.7 -5.5 -11.6 -22.8 -7.1 -18.0 16.74 22.0 Buy

Tekfen Holding TKFEN.IS TKFEN TI TRY 945.1 -12.9 -16.6 -7.8 11.2 -12.4 6.34 9.2 Buy

Trakya Cam TRKCM.IS TRKCM TI TRY 763.0 -11.7 -1.1 21.3 38.3 11.9 2.73 2.9 Hold

Wienerberger WBSV.VI WIE AV EUR 1,170.7 9.1 14.7 51.9 40.2 46.8 10.18 8.5 Reduce

Erste Sector Construction & Materials 6,757.0 -1.6 -1.5 4.5 22.2 3.8 - - -

EuroStoxx Construction & Materials - - 115,421 -1.1 0.7 11.8 31.6 6.5 - - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Akcansa 13.1 18.7 16.5 14.3 8.1 12.6 11.2 9.9 1.5 2.5 2.3 2.1

Alarko Holding 5.9 9.1 7.0 6.7 4.6 6.9 5.7 5.4 0.7 1.1 1.0 0.8

Berling 4.8 10.9 8.9 8.5 4.6 9.9 8.3 7.9 0.9 1.5 1.3 1.2

Cimsa* 15.0 13.9 13.3 12.9 11.4 10.7 10.3 9.9 1.9 1.8 1.8 1.7

Mostostal Warszawa* 9.5 6.0 2.7 na nm 1.9 1.0 na 0.3 0.3 0.2 na

STRABAG 12.6 35.1 14.4 11.1 3.8 4.0 3.4 3.0 0.8 0.7 0.6 0.6

Tekfen Holding 8.1 6.2 9.0 9.5 6.3 5.1 6.6 6.7 1.1 1.1 1.1 1.0

Trakya Cam 5.7 23.3 15.8 11.1 3.6 8.4 6.4 5.2 0.7 1.1 1.0 0.9

Wienerberger 106.1 nm nm 35.1 3.9 3.4 5.3 4.8 0.4 0.4 0.6 0.6

Sector CEE 9.5 12.4 11.1 11.1 4.6 6.9 6.4 6.0 0.8 1.1 1.0 1.0

EuroStoxx Construction &

Materials 11.7 14.8 14.1 11.7 4.6 6.0 5.6 5.0 0.9 1.1 1.1 1.0

CEE to Peer, Prem/Disc -19% -16% -21% -5% -1% 16% 16% 20% -13% -3% -8% -9%


P/E P/CE P/BV

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Akcansa 1.5 2.3 2.1 1.9 7.7 11.3 10.1 8.9 3.0% 3.9% 3.7% 4.3%

Alarko Holding 0.4 0.7 0.5 0.4 4.1 8.1 5.6 5.1 0.7% 0.0% 0.0% 0.0%

Berling 0.6 0.9 0.7 0.7 4.5 5.8 5.3 4.8 5.4% 3.0% 5.7% 6.0%

Cimsa* 2.3 2.2 2.2 2.1 9.3 8.7 8.5 8.3 5.4% 5.4% 5.8% 6.0%

Mostostal Warszawa* 0.0 0.0 nm na 1.4 0.5 nm na 7.1% 8.1% 13.5% na

STRABAG 0.2 0.2 0.1 0.1 3.0 4.2 2.8 2.7 2.7% 1.0% 3.0% 3.3%Tekfen Holding 0.5 0.5 0.6 0.6 4.5 6.4 6.7 6.9 2.9% 3.2% 7.9% 3.3%Trakya Cam 1.0 1.6 1.8 1.6 3.5 9.1 7.9 6.5 0.0% 0.0% 0.0% 0.0%Wienerberger 0.9 0.9 0.9 0.8 7.4 9.5 8.5 6.9 1.7% 1.7% 1.2% 1.5%

Sector CEE 0.6 0.9 0.8 0.7 4.5 8.1 7.3 6.7 2.9% 3.0% 3.7% 3.3%


Materials 0.9 0.9 0.9 0.9 6.1 7.3 6.8 5.8 0.0 0.0 0.0 0.0

CEE to Peer, Prem/Disc -28% 2% -12% -17% -27% 11% 7% 15% -38% -28% -4% -21%

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Akcansa 19.1% 20.5% 21.1% 21.6% 10.0% 11.3% 11.9% 12.6% 11.8% 13.7% 14.5% 15.5%

Alarko Holding 10.8% 8.5% 8.7% 8.5% 9.8% 8.2% 7.3% 7.1% 13.1% 13.0% 14.7% 13.4%

Berling 13.7% 15.4% 14.2% 14.3% 15.5% 10.3% 11.3% 11.6% 21.4% 14.5% 15.1% 14.4%

Cimsa* 25.1% 25.7% 25.5% 25.2% 14.7% 15.2% 15.1% 14.9% 13.0% 13.6% 13.6% 13.5%

Mostostal Warszawa* 1.8% 2.1% 3.6% na 0.6% 0.8% 2.0% na 2.9% 4.6% 9.5% na

STRABAG 5.4% 4.7% 5.2% 5.4% 1.7% 0.8% 1.3% 1.4% 6.5% 2.1% 4.1% 5.1%

Tekfen Holding 11.9% 8.3% 8.5% 8.6% 7.6% 9.5% 6.4% 6.4% 13.8% 19.0% 11.9% 10.8%

Trakya Cam 28.3% 17.9% 22.2% 24.3% 18.8% 6.7% 8.7% 10.5% 13.9% 4.7% 6.7% 8.7%

Wienerberger 12.5% 9.2% 10.3% 11.7% 2.1% -1.7% 0.5% 2.3% 0.4% -3.7% -1.0% 1.8%

Sector CEE 12.5% 9.2% 10.3% 13.0% 9.8% 8.2% 7.3% 8.8% 13.0% 13.0% 11.9% 12.1%


Materials 11.8% 12.1% 10.7% 11.0% 3.3% 2.7% 2.8% 3.6% 7.8% 7.7% 7.8% 9.0%

CEE to Peer, ppt 0.8 -2.9 -0.3 2.0 6.5 5.5 4.5 5.2 5.2 5.3 4.1 3.1



2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Akcansa 45.7% 14.3% 11.6% 11.5% 69.2% 21.1% 13.4% 15.0% 0.9 1.0 0.8 0.6

Alarko Holding 435.0% -4.9% 50.2% 5.0% 158.9% 12.9% 29.7% 4.9% -1.5 -1.4 -0.7 -0.9

Berling -6.1% 32.3% -3.3% 3.5% 33.8% -21.4% 15.4% 4.9% -0.9 -1.5 -1.8 -2.0

Cimsa* 9.7% 6.9% 4.2% 3.2% 12.2% 8.3% 4.4% 3.0% 0.5 0.5 0.6 0.7

Mostostal Warszawa* -54.8% 17.2% 58.9% na -75.7% 58.4% 118.4% na -2.6 -2.9 -2.6 na

STRABAG 1.6% -18.5% 13.4% 6.2% 14.1% -66.7% 99.6% 29.2% -0.4 0.3 -0.2 -0.2

Tekfen Holding 27.9% -13.2% 4.8% -3.2% 35.8% 56.9% -31.7% -4.6% -0.8 -0.8 -0.2 -0.2

Trakya Cam 18.4% -36.0% 40.6% 28.9% 6.3% -68.5% 47.6% 41.8% -0.3 0.3 1.7 1.7

Wienerberger 14.0% -9.8% 30.3% 18.7% nm nm 73.2% nm 2.0 3.6 2.6 1.9

Sector CEE** 6.8% -13.9% 17.7% 7.7% 29.7% -34.6% 28.3% 22.0% -0.8 -0.8 -0.2 -0.2


Materials -1.9% 2.4% 1.8% 7.3% 0.8% -5.2% 4.9% 20.4% 3.1 2.3 2.2 1.8

CEE to Peer, ppt** 8.7 -16.4 15.9 0.4 28.9 -29.3 23.4 1.6 -124% -133% -108% -109%

(*) 2011 estimated




Food & Beverage




Albalact ALBZ.BRQ ALBZ RO RON 22.9 21.5 12.7 31.7 0.2 13.7 0.16 0.2 Accumulate

Astarta Holding NV ASTH.WA AST PW PLN 382.6 27.9 3.7 12.8 28.3 17.8 64.80 80.2 Buy

Atlantic Grupa ATGR.ZA ATGRRA CZ HRK 265.2 -5.0 -8.9 11.7 22.2 11.7 598.75 620.0 Accumulate

Kernel Holding KERN.WA KER PW PLN 1,033.3 -3.7 -9.6 -16.8 -4.9 -17.8 54.90 62.6 Hold

Ledo LEDZ.ZA LEDORA CZ HRK 327.9 -9.6 -5.9 9.2 47.0 3.4 7,861.43 9,705.0 Accumulate

Otmuchow SA OTMP.WA OTM PW PLN 30.3 -6.5 -27.3 -1.3 5.8 -6.1 10.05 13.0 Accumulate

Podravka PODR.ZA PODRRA CZ HRK 174.8 -8.5 -17.4 -9.3 8.4 1.1 242.76 285.0 Hold

Sojaprotein AD SJPT.BEL SJPT SG RSD 78.9 -8.3 -27.5 -8.9 23.5 -17.7 605.00 760.0 Accumulate

Wawel SA WAWL.WA WWL PW PLN 288.2 0.3 -1.3 7.7 46.7 2.0 814.00 900.0 Accumulate

Erste Sector Food & Beverages 2,603.9 -1.0 -7.9 -4.0 13.4 -4.9 - - -

EuroStoxx Food & Beverages - - - 307,671 -3.9 -3.4 5.8 25.8 7.8 - - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Albalact 19.2 23.8 9.6 7.4 6.3 5.9 4.2 3.7 1.2 1.1 1.0 0.9

Astarta Holding NV 3.2 5.3 5.1 4.1 3.9 7.3 7.6 5.7 1.0 1.0 0.9 0.7

Atlantic Grupa 35.8 24.6 14.8 11.8 6.9 8.3 6.8 5.9 1.2 1.3 1.2 1.1

Kernel Holding 9.2 6.1 6.5 5.8 12.2 8.0 8.8 7.6 2.1 1.2 1.0 0.8

Ledo 8.8 10.6 11.2 9.8 18.0 202.5 7.6 8.0 1.3 1.3 1.2 1.1

Otmuchow SA 8.4 20.9 12.1 10.5 3.1 8.0 5.4 5.2 0.6 1.1 0.9 0.9

Podravka 18.1 18.3 10.9 8.8 5.5 5.9 4.7 4.2 0.8 0.8 0.7 0.7

Sojaprotein AD 6.9 5.5 4.6 3.3 5.5 4.7 3.9 2.9 0.6 0.6 0.6 0.5

Wawel SA 13.0 17.9 16.9 14.7 10.2 14.6 14.0 12.1 2.8 3.8 3.4 3.0

Sector CEE 9.0 14.5 10.2 8.1 5.9 7.6 6.1 5.5 1.1 1.1 1.0 0.9

EuroStoxx Food & Beverages 15.5 19.1 18.1 16.1 9.8 12.7 12.3 10.9 2.5 3.2 3.0 2.7



P/E P/CE P/BV

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Albalact 0.4 0.4 0.4 0.3 6.5 6.6 5.1 4.5 0.0% 0.0% 0.0% 6.8%

Astarta Holding NV 1.6 1.6 1.4 1.2 4.4 5.1 4.7 4.1 0.0% 0.0% 0.0% 0.0%

Atlantic Grupa 0.9 0.9 0.8 0.8 8.4 8.1 7.4 6.8 0.0% 0.0% 0.0% 1.0%

Kernel Holding 1.3 0.8 0.6 0.5 7.6 4.8 4.6 3.9 0.0% 0.0% 0.0% 0.0%

Ledo 0.8 1.1 1.0 0.9 6.0 6.5 6.2 5.4 0.0% 0.0% 2.4% 4.4%

Otmuchow SA 0.7 0.7 0.6 0.5 7.0 8.4 6.4 5.6 0.0% 0.0% 0.0% 0.0%

Podravka 0.7 0.7 0.6 0.6 7.2 8.1 6.3 5.4 0.0% 0.0% 0.0% 0.0%

Sojaprotein AD 0.9 0.9 0.9 0.8 8.2 6.5 5.7 4.6 0.0% 0.0% 7.1% 7.2%

Wawel SA 1.6 2.1 1.9 1.7 9.3 12.7 11.3 9.9 2.2% 1.8% 3.0% 6.8%

Sector CEE 0.8 0.8 0.7 0.7 7.1 6.5 6.0 5.0 0.0% 0.0% 0.0% 0.5%

EuroStoxx Food & Beverages 1.9 2.0 2.2 2.0 9.1 11.1 11.2 9.5 2.8% 1.9% 2.2% 2.4%


2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Albalact 6.3% 6.0% 6.9% 7.0% 1.7% 1.2% 2.6% 3.0% 6.6% 4.7% 10.8% 12.9%

Astarta Holding NV 35.9% 30.4% 30.2% 28.4% 29.6% 18.9% 18.0% 18.1% 34.9% 21.2% 18.2% 19.0%

Atlantic Grupa 10.5% 11.1% 11.3% 11.5% 1.1% 1.9% 2.9% 3.4% 3.3% 5.5% 8.5% 9.8%

Kernel Holding 16.6% 15.9% 14.0% 14.1% 11.9% 10.5% 9.3% 10.3% 28.7% 20.9% 16.4% 15.8%

Ledo 13.2% 16.6% 16.0% 16.4% 10.6% 10.7% 10.4% 11.5% 15.8% 16.8% 11.1% 11.9%

Otmuchow SA 9.3% 8.0% 9.0% 8.8% 4.2% 2.1% 3.2% 3.6% 7.5% 5.3% 8.1% 8.6%

Podravka 9.7% 8.4% 10.1% 10.5% 1.9% 1.9% 3.2% 3.8% 4.2% 4.2% 6.8% 7.7%

Sojaprotein AD 10.8% 14.5% 15.9% 18.3% 8.0% 9.3% 10.6% 13.7% 9.6% 11.7% 13.1% 16.8%

Wawel SA 16.6% 16.5% 17.2% 17.1% 11.9% 12.0% 12.1% 12.5% 23.4% 23.2% 21.3% 21.5%

Sector CEE 10.6% 12.8% 12.7% 12.8% 6.1% 5.7% 6.3% 7.0% 8.6% 8.6% 11.0% 12.4%

EuroStoxx Food & Beverages 21.4% 21.6% 20.9% 22.3% 9.1% 9.3% 8.1% 9.5% 16.3% 16.9% 16.4% 16.8%

CEE to Peer, ppt -10.8 -8.7 -8.2 -9.5 -3.0 -3.6 -1.9 -2.5 -7.8 -8.3 -5.4 -4.4



2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Albalact 18.5% 4.1% 29.4% 16.7% 893.9% -25.0% 149.4% 29.7% 1.3 1.9 1.5 1.4

Astarta Holding NV 8.1% 5.9% 8.4% 17.4% 12.3% -20.4% 3.9% 25.6% 1.8 1.8 1.7 1.5

Atlantic Grupa 127.5% 11.5% 5.4% 5.8% -58.7% 74.1% 66.2% 25.6% 4.9 4.4 3.9 3.5

Kernel Holding 62.2% 7.8% -6.3% 2.6% 37.8% -7.1% -6.4% 13.0% 1.0 0.7 0.2 -0.4

Ledo 28.0% 129.0% -6.2% 6.5% 24.7% 28.3% -5.3% 14.8% -1.1 -0.4 -1.1 -1.5

Otmuchow SA 19.6% 18.8% 19.1% 3.4% -17.3% -24.7% 62.1% 15.2% 3.1 2.5 1.8 1.2

Podravka -2.6% -12.8% 23.2% 8.6% -17.8% 3.6% 69.0% 23.0% 3.5 3.7 2.7 2.2

Sojaprotein AD -23.5% 57.8% 16.8% 23.3% -5.3% 36.7% 21.8% 38.3% 3.2 3.0 2.7 2.1

Wawel SA 16.0% 16.2% 11.4% 11.4% 18.7% 17.7% 8.3% 15.2% 0.0 -0.4 -0.6 -0.8

Sector CEE** 35.9% 12.8% 3.6% 7.3% 19.9% -3.7% 5.1% 17.2% 1.8 1.9 1.7 1.4

EuroStoxx Food & Beverages 7.5% 7.5% 7.1% 10.8% 12.5% 9.4% 5.9% 12.2% 1.7 0.9 0.8 0.6

CEE to Peer, ppt** 28.4 5.3 -3.5 -3.6 7.4 -13.1 -0.7 5.0 5% 108% 97% 133%

(*) 2011 estimated




Healthcare



Company Reuters Bloomberg (EURmn) 1M 3M 6M 12M YTD (LC) (LC)Security Symbol is Mandatory

Antibiotice ATBE.BX ATB RO RON 59.2 4.1 3.5 29.3 27.1 24.9 0.47 0.5 Hold

Biofarm BIOF.BX BIO RO RON 59.4 8.4 1.2 22.6 46.7 17.5 0.25 0.3 Hold

Bioton BOTN.WA BIO PW PLN 79.2 0.0 -42.9 -55.6 -33.3 -60.0 0.04 0.1 Hold

Egis EGIS.BU EGIS HB HUF 562.0 17.6 13.5 25.3 44.8 21.1 21,290.00 25,700.0 Buy

Farmacol FCOL.WA FCL PW PLN 281.9 -2.6 31.6 57.4 157.6 56.5 51.00 55.0 Accumulate

Krka KRKG.LJ KRKG SV EUR 1,776.6 2.3 -3.4 7.2 20.2 0.3 50.15 65.0 Buy

Neuca TORF.WA TFM PW PLN 164.4 9.7 5.6 59.9 91.3 60.2 153.00 125.0 Sell

Pelion MDIC.WA PGF PW PLN 227.4 39.6 102.3 186.4 241.4 165.2 80.90 50.0 Sell

Richter Gedeon GDRB.BU RICHT HB HUF 2,247.5 3.7 2.2 -1.7 -3.2 -1.8 35,570.00 45,265.0 Buy

Selcuk Ecza Deposu SELEC.IS SELEC TI TRY 510.4 -4.2 -3.3 0.5 17.2 -1.4 2.04 2.7 Buy

Erste Sector Healthcare - - - 5,967.9 4.6 2.9 7.8 17.2 4.6 - - -

EuroStoxx Healthcare - - - 199,099 -4.5 3.3 9.1 29.8 9.8 - - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Antibiotice 8.5 9.9 9.6 8.8 4.5 6.4 5.0 5.2 0.6 0.9 0.8 0.8

Biofarm 13.7 13.9 17.9 13.7 10.1 11.9 12.3 10.2 1.4 1.6 1.6 1.4

Bioton nm 18.3 38.2 10.3 nm 9.5 7.1 4.6 0.3 0.7 0.3 0.3

Egis 8.5 7.4 8.4 7.9 5.0 4.8 5.4 5.1 0.7 0.8 0.8 0.8

Farmacol 8.8 6.6 10.2 10.7 6.4 5.5 9.1 9.3 0.7 0.8 1.1 1.0

Krka 11.7 11.1 10.4 9.5 7.7 7.1 6.6 6.1 1.6 1.4 1.3 1.2

Neuca 5.8 6.5 7.9 9.5 4.0 5.0 6.2 7.0 1.1 1.3 1.7 1.5

Pelion 4.5 6.5 10.4 11.9 5.8 3.7 6.9 7.7 0.7 0.7 1.6 1.4

Richter Gedeon 12.9 13.3 13.0 12.1 8.6 8.7 8.3 7.8 1.3 1.3 1.2 1.1

Selcuk Ecza Deposu 6.3 8.9 7.8 7.1 5.7 8.0 7.2 6.6 0.7 1.0 0.9 0.8

Sector CEE 8.5 9.4 10.3 9.9 5.8 6.7 7.0 6.8 0.7 0.9 1.2 1.1

EuroStoxx Healthcare 11.3 16.2 16.0 14.3 9.3 12.5 12.4 10.9 1.6 2.2 2.0 1.9



P/E P/CE P/BV

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Antibiotice 0.9 1.2 1.0 1.0 5.1 6.5 5.7 5.3 5.1% 0.0% 4.2% 4.6%

Biofarm 1.5 1.8 2.0 1.6 6.5 8.3 9.0 7.3 5.2% 5.3% 4.2% 5.1%

Bioton 2.9 2.7 1.5 1.2 nm 10.7 9.4 5.9 0.0% 0.0% 0.0% 0.0%

Egis 0.6 0.7 0.8 0.7 3.2 3.1 3.6 3.1 0.8% 1.4% 1.2% 1.2%

Farmacol 0.1 0.1 0.2 0.1 5.6 3.8 7.1 6.8 0.0% 0.0% 0.0% 0.0%

Krka 1.8 1.6 1.5 1.4 6.4 6.3 5.7 5.2 2.7% 2.9% 3.1% 3.4%Neuca 0.1 0.1 0.2 0.2 6.3 5.2 7.4 8.6 3.8% 3.4% 2.5% 3.2%Pelion 0.1 0.1 0.2 0.2 6.9 5.7 9.8 9.8 5.1% 6.6% 2.4% 2.1%Richter Gedeon 1.9 2.0 1.7 1.5 6.7 8.3 7.2 6.3 1.9% 1.8% 2.0% 2.3%Selcuk Ecza Deposu 0.1 0.2 0.2 0.2 4.8 7.1 5.6 4.6 3.6% 2.4% 2.9% 3.4%

Sector CEE 0.8 0.9 0.9 0.8 6.3 6.4 7.2 6.1 3.2% 2.1% 2.5% 2.8%

EuroStoxx Healthcare 2.2 2.5 2.3 2.1 7.2 9.9 9.2 8.6 3.2% 2.4% 2.6% 2.9%


2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Antibiotice 17.2% 17.9% 18.2% 18.4% 7.1% 8.8% 8.4% 8.6% 7.3% 9.0% 8.6% 9.0%

Biofarm 22.5% 21.6% 22.5% 22.5% 16.6% 18.1% 13.5% 15.0% 10.3% 12.1% 9.0% 11.0%

Bioton -4.0% 25.8% 16.0% 21.0% -14.5% 6.2% 1.7% 6.8% -6.6% 3.2% 0.7% 2.6%

Egis 19.9% 23.0% 22.7% 22.9% 10.5% 14.0% 14.2% 14.3% 8.7% 10.9% 10.5% 10.1%

Farmacol 1.6% 2.6% 2.5% 2.2% 1.2% 2.4% 2.3% 2.1% 7.8% 13.2% 11.9% 10.1%

Krka 27.8% 24.7% 25.4% 25.9% 14.9% 14.0% 14.1% 14.3% 14.6% 13.5% 13.3% 13.2%

Neuca 1.6% 2.1% 2.3% 2.0% 0.8% 1.1% 1.5% 1.2% 20.4% 21.0% 23.7% 16.8%

Pelion 2.0% 2.1% 2.4% 2.2% 1.2% 0.8% 1.3% 1.1% 16.1% 10.3% 16.1% 12.7%

Richter Gedeon 27.7% 23.7% 23.2% 23.7% 16.1% 15.5% 14.3% 14.4% 10.7% 10.1% 9.5% 9.5%

Selcuk Ecza Deposu 2.9% 3.2% 3.5% 3.7% 2.7% 2.9% 3.2% 3.3% 11.9% 11.3% 11.7% 11.7%

Sector CEE 10.1% 19.7% 17.1% 19.7% 4.9% 7.5% 5.8% 7.7% 10.5% 11.1% 11.1% 10.6%

EuroStoxx Healthcare 20.8% 21.0% 21.2% 22.4% 7.7% 8.0% 9.9% 10.9% 14.5% 13.3% 12.6% 13.3%

CEE to Peer, ppt -10.8 -1.3 -4.2 -2.8 -2.8 -0.5 -4.2 -3.2 -4.0 -2.2 -1.5 -2.7



2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Antibiotice 11.5% 11.9% 10.6% 7.9% 34.6% 34.0% 3.2% 9.9% 1.6 1.6 1.3 1.2

Biofarm -2.7% 8.8% 9.4% 17.6% 13.7% 24.4% -22.0% 30.7% -3.5 -3.4 -1.7 -1.8

Bioton nm nm -40.4% 49.2% nm nm -80.9% 270.6% -20.9 1.8 2.6 1.3

Egis 0.6% 19.2% 3.6% 6.3% -19.1% 36.4% 6.8% 6.1% -1.3 -1.4 -1.7 -1.9

Farmacol -18.2% 55.5% -0.3% -6.9% -14.8% 89.1% 2.1% -4.7% -1.0 -2.3 -2.3 -3.3

Krka 1.9% -5.5% 9.8% 9.2% -6.2% -0.3% 7.1% 9.0% 0.2 0.0 0.0 0.0

Neuca 16.2% 18.1% 15.7% -9.3% 39.5% 22.9% 33.3% -16.8% 3.2 1.5 2.2 2.9

Pelion -8.1% 8.4% 23.9% -3.3% 15.1% -28.3% 65.9% -12.6% 4.1 3.1 4.2 4.1

Richter Gedeon 1.9% -9.3% 6.3% 8.8% -23.4% 2.8% 0.6% 6.9% -0.8 -0.5 -0.9 -1.2

Selcuk Ecza Deposu -21.0% 6.6% 14.6% 9.7% -24.7% 3.7% 12.8% 9.8% -1.1 -1.1 -1.5 -1.9

Sector CEE** -6.9% 0.6% 6.5% 6.9% -27.8% 13.7% 4.7% 5.8% -0.9 -0.2 -0.4 -0.6

EuroStoxx Healthcare 3.5% 6.4% 2.9% 9.0% -1.8% -5.1% 0.9% 12.4% 1.6 1.6 1.6 1.6

CEE to Peer, ppt** -10.4 -5.8 3.6 -2.1 -25.9 18.8 3.8 -6.7 -155% -114% -126% -136%

(*) 2011 estimated




Industrial Goods & Services




Andritz ANDR.VI ANDR AV EUR 4,144.6 -7.7 -25.1 -18.8 -2.5 -17.2 40.17 51.7 Accumulate

Apator APOR.WA APT PW PLN 250.4 7.5 0.7 -7.1 25.6 -7.4 30.20 26.5 Buy

Atlantska plovidba ATPL.ZA ATPLRA CZ HRK 56.7 -10.8 6.4 34.8 16.2 50.1 305.76 200.0 Sell

CAToil O2C.DE O2C GR EUR 555.0 27.3 32.0 74.9 117.9 68.4 11.35 8.5 Accumulate

Koncar Elektroindustrija KONL.ZA KOEIRA CZ HRK 247.0 0.0 -6.7 14.2 44.6 11.2 722.86 645.0 Buy

Palfinger PALF.VI PAL AV EUR 900.9 7.3 19.9 55.1 39.5 55.1 25.50 22.5 Reduce

SBO SBOE.VI SBO AV EUR 1,272.0 5.4 0.8 -0.2 26.2 0.3 79.50 83.0 Accumulate

Zumtobel ZUMV.VI ZAG AV EUR 388.0 -1.7 -6.5 -4.1 -10.0 -10.2 9.00 9.2 Hold

Erste Sector Industrial Goods & Services - - 7,814.6 -1.2 -12.7 -4.8 11.5 -4.1 - - -

EuroStoxx Industrial Goods &

Services - 423,162 -0.7 -0.8 9.0 30.1 8.0 - - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Andritz 14.3 20.6 18.1 14.4 8.7 15.0 11.9 9.1 3.7 5.0 3.7 3.2

Apator 13.2 13.7 14.4 12.7 9.6 10.8 10.8 9.8 2.7 3.2 2.9 2.6

Atlantska plovidba 29.8 nm nm nm 3.9 7.0 5.0 3.1 0.3 0.3 0.3 0.3

CAToil 32.1 26.7 15.9 14.0 5.1 7.8 6.8 6.5 1.0 2.4 2.1 1.9

Koncar Elektroindustrija 8.1 13.9 11.9 10.7 9.9 13.8 15.0 14.2 0.8 1.0 0.9 0.8

Palfinger 10.4 14.4 19.7 16.4 5.6 10.5 11.6 10.2 1.3 1.6 2.3 2.1

SBO 20.4 16.7 17.7 15.5 11.9 10.6 10.8 10.0 3.5 3.5 3.1 2.7

Zumtobel 20.5 28.1 38.0 18.1 10.0 5.2 10.6 5.5 2.8 1.2 1.1 1.0

Sector CEE 17.4 16.7 17.7 14.4 9.2 10.6 10.8 9.5 2.0 2.0 2.2 2.0


Services 14.7 17.8 15.2 12.8 8.0 10.8 9.3 8.1 1.8 2.3 2.2 2.0

CEE to Peer, Prem/Disc 18% -7% 16% 13% 14% -2% 15% 16% 10% -15% -1% -2%


P/E P/CE P/BV

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Andritz 0.5 0.8 0.6 0.5 5.8 9.9 8.2 6.3 3.4% 2.5% 3.0% 3.5%

Apator 1.3 1.7 1.5 1.4 7.7 8.1 9.0 8.1 3.9% 3.3% 3.4% 4.0%

Atlantska plovidba 2.1 3.6 3.7 3.0 5.4 14.4 13.1 9.1 0.0% 0.0% 0.0% 0.0%

CAToil 0.9 1.8 1.4 1.2 4.9 7.5 5.7 5.2 2.8% 1.8% 1.9% 2.1%

Koncar Elektroindustrija 0.5 0.7 0.6 0.5 8.7 12.4 8.8 7.5 2.3% 1.7% 0.0% 0.0%

Palfinger 0.8 0.9 1.2 1.1 6.9 8.7 10.8 9.5 3.1% 2.3% 1.7% 2.0%SBO 2.8 2.5 2.5 2.2 9.1 8.2 7.9 7.0 1.8% 1.9% 2.0% 2.3%Zumtobel 1.1 0.6 0.5 0.5 10.2 8.1 7.9 6.9 2.0% 1.9% 1.1% 2.2%

Sector CEE 1.0 1.3 1.3 1.1 7.3 8.4 8.5 7.3 2.6% 1.9% 1.8% 2.2%


Services 0.9 1.0 1.0 1.0 7.4 8.8 8.1 7.3 3.9% 2.9% 3.1% 3.5%

CEE to Peer, Prem/Disc 9% 32% 30% 21% -1% -4% 5% 0% -34% -34% -43% -38%

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Andritz 8.3% 8.1% 7.5% 8.4% 5.0% 4.7% 3.8% 4.5% 27.9% 25.6% 21.6% 24.1%

Apator 16.5% 20.4% 16.8% 16.6% 9.6% 13.0% 10.6% 11.1% 22.1% 28.1% 21.3% 21.4%

Atlantska plovidba 39.7% 25.1% 28.2% 32.8% 2.7% -13.6% -16.8% -7.1% 1.0% -4.3% -5.8% -2.9%

CAToil 19.5% 23.9% 24.2% 23.3% 2.4% 6.4% 8.3% 8.7% 3.0% 9.2% 14.1% 14.4%

Koncar Elektroindustrija 5.4% 5.3% 6.8% 7.0% 8.1% 6.8% 7.3% 7.4% 9.9% 7.5% 8.0% 8.2%

Palfinger 11.2% 10.4% 10.9% 11.5% 5.5% 4.8% 5.1% 5.4% 12.6% 11.5% 12.2% 13.4%

SBO 30.6% 31.2% 31.6% 30.6% 13.1% 14.9% 14.1% 14.5% 18.4% 22.5% 18.6% 18.7%

Zumtobel 10.4% 6.9% 6.5% 7.3% 4.3% 1.3% 0.8% 1.7% 14.3% 4.3% 2.8% 5.7%

Sector CEE 13.9% 15.4% 13.8% 14.1% 5.2% 5.6% 6.2% 6.4% 13.5% 10.3% 13.2% 13.9%


Services 13.7% 12.5% 13.8% 14.2% 5.4% 5.3% 5.4% 6.5% 12.3% 13.2% 14.7% 16.0%

CEE to Peer, ppt 0.1 2.9 0.0 -0.1 -0.1 0.3 0.7 -0.1 1.2 -2.9 -1.5 -2.1



2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Andritz 25.7% 8.4% 8.6% 20.4% 28.9% 5.1% -6.0% 25.7% -2.9 -2.2 -1.0 -1.3

Apator 48.6% 33.6% -11.5% 7.0% 42.1% 63.2% -4.6% 13.3% 0.6 0.4 0.3 0.0

Atlantska plovidba -25.2% -42.1% 19.3% 32.1% -60.2% nm -28.1% 52.1% 3.2 10.8 10.1 6.9

CAToil -3.2% 42.9% 30.8% 4.3% -65.3% 207.8% 67.7% 13.5% 0.9 0.4 0.3 0.0

Koncar Elektroindustrija -12.6% 1.7% 35.2% 11.5% -0.1% -17.7% 17.0% 10.5% -3.5 -3.9 -3.4 -3.7

Palfinger 68.5% 1.2% 11.8% 14.7% 73.2% -3.7% 13.1% 20.3% 2.3 2.6 2.4 2.2

SBO 46.9% 27.9% 0.9% 7.4% 94.7% 42.7% -5.7% 14.5% 0.4 0.3 0.0 -0.3

Zumtobel 57.8% -30.6% -8.1% 13.0% nm -69.0% -36.0% 109.5% 1.9 3.0 3.1 2.7

Sector CEE** 29.7% 5.6% 7.9% 15.0% 94.5% 0.9% -1.3% 25.0% 0.8 0.4 0.3 0.0

EuroStoxx Industrial Goods & Services 9.2% 2.7% 6.9% 13.4% -14.8% 8.1% 16.9% 19.3% 125.9% 112.3% 104.3% 73.2%

CEE to Peer, ppt** 20.5 2.9 1.0 1.6 109.3 -7.2 -18.2 5.6 -39% -64% -74% -101%

(*) 2011 estimated




Insurance




Aksigorta AKGRT.IS AKGRT TI TRY 298.4 3.0 4.8 15.2 23.5 11.0 2.42 2.5 Accumulate

Anadolu Hayat ANHYT.IS ANHYT TI TRY 531.8 -10.5 -14.0 21.1 38.6 25.4 5.28 U.R. U.R.

Anadolu Sigorta ANSGR.IS ANSGR TI TRY 259.9 -2.3 6.6 41.8 59.3 12.2 1.29 1.2 Buy

PZU PZU.WA PZU PW PLN 9,004.8 -1.5 2.7 9.3 47.2 1.0 441.50 420.0 Hold

Uniqa UNIQ.VI UQA AV EUR 2,346.0 5.8 1.3 11.7 -11.1 11.1 10.95 10.2 Accumulate

Vienna Insurance Group VIGR.VI VIG AV EUR 4,851.8 -5.4 -2.7 0.4 32.7 -6.1 37.90 42.0 Buy

Erste Sector Insurance 17,292.7 -1.9 0.4 7.7 31.0 1.0 - - -

EuroStoxx Insurance - 235,459 -0.1 5.2 12.7 54.3 9.6 - - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Aksigorta 15.6 13.7 12.4 11.2 1.3 1.6 2.0 2.0 8.4% 12.0% 15.3% 18.0%

Anadolu Hayat 10.6 12.8 9.5 na 1.4 2.0 2.0 na 14.7% 16.1% 23.1% na

Anadolu Sigorta* 23.9 19.7 16.2 na 0.7 0.7 0.7 na 3.1% 3.7% 4.3% na

PZU 11.4 11.4 13.2 12.8 2.1 2.8 2.7 2.5 18.3% 25.4% 20.7% 20.2%

Uniqa nm 13.0 12.6 11.6 1.5 1.1 1.4 1.3 -22.7% 0.3% 10.0% 11.7%

Vienna Insurance Group 10.7 12.7 11.1 10.0 0.9 1.1 1.0 0.9 8.9% 9.3% 9.2% 9.5%

Sector CEE 11.4 12.9 12.5 11.4 1.3 1.4 1.7 1.7 8.6% 10.6% 12.6% 14.8%

EuroStoxx Insurance 9.2 10.7 8.8 8.3 0.6 0.8 0.8 0.8 6.9% 7.7% 9.0% 9.1%

Prem/Disc 24% 21% 42% 38% 109% 66% 112% 122% 24% 39% 41% 63%


P/E P/BV ROE

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Aksigorta 4.2% 4.7% 5.3% 5.8% 0.4 0.5 0.5 0.4 na na na na

Anadolu Hayat 6.2% 4.3% 3.6% na 1.3 1.9 1.9 na na na na na

Anadolu Sigorta* 0.0% 0.0% 0.0% na 0.4 0.3 0.3 na na na na na

PZU 7.3% 7.0% 5.7% 5.9% 1.7 2.4 2.3 2.2 1.0 1.4 1.4 1.4

Uniqa 0.0% 2.5% 3.7% 4.1% 0.3 0.4 0.5 0.5 0.9 0.8 1.0 na

Vienna Insurance Group 3.6% 3.0% 3.4% 3.7% 0.4 0.5 0.5 0.5 0.7 0.9 0.8 na

Sector CEE 3.9% 3.6% 3.6% 5.0% 0.4 0.5 0.5 0.5 0.9 0.9 1.0 1.4

EuroStoxx Insurance 4.9% 3.6% 4.1% 4.6% - - - - - - - -

Prem/Disc -20% -1% -11% 9% - - - - - - - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Aksigorta 99.0% 98.1% 99.8% 99.7% 28.3% 15.4% 15.8% 12.0% na 52.0% 23.1% 10.7%

Anadolu Hayat na na na na 43.4% 11.0% 25.3% na -8.6% 26.2% 69.3% na

Anadolu Sigorta* na na na na 15.6% 15.2% 1.5% na -28.1% 21.7% 21.7% na

PZU 95.3% 91.0% na na 5.1% 5.7% 3.2% 3.2% -4.0% 42.7% -13.7% 3.0%

Uniqa 105.1% 102.0% 100.5% 99.7% -0.6% -9.1% 2.2% 3.3% nm nm 14.2% 9.2%

Vienna Insurance Group 96.8% 96.8% 96.0% 95.3% 3.4% 7.1% -0.3% 3.6% 8.0% 10.6% 8.0% 10.6%

Sector CEE** 97.9% 97.5% 99.8% 99.7% 2.1% 2.7% 1.8% 3.1% -42.2% 132.7% -1.4% 5.5%

EuroStoxx Insurance - - - - - - - - -26.2% 25.0% 21.8% 6.2%

CEE to Peer, ppt - - - - - - - - -16.0 107.7 -23.1 -0.7

(*) 2011 estimated

(**) growth based on accumulated numbers


Combined ratio

Dividend yield Price/premiums Price/embedded value

Premium growth EPS growth

Media




Agora AGOD.WA AGO PW PLN 96.8 23.8 -10.1 -19.4 -17.4 -22.4 8.05 8.5 Accumulate

ANY Security Printing Company ANYB.BU ANY HB HUF 23.4 11.9 -1.0 17.1 18.5 13.2 480.00 U.R. U.R.

Austrian Post POST.VI POST AV EUR 2,090.1 -2.1 -0.7 -2.5 17.6 -0.8 30.94 31.4 Hold

Cinema City CCIY.WA CCI PW PLN 328.8 0.9 -3.6 -20.1 0.3 4.6 27.19 27.5 Reduce

CME CETV.PR CETV CP USD 566.1 23.7 -32.0 -30.7 -39.8 -46.0 3.34 4.0 Accumulate

Cyfrowy Polsat CPSM.WA CPS PW PLN 1,563.2 12.4 12.6 23.4 40.7 15.8 19.00 19.0 Buy

TVN TVNN.WA TVN PW PLN 886.6 29.5 15.9 25.1 45.8 11.0 11.01 9.0 Reduce

Erste Sector Media 5,555.0 9.1 -0.1 1.2 13.4 -3.6 - - -

EuroStoxx Media - - - 93,248 -4.1 0.5 8.5 31.7 7.7 - - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Agora 12.9 nm 19.5 14.5 3.9 6.2 3.6 3.4 0.5 0.4 0.3 0.3

ANY Security Printing Company 13.8 5.6 5.2 4.0 6.2 3.2 3.1 2.5 1.4 1.0 0.9 0.8

Austrian Post 12.7 17.1 14.5 14.1 7.4 10.6 9.0 8.7 2.2 3.0 2.8 2.7

Cinema City 15.8 13.2 15.3 12.3 7.9 6.2 5.9 5.7 1.4 1.3 1.2 1.2

CME nm nm nm nm nm nm 39.7 10.2 0.4 2.2 0.8 0.8

Cyfrowy Polsat 29.4 9.5 12.3 11.4 13.1 6.8 8.8 8.2 2.5 2.3 2.3 2.1

TVN nm 7.2 26.5 18.4 20.3 8.3 10.6 13.5 3.8 2.5 2.4 2.2

Sector CEE 13.8 9.5 14.9 13.2 7.6 6.5 8.8 8.2 1.4 2.2 1.2 1.2

EuroStoxx Media 10.5 14.0 14.4 12.8 5.2 6.0 6.8 6.1 1.8 2.1 2.2 2.1

CEE to Peer, Prem/Disc 32% -32% 3% 3% 48% 8% 30% 34% -20% 3% -45% -45%


P/E P/CE P/BV

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Agora 0.4 0.5 0.3 0.3 3.1 6.3 2.9 2.6 9.0% 4.8% 6.2% 6.2%

ANY Security Printing Company 0.5 0.4 0.3 0.3 5.7 2.8 2.6 2.0 8.0% 10.6% 11.7% 12.4%

Austrian Post 0.7 0.9 0.9 0.9 5.9 8.0 7.5 7.3 7.3% 5.8% 6.1% 6.5%

Cinema City 1.4 1.9 1.4 1.3 7.7 8.8 6.9 6.1 0.0% 0.0% 3.3% 4.1%

CME 1.8 3.2 2.1 1.9 9.4 nm 15.8 11.2 0.0% 0.0% 0.0% 0.0%

Cyfrowy Polsat 3.0 2.8 2.9 2.7 9.7 7.5 8.5 7.9 0.0% 0.0% 4.5% 4.9%TVN 3.1 3.3 3.7 3.6 9.3 11.5 11.4 10.6 1.0% 1.3% 1.5% 2.2%

Sector CEE 1.4 1.9 1.4 1.3 7.7 7.7 7.5 7.3 1.0% 1.3% 4.5% 4.9%

EuroStoxx Media 1.7 1.5 1.6 1.5 6.8 8.0 7.8 7.5 5.1% 4.2% 4.3% 4.5%

CEE to Peer, Prem/Disc -13% 25% -12% -12% 14% -4% -4% -3% -81% -69% 4% 9%

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Agora 12.5% 7.3% 10.6% 10.9% 3.5% -1.0% 1.9% 2.5% 3.6% -0.9% 1.8% 2.3%

ANY Security Printing Company 9.0% 13.2% 13.7% 14.8% 4.0% 7.7% 7.9% 9.1% 10.5% 19.4% 18.6% 22.3%

Austrian Post 12.0% 11.5% 11.9% 12.0% 5.3% 5.2% 6.0% 6.2% 17.8% 17.5% 19.8% 19.7%

Cinema City 18.7% 21.5% 20.5% 20.9% 8.0% 8.9% 7.7% 9.0% 9.3% 10.2% 8.2% 9.7%

CME 19.3% -51.8% 13.3% 16.9% -20.3% -70.8% -9.1% -0.9% -15.3% -65.8% -7.4% 0.0%

Cyfrowy Polsat 31.1% 37.2% 34.4% 34.7% 6.8% 21.5% 18.9% 19.7% 13.8% 27.4% 19.9% 18.9%

TVN 33.7% 28.8% 32.9% 34.1% -3.3% 29.7% 9.4% 13.3% -6.1% 41.2% 9.8% 12.7%

Sector CEE 18.7% 13.2% 13.7% 16.9% 4.0% 7.7% 7.7% 9.0% 9.3% 17.5% 9.8% 12.7%

EuroStoxx Media 24.9% 25.1% 25.1% 25.3% 8.6% 8.8% 8.0% 8.6% 15.1% 14.1% 12.9% 14.2%

CEE to Peer, ppt -6.1 -12.0 -11.5 -8.3 -4.6 -1.1 -0.2 0.4 -5.8 3.4 -3.1 -1.5



2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Agora -13.1% -46.1% 42.3% 6.5% -39.1% nm nm 34.2% -0.7 -0.3 -0.6 -0.6

ANY Security Printing Company -1.7% 49.0% 7.5% 22.0% -27.5% 99.0% 6.2% 31.3% -0.1 -0.6 -0.6 -0.6

Austrian Post 7.9% -4.1% 4.9% 1.6% 4.6% -0.6% 17.1% 3.1% 0.3 0.2 0.1 0.0

Cinema City -10.7% 20.1% -3.2% 7.6% -29.8% 18.4% -13.1% 23.8% 1.2 3.3 1.3 0.9

CME 55.6% nm nm 38.5% nm 10.0% 89.3% 99.4% 6.8 -2.7 8.0 5.6

Cyfrowy Polsat 87.1% 40.4% -5.3% 4.0% -34.5% 274.0% -10.4% 7.7% 3.3 1.9 1.7 1.4

TVN 8.0% -30.9% 9.3% 5.3% nm nm -69.8% 44.2% 4.0 4.1 3.9 3.4

Sector CEE** 19.1% -51.6% 100.1% 6.1% -144.2% nm nm 26.5% 1.2 0.2 1.3 0.9

EuroStoxx Media 3.1% -1.0% 1.0% 6.0% -5.9% -10.0% -3.2% 12.4% 2.0 1.6 1.6 1.5

CEE to Peer, ppt** 16.0 -50.6 99.1 0.1 -138.3 nm nm 14.1 -43% -86% -20% -37%

(*) 2011 estimated




Oil & Gas




Aygaz AYGAZ.IS AYGAZ TI TRY 1,305.4 7.8 4.9 15.6 49.2 14.4 10.80 9.8 Accumulate

FX Energy FXEN.O FXEN US USD 158.9 6.6 1.5 -0.2 -18.5 -2.2 4.02 9.6 Accumulate

INA INA.ZA INARA CZ HRK 5,682.3 -0.5 -0.5 -0.3 20.5 9.1 4,277.30 4,500.0 Hold

Kulczyk Oil Ventures KOV.WA KOV PW PLN 140.0 -7.5 -13.4 -5.4 7.9 -6.1 1.23 1.2 Sell

Lotos Group LTSP.WA LTS PW PLN 1,306.8 6.8 -0.3 2.7 84.4 3.4 42.60 31.0 Sell

MOL MOLB.BU MOL HB HUF 5,984.8 3.9 -4.0 -2.4 2.2 -4.9 16,890.00 18,700.0 Hold

OMV OMVV.VI OMV AV EUR 11,703.6 -3.5 1.4 31.8 65.5 31.2 35.89 43.0 Buy

Petrom SNPP.BX SNP RO RON 5,264.6 -7.0 -7.0 6.1 19.8 -2.0 0.42 0.5 Hold

PGNIG PGN.WA PGN PW PLN 9,002.3 16.6 12.5 38.0 67.8 24.0 6.46 6.9 Buy

PKN Orlen PKN.WA PKN PW PLN 5,454.2 12.1 -3.6 17.3 65.4 9.1 53.99 43.3 Sell

Tupras TUPRS.IS TUPRS TI TRY 4,500.0 -15.5 -17.0 -9.9 24.2 -13.4 44.60 52.5 Hold

Turcas Petrol AS TRCAS.IS TRCAS TI TRY 294.6 -8.7 -11.2 6.6 37.7 0.0 3.25 4.5 Accumulate

Unipetrol UNPE.PR UNIP CP CZK 1,232.9 0.4 2.3 4.1 2.3 -0.6 173.90 161.3 Reduce

Erste Sector Oil & Gas - - - 5,311,317.6 -7.0 -7.0 6.2 20.0 -1.9 - - -

EuroStoxx Oil & Gas - - - 231,199 -4.2 -2.3 -1.0 11.2 -1.9 - - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Aygaz 7.0 13.5 13.0 12.3 6.0 9.5 9.4 9.1 1.2 1.5 1.4 1.3

FX Energy* 30.9 28.2 29.0 9.2 17.4 11.4 9.2 5.2 2.7 2.2 1.9 1.5

INA 20.9 11.0 10.1 9.2 9.3 6.8 6.8 6.4 2.6 2.4 2.1 1.9

Kulczyk Oil Ventures nm nm 82.9 51.9 nm 10.3 15.0 15.4 0.9 1.0 0.9 0.9

Lotos Group 4.6 7.7 14.7 15.7 2.4 4.2 5.7 5.9 0.4 0.7 0.7 0.6

MOL 9.9 8.0 7.1 5.6 3.2 2.8 2.8 2.6 1.1 1.0 0.9 0.8

OMV 6.5 6.5 7.0 7.0 2.6 2.7 3.2 3.1 0.7 0.8 0.9 0.9

Petrom 4.4 5.2 5.6 6.3 2.5 3.1 3.1 3.1 0.8 1.0 0.9 0.8

PGNIG 14.8 20.9 17.8 18.9 8.3 10.3 8.4 8.7 1.0 1.5 1.4 1.3

PKN Orlen 6.1 9.8 15.0 16.7 3.3 4.9 5.9 5.9 0.6 0.9 0.9 0.8

Tupras 8.1 8.9 10.4 11.6 6.7 8.0 7.6 8.9 2.3 2.7 2.5 2.5

Turcas Petrol AS 5.1 10.4 23.1 13.9 5.2 16.4 23.9 12.4 0.8 1.1 1.0 1.0

Unipetrol nm 75.6 38.7 27.7 nm 8.7 8.2 7.6 0.9 0.9 0.9 0.9

Sector CEE 7.0 10.1 14.7 12.3 5.2 8.0 7.6 6.4 0.9 1.0 0.9 0.9

EuroStoxx Oil & Gas 9.8 8.7 9.2 8.5 4.4 4.5 4.2 3.9 1.3 1.2 1.1 1.0

CEE to Peer, Prem/Disc -29% 16% 61% 43% 16% 80% 81% 66% -26% -10% -13% -9%


P/E P/CE P/BV

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Aygaz 0.4 0.5 0.5 0.5 5.5 10.4 9.7 9.3 7.2% 3.7% 3.8% 4.1%

FX Energy* 5.2 4.8 4.4 3.0 13.6 10.9 9.2 5.0 0.0% 0.0% 0.0% 0.0%

INA 1.5 1.4 1.3 1.2 8.3 6.5 5.9 5.6 0.0% 4.5% 4.9% 5.4%

Kulczyk Oil Ventures 6.5 2.9 2.9 2.8 nm 5.2 5.6 5.3 0.0% 0.0% 0.0% 0.0%

Lotos Group 0.3 0.3 0.3 0.3 6.2 13.8 8.5 8.1 0.0% 0.0% 0.0% 0.0%

MOL 0.6 0.5 0.5 0.5 5.4 4.8 4.5 3.9 2.6% 4.7% 5.9% 8.9%

OMV 0.5 0.4 0.4 0.4 3.9 3.3 3.3 3.3 4.7% 4.4% 3.6% 4.2%

Petrom 0.8 0.9 0.8 0.8 2.4 3.1 2.9 2.8 6.1% 4.7% 5.7% 7.1%

PGNIG 1.2 1.7 1.7 1.8 8.5 11.2 8.9 9.2 2.6% 0.0% 1.0% 1.1%

PKN Orlen 0.2 0.3 0.3 0.3 5.5 7.4 6.5 7.1 0.0% 0.0% 3.7% 3.7%

Tupras 0.3 0.3 0.4 0.4 5.0 10.5 9.2 9.3 7.4% 7.8% 9.3% 8.6%

Turcas Petrol AS 54.2 39.6 38.3 36.6 6.7 150.9 96.5 91.5 2.3% 1.0% 1.0% 1.0%

Unipetrol 0.3 0.3 0.3 0.3 nm 8.1 7.9 7.1 0.0% 0.0% 0.0% 0.0%

Sector CEE 0.6 0.5 0.5 0.5 5.5 8.1 7.9 7.1 0.0 0.0 0.0 0.0

EuroStoxx Oil & Gas 0.8 0.6 0.7 0.7 6.6 6.3 5.8 5.4 5.1% 5.3% 5.3% 5.5%

CEE to Peer, Prem/Disc -29% -20% -26% -32% -16% 29% 36% 31% -56% -81% -32% -33%

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Aygaz 8.1% 4.9% 5.0% 5.0% 6.9% 4.1% 4.1% 4.3% 18.4% 11.0% 11.0% 11.0%

FX Energy* 38.3% 44.3% 47.9% 60.2% 15.6% 14.0% 12.2% 28.0% 13.4% 8.7% 7.1% 18.2%

INA 18.5% 21.3% 22.8% 22.3% 5.9% 10.5% 11.3% 12.0% 13.4% 24.3% 22.6% 21.9%

Kulczyk Oil Ventures -1.0% 55.1% 52.2% 52.9% -59.7% 12.0% 15.4% 18.0% -13.5% 0.4% 1.2% 1.8%

Lotos Group 5.5% 2.4% 4.0% 4.2% 2.2% 2.2% 1.3% 1.3% 8.6% 9.4% 4.8% 4.2%

MOL 11.0% 10.3% 10.8% 12.1% 3.3% 3.5% 4.1% 5.4% 9.9% 10.7% 11.2% 13.2%

OMV 12.2% 12.1% 12.9% 12.8% 4.7% 4.2% 4.7% 4.6% 11.3% 12.8% 14.2% 12.8%

Petrom 34.3% 27.8% 26.9% 27.3% 16.6% 15.2% 12.9% 12.0% 19.0% 20.1% 16.5% 13.5%

PGNIG 14.2% 15.3% 19.3% 19.2% 7.1% 6.7% 7.8% 7.5% 6.8% 7.2% 8.0% 7.1%

PKN Orlen 4.2% 3.6% 4.7% 4.9% 1.9% 1.8% 1.5% 1.4% 10.2% 9.2% 5.7% 5.0%

Tupras 5.4% 2.9% 4.0% 4.2% 3.0% 3.1% 2.5% 2.4% 30.1% 31.6% 23.2% 21.8%

Turcas Petrol AS 812.3% 26.2% 39.7% 40.0% 891.4% 303.1% 123.3% 186.4% 16.6% 10.7% 4.5% 7.1%

Unipetrol -2.3% 3.9% 3.8% 4.0% -6.1% 0.4% 0.7% 1.0% -16.5% 1.3% 2.4% 3.3%

Sector CEE 11.0% 12.1% 12.9% 12.8% 4.7% 4.2% 4.7% 5.4% 11.3% 10.7% 8.0% 11.0%

EuroStoxx Oil & Gas 17.0% 16.5% 12.4% 14.0% 5.2% 5.0% 5.5% 6.0% 13.0% 13.2% 11.8% 11.8%

CEE to Peer, ppt -6.0 -4.4 0.5 -1.3 -0.5 -0.8 -0.7 -0.5 -1.7 -2.5 -3.8 -0.8



2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Aygaz 37.4% -34.1% 4.3% 1.3% 58.6% -36.7% 3.4% 6.3% -0.5 -0.8 -1.0 -1.3

FX Energy* 131.2% 44.0% 23.0% 76.4% nm 9.7% -2.8% 215.8% 1.0 2.0 1.8 0.7

INA 46.5% 38.6% 7.8% 2.4% 309.7% 113.4% 9.1% 10.2% 1.6 1.1 0.9 0.6

Kulczyk Oil Ventures 97.4% nm -0.4% 21.4% 11.7% nm 225.0% 59.9% -63.7 0.0 -0.6 -0.1

Lotos Group 10.9% -49.7% 46.6% -1.4% -3.7% 9.5% -47.6% -6.1% 4.4 7.0 3.8 3.4

MOL 14.4% -1.7% -1.1% 8.8% 41.9% 20.6% 12.3% 28.4% 1.4 0.8 0.4 0.1

OMV 5.4% 24.8% 11.9% 0.6% 17.7% 15.2% 23.2% -0.6% 1.3 0.9 0.7 0.6

Petrom 34.0% 7.6% 5.3% -2.3% 70.6% 21.1% -7.3% -10.4% 0.2 0.3 0.2 0.1

PGNIG -26.1% 27.9% 27.0% -2.3% -33.7% 11.8% 17.7% -5.9% 1.1 2.0 1.7 1.8

PKN Orlen -19.8% -3.6% 9.6% 0.8% -0.3% -0.8% -34.5% -10.2% 1.8 1.6 1.2 1.8

Tupras 78.5% -39.4% 25.1% 1.5% 67.4% 17.3% -26.4% -10.3% 0.5 1.0 2.6 2.8

Turcas Petrol AS 1362.0% -93.1% 66.4% 10.8% 73.7% -27.9% -55.2% 66.2% 1.1 31.3 24.6 26.6

Unipetrol nm nm 4.3% 13.0% nm nm 95.2% 39.5% -0.2 0.3 0.4 0.4

Sector CEE** 5.7% 8.3% 10.3% 0.6% 69.1% 15.2% -5.6% -13.0% 1.1 1.0 0.9 0.6

EuroStoxx Oil & Gas 8.5% 4.1% -0.7% 7.3% 1.9% 9.9% -4.5% 7.1% 1.5 1.2 1.0 0.8

CEE to Peer, ppt** -2.8 4.2 11.1 -6.7 67.2 5.3 -1.0 -20.0 -28% -19% -14% -20%

(*) 2011 estimated




Personal & Household Goods




Arcelik ARCLK.IS ARCLK TI TRY 3,457.7 -7.3 7.6 16.5 59.5 8.5 12.70 12.1 Hold

Gorenje GORE.LJ GRVG SV EUR 62.8 -7.6 -6.0 -5.0 -22.5 4.2 3.95 7.7 Buy

Philip Morris CR TABK.PR TABAK CP CZK 1,187.1 -1.3 -3.8 4.8 -3.8 3.4 11,060.00 10,470.0 Reduce

Vestel VESBE.IS VESBE TI TRY 217.4 4.0 5.6 6.0 18.8 6.8 2.84 2.4 Accumulate

Erste Sector Personal & Household Goods - - 4,925.0 -5.5 4.4 12.7 34.4 7.1 - - -

EuroStoxx Personal & Household Goods - 280,485 -2.9 2.0 9.7 24.2 10.6 - - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Arcelik 8.2 14.7 11.8 9.9 4.8 9.7 8.6 7.4 1.2 2.3 2.1 1.8

Gorenje 8.9 nm 12.8 4.4 1.7 1.9 1.1 0.9 0.2 0.2 0.2 0.2

Philip Morris CR 13.6 12.8 12.6 14.5 11.5 10.8 10.7 12.0 4.2 3.8 3.7 3.8

Vestel * 19.2 8.7 7.9 7.6 6.7 4.8 4.5 4.2 1.1 0.9 0.9 0.8

Sector CEE 11.2 12.8 12.2 8.7 5.7 7.3 6.5 5.8 1.1 1.6 1.5 1.3

EuroStoxx Personal &

Household Goods 18.5 23.5 21.2 18.6 12.1 16.0 14.0 12.4 2.7 3.5 3.2 2.9



P/E P/CE P/BV

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Arcelik 0.8 1.1 0.9 0.8 7.4 10.4 8.5 7.6 6.0% 3.5% 3.4% 4.2%

Gorenje 0.3 0.4 0.3 0.3 5.3 5.2 4.8 4.3 3.0% 0.0% 2.0% 5.8%

Philip Morris CR 2.6 2.4 2.4 2.5 8.6 8.5 8.4 9.5 6.7% 7.3% 7.6% 6.5%

Vestel * 0.4 0.3 0.3 0.3 5.8 4.5 4.2 4.1 4.2% 4.2% 9.2% 10.1%

Sector CEE 0.6 0.7 0.6 0.6 6.6 6.9 6.6 6.0 5.1% 3.8% 5.5% 6.2%


Household Goods 1.6 2.3 2.3 2.1 8.7 10.9 9.8 8.8 2.5% 1.7% 2.0% 2.3%

CEE to Peer, Prem/Disc -64% -69% -73% -72% -24% -37% -33% -32% 107% 121% 174% 175%

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Arcelik 10.4% 10.1% 11.1% 11.1% 6.4% 5.9% 6.5% 7.0% 14.7% 16.1% 18.4% 19.7%

Gorenje 6.1% 6.7% 7.0% 7.4% 0.6% 0.0% 0.4% 1.0% 2.3% 0.0% 1.2% 3.5%

Philip Morris CR 29.8% 28.4% 28.8% 26.3% 20.9% 20.0% 20.3% 18.2% 29.2% 29.0% 29.4% 25.6%

Vestel * 6.8% 7.4% 7.4% 7.4% 1.7% 3.5% 3.7% 3.7% 5.5% 11.2% 11.2% 11.2%

Sector CEE 8.6% 8.8% 9.3% 9.3% 4.1% 4.7% 5.1% 5.3% 10.1% 13.7% 14.8% 15.5%


Household Goods 19.2% 19.5% 20.1% 20.5% 8.0% 9.1% 9.9% 10.6% 14.4% 15.1% 15.2% 15.5%

CEE to Peer, ppt -10.6 -10.8 -10.9 -11.3 -4.0 -4.5 -4.8 -5.3 -4.3 -1.4 -0.4 -0.1



2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Arcelik 15.6% 23.7% 22.5% 11.7% -2.0% 15.6% 24.0% 19.5% 2.6 2.3 1.9 1.7

Gorenje -20.2% -0.3% 9.4% 9.3% -55.0% -98.3% 3178.6% 189.7% 4.4 4.5 4.1 3.7

Philip Morris CR 5.4% -6.9% 1.4% -11.5% 6.4% -6.8% 1.6% -13.2% -0.9 -0.5 -0.5 -0.6

Vestel * 36.8% 16.7% 4.5% 4.1% 11.2% 121.3% 10.0% 4.4% 1.0 0.4 0.3 0.3

Sector CEE** -1.2% 13.5% 13.7% 3.4% -11.6% 9.7% 16.3% 9.0% 1.8 1.4 1.1 1.0


Household Goods 15.3% 14.0% 8.3% 11.3% 8.1% 10.2% 10.9% 13.5% 0.4 0.0 -0.3 -0.6

CEE to Peer, ppt** -16.5 -0.4 5.4 -7.9 -19.7 -0.5 5.4 -4.5 354% 3168% -454% -279%

(*) 2011 estimated




Real Estate




CA IMMO CAIV.VI CAI AV EUR 871.5 -8.1 -13.0 -6.2 27.2 -5.3 9.92 12.5 Accumulate

conwert CONW.VI CWI AV EUR 718.0 0.1 -9.3 -8.2 2.9 -11.0 8.70 10.0 Accumulate

Emlak Konut REIT EKGYO.IS EKGYO TI TRY 3,042.0 -2.9 3.8 1.7 37.3 -3.2 3.02 3.2 Buy

GTC GTCE.WA GTC PW PLN 465.3 15.9 11.6 -0.8 62.7 -9.3 8.98 7.9 Hold

Immofinanz IMFI.VI IIA AV EUR 3,300.2 -2.0 0.6 -3.9 36.4 -0.6 3.16 4.0 Buy

Is REIT ISGYO.IS ISGYO TI TRY 365.5 -8.9 -1.2 0.1 40.0 0.8 1.44 1.4 Buy

LEG Immobilien LEGn.DE LEG GY EUR 2,250.9 0.3 -0.6 -3.4 -3.4 -3.4 42.50 50.6 Buy

Orco ORCO.PA ORCO CP EUR 235.0 -4.8 -7.6 -19.3 -21.6 -11.0 2.18 2.3 Hold

S Immo SIAG.VI SPI AV EUR 322.9 -1.1 2.7 -1.5 19.0 -0.2 4.80 5.7 Buy

Sinpas REIT SNGYO.IS SNGYO TI TRY 302.2 -13.2 -10.1 -6.7 10.6 -11.3 1.25 2.0 Buy

Torunlar REIT TRGYO.IS TRGYO TI TRY 765.5 -11.8 12.4 32.9 66.3 18.0 3.80 3.9 Buy

Erste Sector Real Estate 12,639.1 -2.8 0.0 -1.4 23.9 -2.6 - - -

EuroStoxx Real Estate - 52,957 -4.5 -0.9 1.6 22.3 1.8 - - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

CA IMMO 11.6 16.9 16.1 14.2 10.3 8.2 15.7 13.5 0.4 0.5 0.5 0.5

conwert 30.4 nm 14.8 13.5 19.8 54.4 26.8 17.9 0.6 0.8 0.7 0.7

Emlak Konut REIT 21.4 17.4 12.6 6.9 19.3 17.4 12.6 6.9 1.3 1.8 1.6 1.4

GTC nm nm nm 36.2 17.7 23.8 nm nm 0.6 1.0 0.9 0.9

Immofinanz 10.1 9.8 12.4 12.3 12.5 12.4 12.0 12.7 0.6 0.5 0.6 0.6

Is REIT 9.0 14.0 9.2 13.6 6.5 10.1 7.3 9.9 0.6 0.8 0.8 0.8

LEG Immobilien na 29.1 16.1 13.7 na 16.8 15.6 14.8 na 1.1 1.0 1.0

Orco nm nm 81.5 36.5 nm nm nm nm 0.2 0.6 0.6 0.5

S Immo 15.3 13.4 13.2 12.5 10.6 9.8 9.7 9.4 0.6 0.7 0.6 0.6

Sinpas REIT* 3.9 3.3 4.9 nm 3.8 3.2 4.6 146.4 0.7 0.6 0.6 0.6

Torunlar REIT 5.0 9.1 4.2 3.1 5.0 9.1 4.2 3.1 0.4 0.7 0.6 0.5

Sector CEE 11.6 14.0 13.2 13.6 11.5 12.4 12.3 13.1 0.6 0.7 0.7 0.6

EuroStoxx Real Estate 12.7 12.7 12.7 12.7 12.7 12.7 12.7 12.7 12.7 12.7 12.7 12.7

Prem/Disc -8% 10% 4% 7% -9% -2% -3% 3% -95% -94% -95% -95%


P/E P/CE P/BV

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

CA IMMO 0.4 0.5 0.5 0.5 15.8 17.0 16.2 16.0 4.6% 3.6% 4.0% 4.0%

conwert 0.6 0.7 0.6 0.6 18.6 22.8 19.7 17.5 2.3% 1.5% 2.9% 4.0%

Emlak Konut REIT na na na na 30.1 17.2 11.9 6.3 3.6% 2.3% 2.3% 3.2%

GTC 0.6 0.9 0.8 0.8 24.3 25.4 27.4 27.9 0.0% 0.0% 0.0% 0.0%

Immofinanz 0.6 0.5 0.6 0.6 21.9 20.0 18.6 17.2 3.1% 5.6% 4.8% 6.3%

Is REIT na na na na 6.4 10.8 7.7 10.9 3.8% 3.3% 3.3% 3.3%LEG Immobilien na 1.0 0.9 0.9 na 24.9 22.4 20.9 na 1.0% 4.2% 4.4%Orco 0.2 0.5 0.4 0.4 25.9 25.9 40.2 24.5 0.0% 0.0% 0.0% 0.0%S Immo 0.6 0.6 0.6 0.5 16.5 15.8 15.3 15.3 2.2% 3.1% 3.5% 4.0%Sinpas REIT* na na na na 4.3 3.0 1.0 nm 4.0% 7.7% 9.1% 6.2%Torunlar REIT na na na na 17.6 17.7 4.5 2.4 1.4% 1.2% 4.4% 4.8%

Median CEE 0.6 0.6 0.6 0.6 18.6 18.6 17.4 17.2 3.1% 2.7% 3.4% 4.0%

EuroStoxx Real Estate 0.8 1.0 1.1 1.0 16.5 18.5 17.1 17.0 6.9% 6.6% 5.1% 5.1%

Prem/Disc -31% -42% -46% -45% 13% 0% 2% 1% -55% -59% -33% -22%

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

CA IMMO 74.2% 69.4% 68.6% 67.1% 20.4% 13.6% 15.3% 18.3% 3.8% 3.2% 3.2% 3.5%

conwert 52.2% 45.1% 46.1% 47.7% 7.7% -79.9% 21.7% 24.5% 1.8% -14.9% 4.6% 4.9%

Emlak Konut REIT 24.6% 35.7% 30.6% 48.9% 31.9% 38.5% 33.1% 51.3% 6.2% 11.0% 13.8% 21.6%

GTC 42.8% 43.7% 43.2% 43.1% -219.9% -89.6% 2.1% 13.9% -30.8% -12.8% 0.4% 2.6%

Immofinanz 49.2% 52.0% 53.7% 55.8% 41.1% 34.7% 29.6% 28.8% 6.1% 5.2% 4.8% 4.8%

Is REIT 75.7% 66.9% 44.3% 64.2% 54.2% 50.2% 36.2% 48.1% 6.6% 6.2% 8.9% 5.7%

LEG Immobilien 35.9% 37.9% 42.0% 44.9% -3.0% 19.3% 26.6% 29.6% -0.6% 4.0% 6.4% 7.2%

Orco 25.9% 14.6% 14.6% 12.5% -29.9% -13.2% 2.0% 2.4% -16.5% -8.3% 0.7% 1.5%

S Immo 48.8% 50.2% 50.1% 49.2% 10.2% 13.2% 13.8% 14.9% 4.2% 5.1% 5.0% 5.1%

Sinpas REIT* 26.5% 23.8% 29.6% 9.1% 27.5% 23.8% 28.5% -1.8% 18.9% 19.3% 11.9% -0.1%

Torunlar REIT 46.6% 53.5% 55.4% 65.6% 108.8% 86.0% 58.6% 69.7% 7.2% 8.0% 15.5% 18.5%

Median CEE 45.8% 44.4% 43.7% 48.3% 15.3% 16.5% 24.2% 21.4% 4.0% 4.5% 4.9% 4.9%

EuroStoxx Real Estate 79.2% 78.6% 81.5% 82.0% 47.4% 47.8% 51.1% 52.0% 7.1% 6.5% 6.5% 6.4%

CEE to Peer, ppt -33.4 -34.2 -37.8 -33.7 -32.1 -31.3 -26.9 -30.6 -3.1 -2.0 -1.6 -1.5

P/NAV** EV/EBITDA Dividend yield


2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

CA IMMO 76.8% -0.6% -4.1% -2.7% 37.1% -13.1% -0.7% 13.4% 4.2% 0.7% 0.9% -3.4%

conwert -32.5% -22.2% 14.5% 1.5% -2.4% nm nm 9.6% -1.8% -9.5% 2.1% 3.2%

Emlak Konut REIT -73.0% 127.5% 37.9% 88.7% -58.8% 89.8% 38.2% 83.2% na na na na

GTC -3.3% -1.9% -2.2% 2.2% nm 71.1% nm 562.4% -33.4% -25.8% -3.7% 0.0%

Immofinanz 1.9% 8.2% 14.0% 7.2% 84.1% -14.8% -6.4% 0.9% 14.7% -7.9% 3.9% 1.1%

Is REIT 16.2% -7.2% 39.8% -26.7% 9.9% -2.9% 52.4% -32.8% na na na na

LEG Immobilien -9.0% 6.7% 15.6% 13.1% nm nm 81.0% 17.7% -2.9% 16.1% 8.1% 4.1%

Orco 16.2% -7.3% -38.9% 62.7% nm 84.8% nm 123.2% -22.4% -78.0% 5.9% 0.5%

S Immo 42.0% -2.6% -3.1% -3.6% 987.8% 22.2% 1.2% 5.6% 0.6% 3.9% 5.1% 4.9%

Sinpas REIT* 231.6% 22.7% -29.3% -94.9% 214.6% 18.2% -32.0% nm na na na na

Torunlar REIT 48.4% 71.3% 228.1% 37.0% -17.2% 17.9% 115.8% 37.6% na na na na

Total CEE*** -8.3% 10.6% 16.0% 13.3% -96.0% 401.9% 100.0% 20.3% nm nm nm nm

EuroStoxx Real Estate 4.2% 4.6% 4.4% 2.8% 2.4% -0.2% 0.8% 6.2% 9.4% 0.5% -3.0% 3.3%

CEE to Peer, ppt*** -12.5 6.0 11.6 10.5 -98.4 402.0 99.2 14.1 nm nm nm nm

(*) 2011 estimated

(**)NAV = BV for peer group

(***) growth based on accumulated numbers


EBITDA growth (LC) EPS growth (LC) NAV growth (LC)**

Retail & Distribution




BIM BIMAS.IS BIMAS TI TRY 5,015.3 -11.6 -2.4 0.3 19.7 -6.0 82.00 89.7 Hold

Bizim Toptan BIZIM.IS BIZIM TI TRY 480.3 -7.2 6.0 13.3 24.9 7.2 29.80 30.6 Hold

CCC (prev. NG2) CCCC.WA CCC PW PLN 730.6 10.3 5.8 16.7 50.0 10.3 80.55 90.0 Buy

Emperia Holding EDRO.WA EMP PW PLN 216.0 10.3 7.4 12.5 37.5 4.4 60.51 66.0 Buy

Eurocash EUR.WA EUR PW PLN 2,054.8 13.7 24.7 34.3 53.9 44.4 63.10 65.0 Buy

Jeronimo Martins SGPS JMT.LS JMT PL EUR 10,254.3 -9.5 8.1 12.2 16.0 11.6 16.30 18.0 Accumulate

KilerAlisveris KILER.IS KILER TI TRY 129.6 -7.7 -11.8 -20.6 -27.1 -18.4 2.39 2.8 Reduce

LPP LPPP.WA LPP PW PLN 3,070.6 7.0 32.8 63.0 153.0 56.0 7,100.00 5,800.0 Accumulate

Migros Ticaret AS MGROS.IS MGROS TI TRY 1,578.1 -7.4 0.7 1.1 37.5 2.3 22.00 28.5 Buy

Teknosa TKNSA.IS TKNSA TI TRY 520.8 3.1 17.5 54.6 57.9 55.8 11.75 11.9 Accumulate

Vistula Group VIST.WA VST PW PLN 35.4 0.0 -18.8 8.7 27.3 3.7 1.12 1.2 Accumulate

Erste Sector Retail & Distribution - - 24,085.7 -5.3 8.8 15.3 31.7 13.1 - - -

EuroStoxx Retail - - - 157,486 -4.4 -2.6 8.6 39.2 5.9 - - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

BIM 26.7 40.0 29.9 24.8 20.9 30.6 23.5 19.7 12.9 16.3 13.5 11.2

Bizim Toptan 25.2 42.6 30.1 23.7 19.1 29.4 22.3 17.7 7.6 9.2 8.6 7.1

CCC (prev. NG2) 14.7 23.7 19.6 14.8 12.2 18.6 15.9 12.4 3.6 5.2 4.9 4.2

Emperia Holding 18.4 42.1 21.8 20.2 12.5 11.2 11.4 10.8 1.1 1.3 1.3 1.2

Eurocash 29.2 24.1 24.6 17.5 13.1 15.2 18.1 14.0 7.1 7.7 8.4 7.0

Jeronimo Martins SGPS 23.7 25.5 23.0 19.6 13.7 16.8 14.9 13.1 7.2 7.6 7.0 5.8

KilerAlisveris nm nm 45.4 26.6 36.1 13.7 10.5 8.4 1.8 1.5 1.5 1.4

LPP 13.2 23.6 28.9 22.0 9.7 17.8 22.3 17.0 3.9 6.9 8.7 7.0

Migros Ticaret AS nm 46.5 28.6 20.1 nm 18.3 13.7 10.8 1.9 3.1 2.8 2.4

Teknosa na 16.4 21.6 18.5 na 11.2 13.8 12.1 na 4.2 5.0 4.3

Vistula Group nm 10.8 18.7 9.8 14.0 7.0 9.4 5.5 0.3 0.4 0.4 0.4

Sector CEE 23.7 24.8 24.6 20.1 13.7 16.8 14.9 12.4 3.8 5.2 5.0 4.3

EuroStoxx Retail 14.7 18.7 18.6 15.5 7.7 10.0 9.3 8.3 2.0 2.7 2.4 2.3



P/E P/CE P/BV

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

BIM 0.9 1.3 1.0 0.9 17.8 26.2 20.0 16.6 2.5% 0.0% 2.5% 3.0%

Bizim Toptan 0.4 0.6 0.5 0.4 11.7 15.9 13.9 11.5 1.9% 0.0% 1.7% 2.1%

CCC (prev. NG2) 1.9 2.3 1.9 1.5 11.2 15.7 13.6 10.9 3.4% 2.5% 3.1% 4.7%

Emperia Holding 0.1 0.3 0.3 0.3 3.6 26.6 7.7 7.0 50.4% 1.6% 2.3% 2.5%

Eurocash 0.5 0.4 0.5 0.4 19.4 13.9 15.5 12.3 0.6% 1.7% 3.2% 4.6%

Jeronimo Martins SGPS 0.8 0.9 0.9 0.8 12.1 13.2 12.9 11.0 2.1% 2.0% 2.1% 4.6%

KilerAlisveris 0.8 0.6 0.5 0.5 11.1 12.3 9.8 8.7 0.0% 0.0% 0.0% 0.0%

LPP 1.5 2.6 3.2 2.5 8.5 14.8 18.9 14.4 3.8% 1.9% 1.7% 2.3%

Migros Ticaret AS 0.7 0.8 0.7 0.6 10.2 13.4 11.7 9.9 0.0% 0.0% 0.0% 0.0%

Teknosa na 0.2 0.3 0.3 na 4.8 8.5 7.6 na 0.0% 0.0% 1.9%

Vistula Group 0.8 0.9 0.8 0.8 8.0 8.5 9.6 7.7 0.0% 0.0% 0.0% 0.0%

Sector CEE 0.8 0.8 0.7 0.6 11.2 13.9 12.9 10.9 2.0% 0.0% 1.7% 2.3%

EuroStoxx Retail 0.4 0.3 0.3 0.3 6.1 6.6 7.1 5.9 3.3% 2.6% 2.7% 3.2%

CEE to Peer, Prem/Disc 132% 141% 115% 90% 83% 112% 82% 83% -39% -100% -36% -28%

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

BIM 5.2% 5.0% 5.1% 5.1% 3.7% 3.3% 3.5% 3.6% 53.5% 46.4% 47.9% 49.3%

Bizim Toptan 3.6% 3.5% 3.7% 3.8% 1.7% 1.3% 1.7% 1.9% 32.9% 23.7% 30.5% 32.7%

CCC (prev. NG2) 16.8% 14.4% 14.2% 13.9% 11.3% 9.0% 9.3% 9.4% 26.8% 22.8% 27.0% 30.5%

Emperia Holding 3.2% 1.3% 4.2% 4.0% 1.5% 1.1% 2.1% 2.1% 7.7% 1.9% 6.0% 6.2%

Eurocash 2.7% 3.0% 3.2% 3.6% 1.3% 1.5% 1.9% 2.4% 26.7% 37.6% 38.9% 43.5%

Jeronimo Martins SGPS 6.9% 6.8% 6.9% 7.0% 3.5% 3.4% 3.7% 3.9% 34.6% 30.9% 33.2% 32.3%

KilerAlisveris 7.4% 5.0% 5.5% 5.5% -1.7% 0.0% 0.7% 1.0% -7.5% 0.1% 3.4% 5.5%

LPP 17.6% 17.5% 16.9% 17.2% 10.8% 11.0% 10.9% 11.2% 32.7% 33.4% 33.2% 35.2%

Migros Ticaret AS 6.5% 6.3% 6.1% 6.1% -3.0% 1.3% 1.8% 2.3% -13.5% 6.8% 10.2% 13.0%

Teknosa 4.7% 4.3% 4.0% 3.7% 3.0% 2.2% 2.1% 2.1% 41.6% 29.5% 26.5% 25.1%

Vistula Group 10.1% 10.2% 8.7% 9.9% 0.0% 3.1% 2.0% 3.5% 0.0% 3.9% 2.4% 4.4%

Sector CEE 6.5% 5.0% 5.5% 5.5% 1.7% 2.2% 2.1% 2.4% 26.8% 23.7% 27.0% 30.5%

EuroStoxx Retail 6.9% 6.5% 6.4% 6.5% 2.2% 2.1% 1.9% 2.1% 13.8% 14.2% 12.9% 14.6%

CEE to Peer, ppt -0.3 -1.5 -0.9 -1.0 -0.4 0.1 0.3 0.3 13.0 9.5 14.1 15.9



2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

BIM 20.2% 14.7% 22.9% 19.1% 21.7% 10.8% 25.5% 20.5% -0.8 -0.7 -0.6 -0.7

Bizim Toptan 14.7% 10.0% 23.2% 19.8% 5.3% -12.6% 51.5% 27.0% -0.3 -0.3 -0.2 -0.2

CCC (prev. NG2) 21.2% 3.5% 27.7% 27.8% 4.2% -3.8% 33.4% 32.6% 1.3 0.9 0.9 0.9

Emperia Holding 0.7% -87.9% 236.1% 3.8% -3.5% -77.4% 101.4% 7.9% -4.6 -8.7 -3.3 -3.5

Eurocash 15.2% 84.5% 20.1% 22.8% 3.0% 85.6% 41.4% 40.5% 4.7 1.6 0.7 0.2

Jeronimo Martins SGPS 10.4% 4.7% 14.3% 13.4% 21.1% 5.9% 23.4% 17.9% 0.3 0.5 0.4 0.0

KilerAlisveris -2.5% -18.5% 22.1% 10.6% nm nm 3113.9% 70.5% 4.5 5.4 4.2 3.6

LPP 50.9% 28.8% 23.6% 30.7% 98.4% 26.5% 27.2% 31.5% 0.4 0.0 0.2 0.2

Migros Ticaret AS 8.4% 8.1% 10.8% 13.0% nm nm 62.8% 42.3% 4.2 3.8 3.1 2.2

Teknosa 142.2% 26.2% 14.1% 8.2% 997.8% 0.4% 18.7% 16.9% -2.4 -3.6 -2.8 -2.9

Vistula Group -0.2% 3.2% -11.5% 20.1% -99.7% 185166.7% -40.1% 90.4% 5.7 4.9 5.4 4.2

Sector CEE** 9.0% 8.7% 17.1% 14.6% 0.1% 30.8% 28.3% 21.9% 0.4 0.5 0.4 0.2

EuroStoxx Retail -1.8% 3.8% -0.8% 15.0% -11.5% 5.7% 0.7% 20.2% 1.1 1.0 0.8 0.5

CEE to Peer, ppt** 10.7 4.9 17.9 -0.3 11.6 25.2 27.6 1.7 -63% -52% -48% -65%

(*) 2011 estimated




Romanian Funds & other Holdgs




Adris Grupa ADGR_p.ZA ADRSPA CZ HRK 623.3 -1.6 -2.1 15.6 35.7 16.8 289.66 324.0 Accumulate

Akfen AKFEN.IS AKFEN TI TRY 276.7 -9.6 -56.1 -50.7 -48.5 -49.2 4.72 13.3 Buy

Fondul Proprietatea FP.BX FP RO RON 1,887.4 -3.9 2.4 17.6 30.7 15.6 0.64 0.7 Accumulate

Koc Holding KCHOL.IS KCHOL TI TRY 10,115.2 -13.9 -1.0 13.3 65.5 6.9 9.90 U.R. U.R.

Sabanci Holding SAHOL.IS SAHOL TI TRY 8,582.7 -14.1 -2.9 5.7 47.9 6.5 10.44 13.2 Buy

SIF 1 Banat Crisana SIF1.BX SIF1 RO RON 26.8 21.6 -11.8 7.1 42.0 -0.2 1.21 U.R. Not rated

SIF 2 Moldova SIF2.BX SIF2 RO RON 139.2 12.0 -22.0 -14.8 10.0 -16.6 1.21 U.R. Not rated

SIF 3 Transilvania SIF3.BX SIF3 RO RON 129.7 -14.9 -29.0 -18.7 21.4 -24.7 0.54 U.R. Not rated

SIF 4 Muntenia SIF4.BX SIF4 RO RON 123.5 -4.0 -26.0 -5.4 -7.9 -10.3 0.69 U.R. Not rated

SIF 5 Oltenia SIF5.BX SIF5 RO RON 181.8 5.5 -4.9 5.9 33.6 0.8 1.41 U.R. Not rated

Erste Sector Romanian Funds & other Holdings - 22,086.3 -12.5 -3.6 8.2 48.4 5.6 - - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Adris Grupa 7.1 10.8 11.7 11.9 6.0 8.6 11.0 9.4 0.5 0.6 0.6 0.6

Fondul Proprietatea na na na na na na na na na na na na

Koc Holding 9.8 10.1 11.6 10.1 5.3 7.3 7.2 6.6 0.9 1.4 1.5 1.3

2009 2010 2011 last 2009 2010 2011 last 2009 2010 2011 last

Akfen - 15,328.2 14,465.4 12,497.4 n.a. 1.1 1.1 0.9 - - -41.1% -31.8%

Sabanci Holding 1,541.5 1,361.5 1,297.0 1,268.8 2.8 2.5 2.4 2.3 -70.4% -59.8% -48.8% -47.7%

SIF 1 Banat Crisana 1,177.5 1,141.2 1,097.5 1,002.1 2.3 2.2 2.1 1.9 -71.3% -49.7% -42.8% -37.3%

SIF 2 Moldova 1,627.8 1,506.5 1,331.2 1,165.3 1.5 1.4 1.2 1.1 -77.7% -54.4% -56.0% -49.8%

SIF 3 Transilvania 1,477.7 1,417.8 1,237.6 1,171.7 1.8 1.8 1.5 1.5 -63.7% -61.2% -55.0% -52.4%

SIF 4 Muntenia 1,643.4 1,557.4 1,417.3 1,511.6 2.8 2.7 2.4 2.6 -69.9% -55.2% -42.1% -45.7%

SIF 5 Oltenia - - - - 0.0 0.0 0.0 - 0.0% 0.0% 0.0% 0.0%


P/E P/CE P/BV

NAV (RONmn) NAV/share (RON) Discount to NAV

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Adris Grupa 0.3 0.6 0.5 0.4 1.5 2.8 2.6 2.1 3.2% 2.4% 2.4% 2.4%


Koc Holding 0.5 0.6 0.5 0.5 7.0 7.6 7.1 6.1 10.3% 3.2% 4.8% 5.3%

Company

2008 2009 2010 2011 2008 2009 2010 2011 2008 2009 2010 2011

Sabanci Holding -73.7% 222.8% -46.1% 182.0% 28.3% 13.6% -42.6% -75.9% -22.3% 17.5% -43.8% 0.0%

SIF 1 Banat Crisana -7.9% 89.0% 7.6% 135.4% 27.9% 55.6% -70.4% -15.0% 43.2% 7.9% -5.0% 98.9%

SIF 2 Moldova -31.1% -19.3% -0.2% 251.3% 15.8% 75.0% -59.3% -54.4% -14.0% 23.2% -42.6% 210.4%SIF 3 Transilvania 89.9% -89.0% 487.1% 80.3% 16.5% 72.9% -71.4% -28.4% 3.4% -8.5% -12.9% -8.5%SIF 4 Muntenia -78.5% 443.5% -36.4% -1.7% 75.4% 5.3% -53.9% -41.9% -17.7% 113.7% -56.8% 3.0%SIF 5 Oltenia 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Adris Grupa 22.6% 21.7% 20.5% 20.1% 17.9% 15.3% 14.0% 13.7% 7.2% 6.0% 5.3% 5.1%


Koc Holding 7.4% 7.3% 7.0% 8.1% 4.1% 4.8% 4.4% 5.3% 10.0% 15.3% 12.9% 13.5%

2008 2009 2010 2011 2008 2009 2010 2011 2008 2009 2010 2011

Sabanci Holding 6.3% 8.8% 4.3% 4.7% 1.2% 0.9% 1.2% 1.3% 21.7% 24.6% 12.1% 10.7%

SIF 1 Banat Crisana 6.9% 9.7% 8.3% 17.2% 1.4% 1.4% 1.9% 2.3% 25.8% 25.4% 20.2% 36.2%

SIF 2 Moldova 4.6% 7.9% 4.3% 14.6% 1.2% 1.3% 1.7% 1.6% 15.5% 18.9% 9.9% 28.3%

SIF 3 Transilvania 5.0% 5.7% 4.9% 4.9% 1.3% 1.7% 1.7% 2.3% 5.5% 6.3% 5.4% 5.3%

SIF 4 Muntenia 4.5% 13.5% 5.1% 5.6% 1.1% 1.0% 1.4% 1.1% 16.8% 33.9% 12.4% 12.7%

SIF 5 Oltenia 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Adris Grupa -3.0% -1.4% -4.5% -0.3% 5.5% -12.8% -8.0% -1.2% -4.5 -5.1 -5.7 -6.2


Koc Holding 6.6% 10.6% 6.0% 10.8% -23.5% 74.5% -6.1% 14.6% 2.9 2.1 1.2 0.5

(*) 2011 estimated





Revenue from disposals, growth Revenue from dividends, growth Net profit growth

Net profit/NAV ROEExpense ratio

Technology




AB SA ABEA.WA ABE PW PLN 83.0 27.1 9.5 9.7 11.7 12.1 21.79 25.0 Accumulate

Action SA ACTN.WA ACT PW PLN 144.6 20.2 26.8 65.2 78.5 66.5 37.30 40.0 Buy

AMS AMS.S AMS SW CHF 900.4 -0.3 -25.4 -13.1 27.2 -12.0 86.20 116.0 Buy

Asseco Poland ACPP.WA ACP PW PLN 856.3 1.0 0.1 1.1 -8.0 -3.7 43.68 49.1 Hold

AT&S*** ATSV.VI ATS AV EUR 148.0 -3.6 -10.9 -22.6 -19.6 -21.2 6.35 7.4 Accumulate

ComArch COMH.WA CMR PW PLN 161.6 -4.5 -5.6 17.2 47.1 15.6 85.00 92.1 Buy

Ericsson Nikola Tesla ERNT.ZA ERNTRA CZ HRK 237.0 -13.8 -12.5 4.5 46.1 -3.0 1,343.93 1,306.0 Hold

Kapsch TrafficCom*** KTCG.VI KTCG AV EUR 490.2 3.8 -8.9 -13.8 -37.4 -20.3 37.71 59.9 Buy

Sygnity COMW.WA CPL PW PLN 52.6 30.9 14.5 38.7 -8.9 29.6 18.72 8.7 U.R.

Erste Sector Technology 3,073.6 0.9 -10.8 -4.2 -0.6 -6.9 - - -

EuroStoxx Technology - - - 176,385 -3.4 -1.3 5.5 31.7 6.1 - - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

AB SA 7.3 6.8 7.8 7.6 6.4 5.3 7.5 6.2 1.2 0.8 0.8 0.7

Action SA 7.1 12.7 11.5 11.2 6.0 11.0 9.7 9.5 1.4 2.4 2.1 2.0

AMS 10.4 12.9 10.3 9.1 3.5 8.9 7.3 6.4 1.2 2.6 1.9 1.6

Asseco Poland 9.5 9.5 9.7 9.4 6.5 5.6 6.2 6.0 0.8 0.7 0.7 0.6

AT&S*** 10.5 8.0 20.6 9.0 4.4 2.4 2.0 1.7 1.6 0.8 0.5 0.5

ComArch 12.4 15.2 10.7 9.9 6.1 6.3 6.1 5.8 0.7 1.0 1.0 0.9

Ericsson Nikola Tesla 44.7 16.4 17.0 14.2 17.5 11.5 12.4 10.9 1.5 2.4 3.1 3.2

Kapsch TrafficCom*** 35.1 14.7 nm 16.9 15.0 9.4 51.6 10.7 4.4 2.0 2.2 2.0

Sygnity 25.8 80.2 30.4 26.0 12.4 11.1 10.7 10.3 0.9 1.0 0.9 0.9

Sector CEE 10.4 12.7 10.7 9.4 6.1 6.3 7.3 6.2 1.2 1.0 1.0 0.9

EuroStoxx Technology 12.3 32.3 22.9 16.3 9.4 20.0 16.1 11.5 2.2 3.2 3.0 2.7



P/E P/CE P/BV

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

AB SA 0.2 0.1 0.1 0.1 8.8 6.1 7.6 7.1 0.0% 0.0% 0.0% 2.9%

Action SA 0.1 0.2 0.2 0.2 5.6 9.0 8.7 8.3 4.6% 4.0% 5.2% 5.4%

AMS 1.7 2.8 2.0 1.7 6.7 9.0 6.9 5.7 2.0% 1.8% 2.2% 2.5%

Asseco Poland 1.2 1.1 0.9 0.8 7.0 6.5 6.0 5.7 4.5% 5.3% 4.9% 5.3%

AT&S*** 1.2 0.9 0.7 0.7 6.0 4.5 4.0 3.9 2.3% 3.5% 5.0% 6.0%

ComArch 0.5 0.7 0.7 0.6 4.7 7.0 4.6 3.8 2.7% 2.2% 1.9% 2.0%Ericsson Nikola Tesla 0.6 0.7 1.1 1.1 18.3 10.1 10.9 9.6 18.0% 14.9% 7.4% 7.4%Kapsch TrafficCom*** 2.2 1.1 1.2 0.9 13.7 9.7 25.5 7.3 1.6% 2.4% 0.8% 1.9%Sygnity 0.4 0.5 0.4 0.4 10.6 16.2 10.4 9.7 0.0% 0.0% 0.0% 0.0%

Sector CEE 0.6 0.7 0.7 0.7 6.7 7.0 6.9 5.7 2.7% 3.5% 4.9% 5.3%

EuroStoxx Technology 1.4 1.8 1.9 1.7 6.3 9.2 8.2 7.2 2.5% 1.3% 1.5% 1.6%

CEE to Peer, Prem/Disc -58% -60% -63% -57% 6% -24% -15% -21% 8% 159% 240% 226%

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

AB SA 2.0% 2.1% 1.7% 1.7% 1.5% 1.1% 0.9% 0.9% 17.1% 13.3% 11.2% 10.3%

Action SA 2.5% 2.2% 2.1% 2.1% 1.5% 1.4% 1.4% 1.4% 20.6% 20.1% 19.6% 18.5%

AMS 25.9% 30.5% 29.4% 30.0% 12.8% 21.1% 20.6% 22.0% 13.5% 22.1% 19.8% 19.1%

Asseco Poland 16.9% 16.3% 14.8% 14.8% 12.2% 10.1% 9.4% 9.5% 8.5% 7.4% 7.0% 6.9%

AT&S*** 19.7% 20.1% 18.2% 19.2% 7.2% 5.2% 1.3% 3.0% 16.1% 10.4% 2.5% 5.7%

ComArch 10.3% 9.5% 14.4% 14.6% 4.2% 4.1% 8.0% 8.6% 6.2% 6.4% 9.7% 9.5%

Ericsson Nikola Tesla 3.2% 6.9% 10.4% 11.5% 2.4% 5.8% 8.4% 9.7% 2.9% 13.7% 16.0% 22.0%

Kapsch TrafficCom*** 15.8% 11.2% 4.6% 11.7% 7.2% 7.2% 0.5% 6.3% 13.0% 15.3% -3.5% 12.3%

Sygnity 4.1% 2.8% 4.1% 4.1% 1.4% 0.5% 1.4% 1.6% 3.6% 1.2% 3.1% 3.5%

Sector CEE 10.3% 9.5% 14.4% 14.6% 4.2% 5.2% 8.0% 8.6% 13.5% 13.3% 11.2% 10.3%

EuroStoxx Technology 19.4% 16.4% 17.0% 18.4% 9.8% 5.2% 6.4% 8.9% 17.6% 10.0% 12.9% 16.5%

CEE to Peer, ppt -9.1 -6.9 -2.6 -3.8 -5.6 -0.1 1.6 -0.3 -4.1 3.3 -1.8 -6.2



2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

AB SA 6.4% 29.6% -10.1% 2.6% 49.9% -9.5% -4.8% 3.2% 3.3 2.6 3.3 2.9

Action SA 49.2% 13.3% 5.6% 2.7% 61.3% 13.5% 10.5% 3.1% 1.3 1.1 1.3 1.1

AMS 42.8% 65.5% 6.1% 8.1% 34.5% 107.9% 6.9% 13.0% 0.9 0.1 -0.3 -1.0

Asseco Poland 10.4% 7.2% -4.3% 1.5% -12.7% -7.1% -5.7% 3.2% -0.1 0.0 -0.9 -1.3

AT&S*** 179.4% 7.7% -5.7% 8.3% nm -24.5% -72.9% 129.7% 2.1 2.5 2.5 2.5

ComArch 12.6% 3.9% 37.7% 3.0% -17.3% 7.2% 65.2% 8.1% -0.9 -0.1 -1.4 -2.0

Ericsson Nikola Tesla -12.2% 258.9% -0.1% 14.0% 15.4% 288.2% -3.8% 19.6% -16.0 -3.5 -2.8 -2.4

Kapsch TrafficCom*** 95.1% -3.0% -64.6% 243.5% -31.5% 38.9% nm nm 1.0 1.5 1.5 0.2

Sygnity nm -38.1% 52.1% 2.0% nm -66.5% 163.5% 17.1% 1.3 0.7 0.1 -0.4

Sector CEE** 39.8% 16.1% -6.4% 13.5% 43.2% 18.0% -18.3% 27.5% 0.9 0.1 -0.3 -1.0

EuroStoxx Technology 5.4% -20.4% 14.9% 25.3% 6.5% -47.1% 41.2% 40.0% -0.1 -0.2 -0.1 -0.7

CEE to Peer, ppt** 34.4 36.4 -21.2 -11.9 36.7 65.1 -59.5 -12.5 -1208% -151% 401% 38%

(*) 2011 estimated


(***) FY ends in March



Telecom




Magyar Telekom MTEL.BU MTEL HB HUF 1,266.2 -0.6 -11.8 -4.0 -19.1 -4.3 359.00 420.0 Hold

Netia NTIA.WA NET PW PLN 399.6 2.1 -2.7 -10.4 -24.0 2.3 4.38 4.3 Reduce

T-Hrvatski Telekom HT.ZA HTRA CZ HRK 2,257.4 -0.7 -4.1 2.0 6.1 5.2 207.50 220.0 Hold

Telefónica CR SPTT.Pr SPTT CP CZK 3,827.2 7.0 -5.4 -11.3 -20.7 -5.1 307.00 360.0 Reduce

Telekom Austria TELA.VI TKA AV EUR 2,308.9 1.4 -6.6 4.2 -31.5 -9.1 5.22 4.5 Sell

Telekom Slovenije TLSG.LJ TLSG SV EUR 656.5 2.1 18.1 24.7 49.1 5.7 101.00 74.0 Hold

TPSA TPSA.WA TPS PW PLN 2,514.9 10.1 12.4 -32.7 -51.0 -34.3 8.04 7.0 Hold

Turk Telekomunikasyon AS TTKOM.IS TTKOM TI TRY 9,363.6 -24.0 -11.0 -3.8 5.4 -4.0 6.64 8.5 Accumulate

Turkcell Iletisim Hizmetleri AS TCELL.IS TCELL TI TRY 9,395.8 -6.6 -9.4 -8.6 28.6 -8.2 10.60 14.5 Accumulate

Erste Sector Telecom - - - 31,990.1 -8.9 -7.0 -8.0 -6.4 -8.3 - - -

EuroStoxx Telecommunications - - - 151,355 -6.9 -2.6 -1.3 -5.7 -2.5 - - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Magyar Telekom nm 10.6 12.4 12.8 4.0 2.8 2.8 2.8 1.1 0.8 0.9 0.9

Netia 8.3 nm 70.8 38.5 4.1 3.7 3.4 3.3 0.8 0.7 0.7 0.7

T-Hrvatski Telekom 10.9 9.6 12.3 12.7 6.2 5.5 6.5 6.8 1.8 1.5 1.6 1.6

Telefónica CR 14.2 15.2 15.6 15.1 6.3 5.8 5.6 5.6 1.8 1.7 1.7 1.9

Telekom Austria nm 24.5 30.9 31.8 3.5 2.1 2.4 2.4 4.6 3.0 2.7 2.5

Telekom Slovenije 12.0 14.3 14.4 12.4 1.8 2.8 2.9 2.9 0.5 0.8 0.8 0.8

TPSA 12.0 18.8 113.9 100.3 3.7 8.1 3.3 3.4 1.6 1.2 0.9 0.9

Turk Telekomunikasyon AS 11.9 9.2 8.8 8.6 6.9 5.4 5.3 5.1 4.3 3.8 3.5 3.3

Turkcell Iletisim Hizmetleri AS 16.5 12.2 10.0 9.1 6.7 7.0 6.1 5.8 1.8 2.0 1.8 1.6

Sector CEE 11.9 14.3 15.0 13.9 4.0 4.6 3.3 3.4 1.7 1.4 1.2 1.3

EuroStoxx Telecommunications 9.6 9.5 9.7 9.6 2.9 2.5 2.7 2.8 1.6 1.3 1.3 1.3

CEE to Peer, Prem/Disc 25% 51% 54% 44% 38% 84% 22% 22% 8% 1% -6% 0%


P/E P/CE P/BV

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Magyar Telekom 1.5 1.2 1.2 1.2 4.6 3.8 4.0 4.1 9.6% 13.3% 11.1% 11.1%

Netia 1.6 1.0 0.9 0.9 4.3 4.5 3.5 3.2 0.0% 0.0% 6.8% 8.0%

T-Hrvatski Telekom 2.0 1.7 2.0 2.1 4.4 3.8 4.7 5.0 9.1% 10.4% 8.2% 7.9%

Telefónica CR 2.3 2.0 2.0 2.0 5.5 5.2 5.2 5.2 10.4% 9.3% 11.4% 11.4%

Telekom Austria 1.7 1.4 1.5 1.5 5.7 4.1 4.9 4.7 4.1% 0.9% 1.0% 1.0%

Telekom Slovenije 1.0 1.3 1.3 1.2 3.3 4.1 3.9 3.6 8.2% 3.9% 5.9% 3.2%TPSA 1.7 1.5 1.4 1.4 4.3 4.5 4.7 4.7 8.7% 4.1% 6.2% 6.2%Turk Telekomunikasyon AS 2.5 2.4 2.2 2.1 5.9 6.0 5.5 5.3 7.7% 10.0% 10.4% 10.7%Turkcell Iletisim Hizmetleri AS 1.8 2.1 1.8 1.6 6.0 6.9 5.7 5.1 0.0% 9.3% 5.0% 5.5%

Sector CEE 1.7 1.4 1.5 1.4 4.5 4.3 4.7 4.7 8.5% 6.7% 7.5% 7.9%

EuroStoxx Telecommunications 1.6 1.4 1.3 1.3 4.9 4.4 4.5 4.4 9.5% 5.3% 6.8% 6.9%

CEE to Peer, Prem/Disc 6% 5% 9% 13% -8% -1% 4% 7% -11% 25% 10% 16%

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Magyar Telekom 32.8% 32.1% 30.5% 29.7% 0.5% 7.6% 6.3% 6.1% -1.5% 7.8% 6.8% 7.1%

Netia 37.8% 21.8% 26.8% 27.6% 15.4% -4.1% 1.2% 2.2% 10.4% -3.7% 1.0% 1.7%

T-Hrvatski Telekom 44.9% 45.3% 42.5% 42.1% 22.6% 22.6% 20.1% 20.4% 16.5% 15.4% 12.9% 12.6%

Telefónica CR 41.5% 39.1% 38.5% 38.3% 16.6% 13.4% 12.6% 12.9% 12.2% 10.5% 10.7% 12.1%

Telekom Austria 29.7% 32.8% 30.7% 30.8% -5.7% 2.4% 2.6% 2.6% -21.4% 12.1% 8.8% 8.1%

Telekom Slovenije 31.4% 30.8% 32.7% 33.8% 4.2% 5.5% 6.0% 7.1% 4.2% 5.3% 5.6% 6.4%

TPSA 39.7% 34.3% 30.4% 30.7% 12.9% 6.0% 0.7% 0.9% 13.2% 6.3% 0.7% 0.9%

Turk Telekomunikasyon AS 42.5% 40.1% 40.6% 40.3% 15.9% 20.4% 20.0% 20.0% 34.6% 43.1% 40.0% 39.3%

Turkcell Iletisim Hizmetleri AS 30.1% 30.2% 30.9% 30.9% 12.2% 19.6% 20.6% 21.2% 11.5% 17.5% 18.1% 18.7%

Sector CEE 38.8% 33.5% 31.7% 32.3% 14.1% 6.8% 6.1% 6.6% 11.3% 9.1% 7.8% 7.6%

EuroStoxx Telecommunications 33.2% 32.9% 31.2% 31.3% 7.1% 5.5% 7.2% 7.2% 16.3% 14.2% 13.5% 13.1%

CEE to Peer, ppt 5.5 0.6 0.5 0.9 7.0 1.3 -1.1 -0.6 -5.0 -5.1 -5.7 -5.5



2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Magyar Telekom -7.9% -0.6% -6.4% -2.5% nm nm -18.2% -2.8% 1.5 1.5 1.6 1.7

Netia 4.3% -24.5% 15.9% -0.9% -5.5% nm nm 83.9% 0.9 0.9 0.5 0.2

T-Hrvatski Telekom -1.2% -6.7% -13.2% -5.6% -0.1% -7.5% -17.7% -3.3% -1.0 -1.0 -1.1 -1.2

Telefónica CR -20.4% -9.2% -3.8% 0.5% -29.3% -21.2% -7.2% 3.3% -0.2 0.0 0.1 0.1

Telekom Austria -12.6% 7.3% -10.5% -1.1% nm nm -27.9% -3.0% 2.6 2.3 2.6 2.4

Telekom Slovenije 610.6% -5.5% 4.0% 1.3% nm 27.8% 5.3% 16.2% 1.7 1.6 1.3 1.0

TPSA 25.8% -18.2% -20.9% -3.0% 1693.6% -54.8% -89.1% 13.6% 0.5 1.2 2.0 1.9

Turk Telekomunikasyon AS 5.0% 0.4% 4.0% 2.7% -15.6% 27.5% -0.1% 2.4% 1.1 1.2 1.1 1.0

Turkcell Iletisim Hizmetleri AS -3.7% 12.4% 9.2% 6.9% -33.2% 76.0% 12.1% 9.6% -0.9 -1.1 -0.9 -1.2

Sector CEE** -5.5% -2.4% -4.6% -1.4% -28.3% 32.2% -7.0% 1.0% 1.0 1.2 1.2 1.0

EuroStoxx Telecommunications -5.0% -2.4% -4.2% -0.3% -14.1% -23.1% -2.5% 1.0% 2.2 2.3 2.3 2.3

CEE to Peer, ppt** -0.5 0.0 -0.4 -1.0 -14.2 55.3 -4.5 0.0 -55% -47% -49% -54%

(*) 2011 estimated




Travel & Tourism




AmRest AMMR.WA EAT PW PLN 417.1 5.1 -5.7 -7.4 31.4 -13.7 83.00 90.0 Hold

Benefit Systems S.A. BFT.WA BFT PW PLN 143.1 -3.6 -6.0 3.3 58.4 9.6 252.00 250.0 Buy

Celebi Ground Handling CLEBI.IS CLEBI TI TRY 150.8 -26.5 -26.7 -24.5 1.3 -23.8 15.40 23.6 Accumulate

DO & CO DOCO.VI DOC AV EUR 346.9 -8.5 -2.1 13.8 25.3 6.3 35.61 42.0 Accumulate

Fortuna Entertainment Group FOREsp.PR Fortuna CP CZK 200.0 -8.3 5.8 17.6 9.0 15.8 98.40 98.0 Accumulate

TAV Havalimanlari Holding TAVHL.IS TAVHL TI TRY 1,646.7 6.1 0.0 28.4 25.8 23.4 11.25 11.0 Hold

Turkish Airlines THYAO.IS THYAO TI TRY 3,906.6 1.5 7.2 38.4 200.4 29.1 8.08 8.5 Accumulate

Vienna Int. Airport VIEV.VI FLU AV EUR 953.2 -3.0 -2.6 18.5 46.9 5.6 45.39 50.0 Accumulate

Erste Sector Travel & Tourism 7,764.4 0.4 2.0 25.8 81.6 18.1 - - -

EuroStoxx Travel & Leisure - - - 41,359 2.8 0.5 15.8 43.5 13.7 - - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

AmRest 26.6 32.4 41.7 35.7 6.0 7.5 7.1 6.7 1.8 1.8 1.8 1.7

Benefit Systems S.A. 8.5 20.3 16.8 14.8 8.1 17.8 15.2 13.6 4.1 6.2 5.2 4.5

Celebi Ground Handling 60.6 14.9 10.1 8.7 11.0 5.8 4.6 4.0 11.7 6.1 3.9 2.7

DO & CO 16.3 14.7 15.8 14.7 7.5 7.2 9.2 7.9 2.3 1.9 2.1 1.9

Fortuna Entertainment Group 14.1 16.0 13.0 11.7 11.1 13.1 10.4 9.7 4.0 4.2 3.8 3.6

TAV Havalimanlari Holding 22.6 11.3 11.2 8.1 10.1 7.2 7.4 5.8 2.5 2.8 2.6 2.0

Turkish Airlines 137.4 9.4 8.0 9.0 3.1 5.0 4.1 3.8 0.6 1.8 1.5 1.3

Vienna Int. Airport 19.4 13.7 13.9 12.7 3.2 5.6 5.0 4.9 0.8 1.1 1.1 1.0

Sector CEE 22.6 14.9 13.0 11.7 8.1 7.2 7.4 6.7 2.5 2.8 2.6 2.0

EuroStoxx Travel & Leisure 19.9 17.3 17.9 12.6 4.5 6.2 6.0 5.0 1.1 1.7 1.7 1.5

CEE to Peer, Prem/Disc 14% -14% -28% -7% 78% 16% 24% 33% 135% 60% 54% 29%


P/E P/CE P/BV

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

AmRest 0.9 1.0 1.0 0.8 8.5 8.1 8.2 7.5 0.0% 0.0% 0.0% 0.0%

Benefit Systems S.A. 1.2 1.8 1.5 1.3 9.2 13.9 11.8 10.4 4.4% 3.0% 3.6% 5.4%

Celebi Ground Handling 1.5 1.3 1.1 0.9 9.1 7.7 5.9 4.8 0.0% 0.0% 0.0% 0.0%

DO & CO 0.5 0.5 0.5 0.5 4.8 4.3 5.3 4.9 1.2% 1.5% 1.5% 1.7%

Fortuna Entertainment Group 2.1 2.2 2.1 2.1 9.6 9.9 8.2 7.7 6.4% 5.5% 6.9% 7.7%TAV Havalimanlari Holding 2.3 2.0 2.1 1.8 9.3 7.8 7.0 5.5 3.3% 4.5% 4.7% 6.5%Turkish Airlines 0.7 1.1 0.9 0.8 7.7 7.1 6.9 5.5 0.0% 0.0% 0.0% 0.0%Vienna Int. Airport 2.5 2.9 2.8 2.5 7.8 8.7 7.6 7.0 3.4% 2.4% 2.4% 2.6%

Sector CEE 1.2 1.3 1.1 0.9 9.1 7.8 7.0 5.5 1.2% 1.5% 1.5% 1.7%

EuroStoxx Travel & Leisure 0.6 0.6 0.6 0.5 5.8 6.5 7.9 6.7 3.6% 1.6% 1.8% 2.3%

CEE to Peer, Prem/Disc 114% 117% 71% 66% 56% 21% -11% -18% -68% -3% -12% -27%

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

AmRest 10.3% 12.8% 11.6% 10.9% 2.2% 2.0% 1.9% 1.9% 6.4% 6.3% 4.3% 4.8%

Benefit Systems S.A. 13.2% 13.1% 12.5% 12.5% 15.2% 9.4% 9.5% 9.7% 73.0% 33.5% 33.7% 32.5%

Celebi Ground Handling 16.7% 16.4% 18.1% 18.5% 0.8% 4.8% 6.4% 6.6% 10.7% 50.0% 47.2% 36.7%

DO & CO 10.8% 11.0% 9.8% 10.4% 5.3% 5.7% 5.5% 5.5% 14.9% 14.0% 14.2% 13.7%

Fortuna Entertainment Group 22.3% 22.2% 25.8% 26.8% 14.8% 13.4% 16.1% 17.4% 26.9% 26.6% 30.9% 31.5%

TAV Havalimanlari Holding 24.5% 25.6% 29.6% 32.3% 5.7% 10.9% 12.2% 15.4% 11.6% 25.3% 25.9% 27.8%

Turkish Airlines 9.7% 15.4% 13.0% 14.3% 0.2% 6.9% 6.5% 4.9% 0.4% 20.9% 20.4% 15.2%

Vienna Int. Airport 32.5% 34.1% 36.3% 36.3% 5.4% 11.5% 10.9% 11.6% 3.9% 8.3% 7.8% 8.1%

Sector CEE 13.2% 15.4% 13.0% 14.3% 5.3% 6.9% 6.5% 6.6% 11.6% 25.3% 25.9% 27.8%

EuroStoxx Travel & Leisure 15.2% 15.0% 9.5% 10.7% 2.8% 5.5% 3.7% 2.8% 5.4% 10.1% 9.4% 12.3%

CEE to Peer, ppt -2.1 0.4 3.5 3.7 2.4 1.4 2.9 3.8 6.2 15.3 16.5 15.6



2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

AmRest 56.1% 14.0% 2.5% 6.6% 12.5% 6.5% -22.4% 16.9% 2.9 1.8 2.1 1.8

Benefit Systems S.A. 50.1% 29.6% 13.8% 10.3% 116.3% -23.3% 21.0% 13.1% -1.0 -0.6 -0.9 -1.2

Celebi Ground Handling 0.0% 8.9% 22.3% 14.4% -60.1% 229.6% 47.6% 16.2% 3.1 3.3 2.3 1.6

DO & CO 27.2% 12.4% 6.6% 13.6% 48.6% 7.4% 13.4% 7.5% -2.0 -1.7 -1.6 -1.3

Fortuna Entertainment Group -18.1% 4.1% 18.9% 6.2% -41.9% -5.8% 23.1% 10.8% 0.2 0.3 0.1 0.0

TAV Havalimanlari Holding 24.1% 33.0% 27.1% 19.2% 6.0% 135.1% 18.9% 38.0% 3.5 3.0 2.6 1.7

Turkish Airlines 24.9% 101.0% 3.9% 30.7% -93.5% 5460.6% 18.0% -11.2% 5.5 2.9 2.9 2.4

Vienna Int. Airport 12.4% 10.0% 10.9% 2.9% -58.3% 119.5% -1.2% 9.3% 4.6 4.1 3.4 2.9

Sector CEE** 12.5% 57.5% 8.3% 18.8% -54.8% 371.5% 14.4% -1.2% 2.9 1.8 2.1 1.6

EuroStoxx Travel & Leisure -6.8% 2.0% 10.0% 16.3% -32.2% 70.8% -3.4% 42.8% 0.2 0.5 0.4 0.0

CEE to Peer, ppt** 19.2 55.5 -1.7 2.5 -22.6 300.7 17.8 -44.0 1088% 274% 437% 4573%

(*) 2011 estimated




Utilities




Akenerji Elektrik AKENR.IS AKENR TI TRY 319.5 -6.6 -10.9 -4.5 10.5 -5.5 1.55 2.6 Accumulate

CEZ CEZP.PR CEZ CP CZK 11,672.9 -1.8 -9.6 -10.6 -25.8 -17.8 559.00 606.0 Hold

ENEA ENAE.WA ENA PW PLN 1,480.6 5.2 -5.8 -7.8 -5.3 -9.7 14.20 16.0 Hold

PannErgy PANP.BU PANNERGY HBHUF 18.7 -17.3 -23.5 -48.7 -49.5 -47.8 302.00 U.R. U.R.

PGE PGE.WA PGE PW PLN 7,777.2 3.3 5.1 -0.8 -6.8 -3.3 17.61 20.1 Accumulate

Tauron Polska Energia TPE.WA TPE PW PLN 1,792.4 4.1 -7.5 -1.8 -0.2 -8.8 4.33 3.9 Reduce

Transelectrica TSEL.BX TEL RO RON 214.4 7.1 -5.4 16.8 5.8 4.0 13.20 15.2 Buy

Transgaz TGNM.BX TGN RO RON 534.9 6.2 -2.2 0.0 8.5 -6.0 205.00 236.0 Accumulate

Verbund VERB.VI VER AV EUR 5,505.6 -1.3 -1.1 -12.2 -14.3 -15.2 15.92 16.1 Hold

Zorlu Enerji ZOREN.IS ZOREN TI TRY 186.3 -9.7 -2.1 28.7 31.1 20.9 1.39 1.7 Accumulate

Erste Sector Utilities - - - 29,502.3 0.4 -4.0 -7.3 -15.7 -12.3 - - -

EuroStoxx Utilities - - - 268,699 -3.9 1.4 6.0 10.7 1.7 - - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Akenerji Elektrik* 17.8 14.4 11.9 4.2 10.4 9.0 7.7 3.0 1.0 0.9 0.9 0.7

CEZ 10.3 8.8 7.7 9.6 6.4 4.6 4.4 4.9 1.9 1.5 1.1 1.1

ENEA 10.1 9.7 10.5 12.7 4.8 4.4 4.8 4.6 0.8 0.6 0.6 0.5

PannErgy 12.3 11.6 9.8 8.6 nm 3.6 3.4 3.2 1.0 0.4 0.4 0.4

PGE 7.8 10.6 9.7 10.3 4.6 5.1 4.8 5.1 0.9 0.8 0.8 0.7

Tauron Polska Energia 7.7 5.7 10.5 14.2 3.2 3.7 2.2 3.1 0.6 0.5 0.5 0.4

Transelectrica 14.0 22.3 8.3 8.5 2.9 3.0 2.1 2.0 0.5 0.4 0.4 0.4

Transgaz 6.8 7.8 6.2 6.3 4.9 5.4 4.3 4.3 0.9 0.9 0.8 0.7

Verbund 20.3 13.8 3.0 14.1 15.6 7.4 2.6 7.5 1.7 1.2 0.9 0.9

Zorlu Enerji* nm 6.6 4.3 1.1 17.2 2.7 2.2 0.9 4.6 2.7 1.7 0.7

Sector CEE 10.3 10.1 9.0 9.1 4.9 4.5 3.8 3.7 1.0 0.9 0.8 0.7

EuroStoxx Utilities 10.6 9.2 10.5 10.2 3.9 3.5 3.8 3.7 0.9 0.9 0.9 0.8

CEE to Peer, Prem/Disc -2% 11% -14% -10% 24% 28% 1% 1% 3% -7% -10% -19%


P/E P/CE P/BV

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Akenerji Elektrik* 2.9 3.3 3.4 1.5 14.1 15.4 16.3 7.0 0.0% 0.0% 0.0% 0.0%

CEZ 2.8 2.5 2.2 2.2 6.8 6.3 5.7 6.3 5.7% 5.9% 7.2% 6.2%

ENEA 0.6 0.5 0.6 0.7 3.6 3.4 3.9 4.9 2.7% 3.3% 2.9% 2.4%

PannErgy 0.6 0.6 0.6 0.5 31.1 4.4 4.0 3.7 0.0% 0.0% 0.0% 0.0%

PGE 1.2 1.0 1.1 1.1 5.0 4.5 4.2 4.7 8.8% 7.3% 5.2% 4.9%

Tauron Polska Energia 0.7 0.5 0.6 0.7 4.6 3.5 4.6 5.4 5.8% 4.8% 0.0% 0.0%Transelectrica 0.6 0.6 0.7 0.6 4.2 4.1 3.5 3.2 6.3% 4.0% 6.0% 5.9%Transgaz 1.9 1.9 1.7 1.6 4.2 4.8 4.0 3.9 13.3% 9.8% 12.9% 8.9%Verbund 3.1 3.3 3.3 3.7 11.5 8.5 7.5 9.7 2.7% 3.8% 10.1% 3.8%Zorlu Enerji* 4.2 1.9 1.5 0.6 16.2 5.2 4.2 1.1 0.0% 0.0% 0.0% 0.0%

Sector CEE 1.5 1.4 1.3 0.9 5.9 4.6 4.2 4.8 4.2% 3.9% 4.0% 3.1%

EuroStoxx Utilities 1.6 1.4 1.4 1.3 6.7 6.4 7.1 6.6 6.4% 6.8% 6.4% 6.4%

CEE to Peer, Prem/Disc -1% 5% -8% -30% -11% -28% -41% -28% -34% -43% -37% -52%

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Akenerji Elektrik* 20.4% 21.7% 21.0% 21.2% 8.4% 10.1% 10.9% 12.4% 5.7% 6.6% 7.4% 18.3%

CEZ 41.6% 39.8% 38.0% 35.0% 19.4% 18.7% 18.1% 15.2% 18.2% 17.4% 15.0% 11.4%

ENEA 16.1% 15.9% 15.5% 14.9% 8.1% 7.0% 6.0% 4.9% 7.8% 6.7% 5.3% 4.3%

PannErgy 2.0% 14.0% 14.2% 14.5% 5.6% 3.9% 4.4% 4.8% 10.0% 4.4% 4.6% 5.0%

PGE 24.4% 22.2% 25.1% 24.0% 17.7% 10.6% 11.8% 10.8% 12.7% 7.9% 8.2% 7.3%

Tauron Polska Energia 14.6% 15.5% 13.5% 12.9% 6.0% 6.2% 3.3% 2.4% 8.0% 9.2% 4.4% 3.1%

Transelectrica 14.7% 15.2% 19.2% 19.1% 2.9% 1.5% 4.4% 4.0% 3.8% 1.8% 4.7% 4.5%

Transgaz 45.0% 39.9% 42.0% 40.5% 29.0% 24.8% 26.0% 24.6% 13.0% 11.0% 12.8% 12.2%

Verbund 26.9% 38.6% 44.0% 38.3% 12.0% 16.5% 66.1% 17.5% 8.4% 9.0% 34.2% 6.4%

Zorlu Enerji* 26.1% 35.8% 36.6% 56.5% -12.3% 7.8% 12.1% 32.4% -44.6% 51.7% 48.6% 87.4%

Sector CEE 22.4% 22.0% 23.0% 22.6% 8.3% 8.9% 11.3% 11.6% 8.2% 8.5% 7.8% 6.9%

EuroStoxx Utilities 23.5% 22.2% 22.0% 22.4% 7.1% 6.1% 5.8% 5.9% 8.9% 10.0% 8.2% 8.3%

CEE to Peer, ppt -1.1 -0.2 1.0 0.2 1.2 2.8 5.5 5.7 -0.6 -1.5 -0.4 -1.4



2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Akenerji Elektrik* 286.8% 9.8% 8.2% 150.4% nm 23.2% 21.1% 181.7% 6.8 8.7 10.1 4.5

CEZ -2.0% -2.1% -4.3% -12.5% -13.7% 1.6% -6.2% -20.2% 1.9 2.0 2.0 2.0

ENEA 14.0% 2.9% -3.9% -1.6% 23.6% -9.2% -16.9% -17.4% -1.6 -0.9 -0.2 0.7

PannErgy -79.9% 415.5% 6.1% 6.4% 5476.4% -47.5% 18.1% 14.5% 1.1 1.3 1.0 0.8

PGE 0.8% -0.9% 7.2% -2.0% 55.2% -34.9% 5.9% -6.0% -0.7 -0.5 -0.3 0.0

Tauron Polska Energia 9.6% 27.0% -18.2% -1.0% 835.5% 20.2% -50.7% -26.0% 1.3 1.2 2.0 2.8

Transelectrica 30.3% -6.2% 20.1% 6.4% 851.2% -52.3% 169.8% -2.6% 1.5 1.9 1.6 1.4

Transgaz 4.9% -12.0% 18.6% 1.0% 4.6% -15.0% 18.1% -0.8% -0.2 -0.1 0.1 0.1

Verbund -1.7% 15.5% 7.1% -18.3% -20.4% 12.9% 359.1% -78.7% 4.0 3.4 2.8 3.9

Zorlu Enerji* 135.8% 163.5% 3.0% 128.9% 14.2% nm 56.2% 297.3% 12.4 3.8 2.8 0.5

Sector CEE** 1.8% 2.9% -1.6% -6.1% 13.8% -8.7% 34.3% -36.5% 1.4 1.6 1.8 1.1

EuroStoxx Utilities -4.7% 3.3% -6.3% 1.6% -23.1% 5.7% -12.7% 3.2% 3.4 3.2 3.1 3.1

CEE to Peer, ppt** 6.4 -0.4 4.7 -7.7 36.9 -14.4 47.0 -39.7 -59% -51% -44% -64%

(*) 2011 estimated




Austria

07/06/2013 Industry Mcap Price 12M target Rating

current price

Company Reuters Bloomberg (EURmn) 1M 3M 6M 12M (LC) (LC)

AMAG AMAV.VI AMAG AV Mining & Metals 825.2 -0.2 -2.5 5.4 30.1 23.40 24.5 Hold

AMS AMS.S AMS SW Electric & Electronic Products 900.4 -0.3 -25.4 -13.1 27.2 86.20 116.0 Buy

Andritz ANDR.VI ANDR AV Machinery & Engineering 4,144.6 -7.7 -25.1 -18.8 -2.5 40.17 51.7 Accumulate

AT&S ATSV.VI ATS AV Electric & Electronic Products 148.0 -3.6 -10.9 -22.6 -19.6 6.35 7.4 Accumulate

Austrian Post POST.VI POST AV Mail & Postal Services 2,090.1 -2.1 -0.7 -2.5 17.6 30.94 31.4 Hold

CA IMMO CAIV.VI CAI AV Real Estate Investor 871.5 -8.1 -13.0 -6.2 27.2 9.92 12.5 Accumulate

CAToil O2C.DE O2C GR Other Industrial Goods & Services 555.0 27.3 32.0 74.9 117.9 11.35 8.5 Accumulate

conwert CONW.VI CWI AV Real Estate Investor 718.0 0.1 -9.3 -8.2 2.9 8.70 10.0 Accumulate

DO & CO DOCO.VI DOC AV Hotels & Restaurants 346.9 -8.5 -2.1 13.8 25.3 35.61 42.0 Accumulate

Immofinanz IMFI.VI IIA AV Real Estate Investor 3,300.2 -2.0 0.6 -3.9 36.4 3.16 4.0 Buy

Kapsch TrafficCom KTCG.VI KTCG AV Electric & Electronic Products 490.2 3.8 -8.9 -13.8 -37.4 37.71 59.9 Buy

Lenzing LENV.VI LNZ AV Fibres 1,565.1 -4.3 -18.2 -7.2 -10.8 58.95 77.4 Buy

Mayr-Melnhof MMKV.VI MMK AV Paper & Packaging 1,666.8 -0.7 -5.9 2.1 13.0 83.40 88.0 Hold

OMV OMVV.VI OMV AV Oil & Gas 11,703.6 -3.5 1.4 31.8 65.5 35.89 43.0 Buy

Palfinger PALF.VI PAL AV Machinery & Engineering 900.9 7.3 19.9 55.1 39.5 25.50 22.5 Reduce

Polytec POLV.VI PYT AV Auto Parts & Tires 138.3 -5.8 -9.4 7.7 3.4 6.19 7.8 Buy

Raiffeisen Bank International RBIV.VI RBI AV Banking 5,015.7 -6.3 -12.2 -19.6 11.4 25.66 U.R. U.R.

RHI RHIV.VI RHI AV Refractory Products 1,076.5 1.8 3.7 15.8 58.3 27.04 31.0 Accumulate

S Immo SIAG.VI SPI AV Real Estate Investor 322.9 -1.1 2.7 -1.5 19.0 4.80 5.7 Buy

SBO SBOE.VI SBO AV Other Industrial Goods & Services1,272.0 5.4 0.8 -0.2 26.2 79.50 83.0 Accumulate

Semperit SMPV.VI SEM AV Rubber and Plastic Products 565.8 -6.9 -15.3 -15.4 -6.9 27.50 34.5 Accumulate

STRABAG STRV.VI STR AV Construction Services 1,725.7 -5.5 -11.6 -22.8 -7.1 16.74 22.0 Buy

Telekom Austria TELA.VI TKA AV Integrated Telecoms 2,308.9 1.4 -6.6 4.2 -31.5 5.22 4.5 Sell

Uniqa UNIQ.VI UQA AV Insurance 2,346.0 5.8 1.3 11.7 -11.1 10.95 10.2 Accumulate

Verbund VERB.VI VER AV Utility 5,505.6 -1.3 -1.1 -12.2 -14.3 15.92 16.1 Hold

Vienna Insurance Group VIGR.VI VIG AV Insurance 4,851.8 -5.4 -2.7 0.4 32.7 37.90 42.0 Buy

Vienna Int. Airport VIEV.VI FLU AV Airports 953.2 -3.0 -2.6 18.5 46.9 45.39 50.0 Accumulate

voestalpine VOES.VI VOE AV Steel 4,886.1 14.0 9.7 13.3 33.1 28.35 28.5 Buy

Wienerberger WBSV.VI WIE AV Construction Materials 1,170.7 9.1 14.7 51.9 40.2 10.18 8.5 Reduce

Zumtobel ZUMV.VI ZAG AV Lighting Products 388.0 -1.7 -6.5 -4.1 -10.0 9.00 9.2 Hold

Erste country Austria 62,753.5 -1.3 -4.2 1.4 15.4 - - -


2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

AMAG 6.3 11.5 12.5 11.8 4.0 6.7 6.8 6.4 1.0 1.5 1.4 1.3

AMS 10.4 12.9 10.3 9.1 3.5 8.9 7.3 6.4 1.2 2.6 1.9 1.6

Andritz 14.3 20.6 18.1 14.4 8.7 15.0 11.9 9.1 3.7 5.0 3.7 3.2

AT&S 10.5 8.0 20.6 9.0 4.4 2.4 2.0 1.7 1.6 0.8 0.5 0.5

Austrian Post 12.7 17.1 14.5 14.1 7.4 10.6 9.0 8.7 2.2 3.0 2.8 2.7

CA IMMO 11.6 16.9 16.1 14.2 10.3 8.2 15.7 13.5 0.4 0.5 0.5 0.5

CAToil 32.1 26.7 15.9 14.0 5.1 7.8 6.8 6.5 1.0 2.4 2.1 1.9

conwert 30.4 nm 14.8 13.5 19.8 54.4 26.8 17.9 0.6 0.8 0.7 0.7

DO & CO 16.3 14.7 15.8 14.7 7.5 7.2 9.2 7.9 2.3 1.9 2.1 1.9

Immofinanz 10.1 9.8 12.4 12.3 12.5 12.4 12.0 12.7 0.6 0.5 0.6 0.6

Kapsch TrafficCom 35.1 14.7 nm 16.9 15.0 9.4 51.6 10.7 4.4 2.0 2.2 2.0

Lenzing 6.4 10.3 14.5 12.9 4.2 5.6 6.9 6.3 1.7 1.6 1.3 1.3

Mayr-Melnhof 11.1 13.6 13.8 13.4 6.7 8.0 8.2 7.9 1.3 1.5 1.4 1.3

OMV 6.5 6.5 7.0 7.0 2.6 2.7 3.2 3.1 0.7 0.8 0.9 0.9

Palfinger 10.4 14.4 19.7 16.4 5.6 10.5 11.6 10.2 1.3 1.6 2.3 2.1

Polytec 3.5 6.0 7.5 6.6 2.5 3.5 4.4 4.0 1.0 1.0 1.0 0.9

Raiffeisen Bank International 5.1 11.7 5.4 4.0 na na na na 0.5 0.8 0.6 0.5

RHI 4.9 8.7 7.7 9.1 3.8 4.9 5.1 5.8 1.4 2.1 1.8 1.6

S Immo 15.3 13.4 13.2 12.5 10.6 9.8 9.7 9.4 0.6 0.7 0.6 0.6

SBO 20.4 16.7 17.7 15.5 11.9 10.6 10.8 10.0 3.5 3.5 3.1 2.7

Semperit 11.3 13.9 11.0 10.0 8.0 8.4 6.2 5.7 1.6 1.6 1.3 1.2

STRABAG 12.6 35.1 14.4 11.1 3.8 4.0 3.4 3.0 0.8 0.7 0.6 0.6

Telekom Austria nm 24.5 30.9 31.8 3.5 2.1 2.4 2.4 4.6 3.0 2.7 2.5

Uniqa nm 13.0 12.6 11.6 na na na na 1.5 1.1 1.4 1.3

Verbund 20.3 13.8 3.0 14.1 15.6 7.4 2.6 7.5 1.7 1.2 0.9 0.9

Vienna Insurance Group 10.7 12.7 11.1 10.0 na na na na 0.9 1.1 1.0 0.9

Vienna Int. Airport 19.4 13.7 13.9 12.7 3.2 5.6 5.0 4.9 0.8 1.1 1.1 1.0

voestalpine 10.9 12.8 12.0 11.1 4.8 4.3 5.0 4.8 1.5 1.1 1.2 1.1

Wienerberger 106.1 nm nm 35.1 3.9 3.4 5.3 4.8 0.4 0.4 0.6 0.6

Zumtobel 20.5 28.1 38.0 18.1 10.0 5.2 10.6 5.5 2.8 1.2 1.1 1.0

Mean Austria 12.7 12.9 8.6 9.6 5.1 4.9 4.5 5.0 1.1 1.1 1.0 1.0

P/E P/CE P/BV

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

AMAG 0.8 1.1 1.2 1.1 4.1 6.8 7.1 6.9 9.5% 2.6% 2.6% 2.6%

AMS 1.7 2.8 2.0 1.7 6.7 9.0 6.9 5.7 2.0% 1.8% 2.2% 2.5%

Andritz 0.5 0.8 0.6 0.5 5.8 9.9 8.2 6.3 3.4% 2.5% 3.0% 3.5%

AT&S 1.2 0.9 0.7 0.7 6.0 4.5 4.0 3.9 2.3% 3.5% 5.0% 6.0%

Austrian Post 0.7 0.9 0.9 0.9 5.9 8.0 7.5 7.3 7.3% 5.8% 6.1% 6.5%

CA IMMO 11.7 11.8 11.1 10.7 15.8 17.0 16.2 16.0 4.6% 3.6% 4.0% 4.0%

CAToil 0.9 1.8 1.4 1.2 4.9 7.5 5.7 5.2 2.8% 1.8% 1.9% 2.1%

conwert 9.7 10.3 9.1 8.3 18.6 22.8 19.7 17.5 2.3% 1.5% 2.9% 4.0%

DO & CO 0.5 0.5 0.5 0.5 4.8 4.3 5.3 4.9 1.2% 1.5% 1.5% 1.7%

Immofinanz 10.8 10.4 10.0 9.6 21.9 20.0 18.6 17.2 3.1% 5.6% 4.8% 6.3%

Kapsch TrafficCom 2.2 1.1 1.2 0.9 13.7 9.7 25.5 7.3 1.6% 2.4% 0.8% 1.9%

Lenzing 0.9 1.1 0.9 1.0 3.9 6.7 7.3 6.9 3.9% 2.6% 3.0% 3.0%

Mayr-Melnhof 0.6 0.8 0.8 0.7 4.6 6.0 5.9 5.5 3.2% 2.8% 2.8% 2.8%

OMV 0.5 0.4 0.4 0.4 3.9 3.3 3.3 3.3 4.7% 4.4% 3.6% 4.2%

Palfinger 0.8 0.9 1.2 1.1 6.9 8.7 10.8 9.5 3.1% 2.3% 1.7% 2.0%

Polytec 0.2 0.3 0.3 0.3 2.3 3.6 4.3 3.7 6.5% 6.0% 4.8% 4.8%

Raiffeisen Bank International na na na na na na na na 5.2% 3.7% 3.9% 3.8%

RHI 0.7 0.9 1.0 0.9 5.9 7.4 5.8 6.7 5.0% 3.0% 3.0% 3.1%

S Immo 8.1 7.9 7.7 7.5 16.5 15.8 15.3 15.3 2.2% 3.1% 3.5% 4.0%

SBO 2.8 2.5 2.5 2.2 9.1 8.2 7.9 7.0 1.8% 1.9% 2.0% 2.3%

Semperit 0.7 0.8 0.7 0.7 4.9 6.2 5.2 4.8 2.7% 2.6% 3.1% 3.3%

STRABAG 0.2 0.2 0.1 0.1 3.0 4.2 2.8 2.7 2.7% 1.0% 3.0% 3.3%

Telekom Austria 1.7 1.4 1.5 1.5 5.7 4.1 4.9 4.7 4.1% 0.9% 1.0% 1.0%

Uniqa na na na na na na na na 0.0% 2.5% 3.7% 4.1%

Verbund 3.1 3.3 3.3 3.7 11.5 8.5 7.5 9.7 2.7% 3.8% 10.1% 3.8%

Vienna Insurance Group na na na na na na na na 3.6% 3.0% 3.4% 3.7%

Vienna Int. Airport 2.5 2.9 2.8 2.5 7.8 8.7 7.6 7.0 3.4% 2.4% 2.4% 2.6%

voestalpine 0.9 0.7 0.8 0.8 6.4 6.7 6.7 6.6 2.4% 3.2% 3.2% 3.5%

Wienerberger 0.9 0.9 0.9 0.8 7.4 9.5 8.5 6.9 1.7% 1.7% 1.2% 1.5%

Zumtobel 1.1 0.6 0.5 0.5 10.2 8.1 7.9 6.9 2.0% 1.9% 1.1% 2.2%

Mean Austria 0.9 0.8 0.8 0.8 6.5 6.2 5.9 5.8 3.5% 3.2% 3.9% 3.7%


2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

AMAG 18.2% 16.5% 16.6% 16.5% 10.7% 8.8% 8.1% 7.9% 19.9% 13.1% 11.7% 11.4%

AMS 25.9% 30.5% 29.4% 30.0% 12.8% 21.1% 20.6% 22.0% 13.5% 22.1% 19.8% 19.1%

Andritz 8.3% 8.1% 7.5% 8.4% 5.0% 4.7% 3.8% 4.5% 27.9% 25.6% 21.6% 24.1%

AT&S 19.7% 20.1% 18.2% 19.2% 7.2% 5.2% 1.3% 3.0% 16.1% 10.4% 2.5% 5.7%

Austrian Post 12.0% 11.5% 11.9% 12.0% 5.3% 5.2% 6.0% 6.2% 17.8% 17.5% 19.8% 19.7%

CA IMMO 74.2% 69.4% 68.6% 67.1% 20.4% 13.6% 15.3% 18.3% 3.8% 3.2% 3.2% 3.5%

CAToil 19.5% 23.9% 24.2% 23.3% 2.4% 6.4% 8.3% 8.7% 3.0% 9.2% 14.1% 14.4%

conwert 52.2% 45.1% 46.1% 47.7% 7.7% -79.9% 21.7% 24.5% 1.8% -14.9% 4.6% 4.9%

DO & CO 10.8% 11.0% 9.8% 10.4% 5.3% 5.7% 5.5% 5.5% 14.9% 14.0% 14.2% 13.7%

Immofinanz 49.2% 52.0% 53.7% 55.8% 41.1% 34.7% 29.6% 28.8% 6.1% 5.2% 4.8% 4.8%

Kapsch TrafficCom 15.8% 11.2% 4.6% 11.7% 7.2% 7.2% 0.5% 6.3% 13.0% 15.3% -3.5% 12.3%

Lenzing 22.0% 15.7% 13.0% 13.8% 12.2% 8.4% 5.2% 5.6% 30.5% 16.8% 9.5% 10.1%

Mayr-Melnhof 13.0% 12.9% 12.7% 12.8% 6.1% 6.1% 6.0% 6.0% 12.1% 11.5% 10.7% 10.4%

OMV 12.2% 12.1% 12.9% 12.8% 4.7% 4.2% 4.7% 4.6% 11.3% 12.8% 14.2% 12.8%

Palfinger 11.2% 10.4% 10.9% 11.5% 5.5% 4.8% 5.1% 5.4% 12.6% 11.5% 12.2% 13.4%

Polytec 9.4% 8.7% 7.8% 8.2% 5.4% 4.6% 4.0% 4.3% 34.7% 17.8% 13.8% 14.4%

Raiffeisen Bank International na na na na na na na na 10.9% 7.0% 11.3% 13.5%

RHI 11.6% 12.5% 16.7% 13.5% 6.9% 6.2% 7.8% 6.4% 32.0% 24.7% 26.3% 18.7%

S Immo 48.8% 50.2% 50.1% 49.2% 10.2% 13.2% 13.8% 14.9% 4.2% 5.1% 5.0% 5.1%

SBO 30.6% 31.2% 31.6% 30.6% 13.1% 14.9% 14.1% 14.5% 18.4% 22.5% 18.6% 18.7%

Semperit 13.7% 13.1% 13.2% 13.8% 6.6% 5.6% 5.6% 5.8% 14.9% 11.9% 12.2% 12.3%

STRABAG 5.4% 4.7% 5.2% 5.4% 1.7% 0.8% 1.3% 1.4% 6.5% 2.1% 4.1% 5.1%

Telekom Austria 29.7% 32.8% 30.7% 30.8% -5.7% 2.4% 2.6% 2.6% -21.4% 12.1% 8.8% 8.1%

Uniqa na na na na na na na na -22.7% 0.3% 10.0% 11.7%

Verbund 26.9% 38.6% 44.0% 38.3% 12.0% 16.5% 66.1% 17.5% 8.4% 9.0% 34.2% 6.4%

Vienna Insurance Group na na na na na na na na 8.9% 9.3% 9.2% 9.5%

Vienna Int. Airport 32.5% 34.1% 36.3% 36.3% 5.4% 11.5% 10.9% 11.6% 3.9% 8.3% 7.8% 8.1%

voestalpine 14.7% 10.8% 12.0% 12.0% 5.4% 3.4% 4.1% 4.4% 15.0% 9.0% 10.2% 10.3%

Wienerberger 12.5% 9.2% 10.3% 11.7% 2.1% -1.7% 0.5% 2.3% 0.4% -3.7% -1.0% 1.8%

Zumtobel 10.4% 6.9% 6.5% 7.3% 4.3% 1.3% 0.8% 1.7% 14.3% 4.3% 2.8% 5.7%

Mean Austria 14.1% 13.5% 14.0% 13.8% 4.9% 4.4% 6.3% 5.0% 8.8% 8.4% 12.2% 10.2%


2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

AMAG 7.7% -10.6% 1.5% 7.3% 58.7% -19.0% -7.1% 5.4% 0.4 0.7 1.0 1.2

AMS 42.8% 65.5% 6.1% 8.1% 34.5% 107.9% 6.9% 13.0% 0.9 0.1 -0.3 -1.0

Andritz 25.7% 8.4% 8.6% 20.4% 28.9% 5.1% -6.0% 25.7% -2.9 -2.2 -1.0 -1.3

AT&S 179.4% 7.7% -5.7% 8.3% nm -24.5% -72.9% 129.7% 2.1 2.5 2.5 2.5

Austrian Post 7.9% -4.1% 4.9% 1.6% 4.6% -0.6% 17.1% 3.1% 0.3 0.2 0.1 0.0

CA IMMO 76.8% -0.6% -4.1% -2.7% 37.1% -13.1% -0.7% 13.4% 12.4 12.7 11.9 11.6

CAToil -3.2% 42.9% 30.8% 4.3% -65.3% 207.8% 67.7% 13.5% 0.9 0.4 0.3 0.0

conwert -32.5% -22.2% 14.5% 1.5% -2.4% nm nm 9.6% 12.9 14.6 13.2 11.0

DO & CO 27.2% 12.4% 6.6% 13.6% 48.6% 7.4% 13.4% 7.5% -2.0 -1.7 -1.6 -1.3

Immofinanz 1.9% 8.2% 14.0% 7.2% 84.1% -14.8% -6.4% 0.9% 12.9 11.8 10.3 9.5

Kapsch TrafficCom 95.1% -3.0% -64.6% 243.5% -31.5% 38.9% nm nm 1.0 1.5 1.5 0.2

Lenzing 44.9% -30.1% -17.1% 11.1% 56.0% -34.3% -38.4% 12.7% 0.5 1.3 1.6 1.8

Mayr-Melnhof 4.5% -1.3% 1.4% 3.8% 9.8% 0.7% 1.1% 3.0% -0.6 -0.4 -0.6 -0.8

OMV 5.4% 24.8% 11.9% 0.6% 17.7% 15.2% 23.2% -0.6% 1.3 0.9 0.7 0.6

Palfinger 68.5% 1.2% 11.8% 14.7% 73.2% -3.7% 13.1% 20.3% 2.3 2.6 2.4 2.2

Polytec 13.0% -32.1% -10.3% 9.9% 37.9% -37.1% -14.9% 14.0% 0.2 0.3 0.4 0.2

Raiffeisen Bank International na na na na -13.5% -31.7% 76.7% 35.2% na na na na

RHI 18.7% 12.4% 31.6% na 14.7% -6.7% 24.0% -15.7% 3.0 3.1 2.2 2.4

S Immo 42.0% -2.6% -3.1% -3.6% 987.8% 22.2% 1.2% 5.6% 11.0 10.0 9.5 9.4

SBO 46.9% 27.9% 0.9% 7.4% 94.7% 42.7% -5.7% 14.5% 0.4 0.3 0.0 -0.3

Semperit 0.5% -3.9% 12.6% 10.0% 19.2% -14.5% 11.3% 10.0% -0.5 0.2 0.6 0.6

STRABAG 1.6% -18.5% 13.4% 6.2% 14.1% -66.7% 99.6% 29.2% -0.4 0.3 -0.2 -0.2

Telekom Austria -12.6% 7.3% -10.5% -1.1% nm nm -27.9% -3.0% 2.6 2.3 2.6 2.4

Uniqa na na na na nm nm 14.2% 9.2% na na na na

Verbund -1.7% 15.5% 7.1% -18.3% -20.4% 12.9% 359.1% -78.7% 4.0 3.4 2.8 3.9

Vienna Insurance Group na na na na 8.0% 10.6% 8.0% 10.6% na na na na

Vienna Int. Airport 12.4% 10.0% 10.9% 2.9% -58.3% 119.5% -1.2% 9.3% 4.6 4.1 3.4 2.9

voestalpine 59.9% -18.9% 7.0% 0.7% 370.1% -35.0% 19.9% 7.6% 2.2 2.7 2.4 2.4

Wienerberger 14.0% -9.8% 30.3% 18.7% nm nm 73.2% nm 2.0 3.6 2.6 1.9

Zumtobel 57.8% -30.6% -8.1% 13.0% nm -69.0% -36.0% 109.5% 1.9 3.0 3.1 2.7

Mean Austria** 11.5% 6.0% 7.0% 1.1% 5.2% 5.2% 51.8% -10.4% 2.2 2.1 1.9 1.8

(*) 2011 estimated




Croatia


current price


AD Plastik ADPL.ZA ADPLRA CZ AUTOMOBILES & PARTS 66.6 -0.5 -4.4 14.8 6.2 119.48 145.0 Buy

Adris Grupa ADGR_p.ZA ADRSPA CZ Financial Holding / Conglomerate 623.3 -1.6 -2.1 15.6 35.7 289.66 324.0 Accumulate

Atlantic Grupa ATGR.ZA ATGRRA CZ FOOD & BEVERAGE 265.2 -5.0 -8.9 11.7 22.2 598.75 620.0 Accumulate

Atlantska plovidba ATPL.ZA ATPLRA CZ Logistics & Ports 56.7 -10.8 6.4 34.8 16.2 305.76 200.0 Sell

Ericsson Nikola Tesla ERNT.ZA ERNTRA CZ Communications Technology 237.0 -13.8 -12.5 4.5 46.1 1,343.93 1,306.0 Hold

INA INA.ZA INARA CZ Oil & Gas 5,682.3 -0.5 -0.5 -0.3 20.5 4,277.30 4,500.0 Hold

Koncar Elektroindustrija KONL.ZA KOEIRA CZ Machinery & Engineering 247.0 0.0 -6.7 14.2 44.6 722.86 645.0 Buy

Ledo LEDZ.ZA LEDORA CZ Food & Beverage 327.9 -9.6 -5.9 9.2 47.0 7,861.43 9,705.0 U.R.

Petrokemija PTKM.ZA PTKMRA CZ Speciality Chemicals 91.4 -7.6 -12.7 -1.0 -14.8 206.00 241.0 Hold

Podravka PODR.ZA PODRRA CZ Food & Beverage 174.8 -8.5 -17.4 -9.3 8.4 242.76 285.0 Hold

T-Hrvatski Telekom HT.ZA HTRA CZ Integrated Telecoms 2,257.4 -0.7 -4.1 2.0 6.1 207.50 220.0 Hold

Erste country Croatia 10,029.6 -1.7 -2.8 2.2 18.6 - - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

AD Plastik 6.5 8.0 9.6 7.9 3.6 nm 6.9 5.7 0.6 0.6 0.7 0.6

Adris Grupa 7.1 10.8 11.7 11.9 6.0 8.6 11.0 9.4 0.5 0.6 0.6 0.6

Atlantic Grupa 35.8 24.6 14.8 11.8 6.9 8.3 6.8 5.9 1.2 1.3 1.2 1.1

Atlantska plovidba 29.8 nm nm nm 3.9 7.0 5.0 3.1 0.3 0.3 0.3 0.3

Ericsson Nikola Tesla 44.7 16.4 17.0 14.2 17.5 11.5 12.4 10.9 1.5 2.4 3.1 3.2

INA 20.9 11.0 10.1 9.2 9.3 6.8 6.8 6.4 2.6 2.4 2.1 1.9

Koncar Elektroindustrija 8.1 13.9 11.9 10.7 9.9 13.8 15.0 14.2 0.8 1.0 0.9 0.8

Ledo 8.8 10.6 11.2 9.8 18.0 202.5 7.6 8.0 1.3 1.3 1.2 1.1

Petrokemija 6.1 nm 14.4 nm 18.7 nm 3.3 3.4 0.9 1.1 1.0 1.0

Podravka 18.1 18.3 10.9 8.8 5.5 5.9 4.7 4.2 0.8 0.8 0.7 0.7

T-Hrvatski Telekom 10.9 9.6 12.3 12.7 6.2 5.5 6.5 6.8 1.8 1.5 1.6 1.6

Mean Croatia 14.6 11.5 11.2 10.4 7.8 7.0 6.9 6.7 1.6 1.6 1.5 1.4


P/E P/CE P/BV

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

AD Plastik 0.8 1.0 1.1 0.9 5.5 8.0 9.1 6.8 7.4% 7.5% 6.7% 6.7%

Adris Grupa 0.3 0.6 0.5 0.4 1.5 2.8 2.6 2.1 3.2% 2.4% 2.4% 2.4%

Atlantic Grupa 0.9 0.9 0.8 0.8 8.4 8.1 7.4 6.8 0.0% 0.0% 0.0% 1.0%

Atlantska plovidba 2.1 3.6 3.7 3.0 5.4 14.4 13.1 9.1 0.0% 0.0% 0.0% 0.0%

Ericsson Nikola Tesla 0.6 0.7 1.1 1.1 18.3 10.1 10.9 9.6 18.0% 14.9% 7.4% 7.4%

INA 1.5 1.4 1.3 1.2 8.3 6.5 5.9 5.6 0.0% 4.5% 4.9% 5.4%

Koncar Elektroindustrija 0.5 0.7 0.6 0.5 8.7 12.4 8.8 7.5 2.3% 1.7% 0.0% 0.0%

Ledo 0.8 1.1 1.0 0.9 6.0 6.5 6.2 5.4 0.0% 0.0% 2.4% 4.4%

Petrokemija 0.4 0.4 0.4 0.4 4.7 44.7 6.2 8.5 0.0% 0.0% 0.0% 0.0%

Podravka 0.7 0.7 0.6 0.6 7.2 8.1 6.3 5.4 0.0% 0.0% 0.0% 0.0%

T-Hrvatski Telekom 2.0 1.7 2.0 2.1 4.4 3.8 4.7 5.0 9.1% 10.4% 8.2% 7.9%

Mean Croatia 1.3 1.2 1.2 1.1 6.6 6.0 5.8 5.5 3.2% 5.4% 5.1% 5.4%

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

AD Plastik 13.9% 12.2% 12.4% 13.9% 8.8% 7.4% 6.8% 7.1% 9.3% 7.9% 7.1% 8.2%

Adris Grupa 22.6% 21.7% 20.5% 20.1% 17.9% 15.3% 14.0% 13.7% 7.2% 6.0% 5.3% 5.1%

Atlantic Grupa 10.5% 11.1% 11.3% 11.5% 1.1% 1.9% 2.9% 3.4% 3.3% 5.5% 8.5% 9.8%

Atlantska plovidba 39.7% 25.1% 28.2% 32.8% 2.7% -13.6% -16.8% -7.1% 1.0% -4.3% -5.8% -2.9%

Ericsson Nikola Tesla 3.2% 6.9% 10.4% 11.5% 2.4% 5.8% 8.4% 9.7% 2.9% 13.7% 16.0% 22.0%

INA 18.5% 21.3% 22.8% 22.3% 5.9% 10.5% 11.3% 12.0% 13.4% 24.3% 22.6% 21.9%

Koncar Elektroindustrija 5.4% 5.3% 6.8% 7.0% 8.1% 6.8% 7.3% 7.4% 9.9% 7.5% 8.0% 8.2%

Ledo 13.2% 16.6% 16.0% 16.4% 10.6% 10.7% 10.4% 11.5% 15.8% 16.8% 11.1% 11.9%

Petrokemija 8.0% 1.0% 6.4% 5.0% 3.7% -4.2% 1.6% -0.2% 15.0% -16.6% 7.1% -0.9%

Podravka 9.7% 8.4% 10.1% 10.5% 1.9% 1.9% 3.2% 3.8% 4.2% 4.2% 6.8% 7.7%

T-Hrvatski Telekom 44.9% 45.3% 42.5% 42.1% 22.6% 22.6% 20.1% 20.4% 16.5% 15.4% 12.9% 12.6%

Mean Croatia 19.8% 20.4% 21.2% 20.9% 8.1% 9.8% 10.3% 10.8% 11.6% 14.7% 14.1% 14.3%

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

AD Plastik 10.6% -8.2% 2.5% 31.2% 20.9% -13.9% -6.9% 21.2% 1.4 3.2 3.8 2.7

Adris Grupa -3.0% -1.4% -4.5% -0.3% 5.5% -12.8% -8.0% -1.2% -4.5 -5.1 -5.7 -6.2

Atlantic Grupa 127.5% 11.5% 5.4% 5.8% -58.7% 74.1% 66.2% 25.6% 4.9 4.4 3.9 3.5

Atlantska plovidba -25.2% -42.1% 19.3% 32.1% -60.2% nm -28.1% 52.1% 3.2 10.8 10.1 6.9

Ericsson Nikola Tesla -12.2% 258.9% -0.1% 14.0% 15.4% 288.2% -3.8% 19.6% -16.0 -3.5 -2.8 -2.4

INA 46.5% 38.6% 7.8% 2.4% 309.7% 113.4% 9.1% 10.2% 1.6 1.1 0.9 0.6

Koncar Elektroindustrija -12.6% 1.7% 35.2% 11.5% -0.1% -17.7% 17.0% 10.5% -3.5 -3.9 -3.4 -3.7

Ledo 28.0% 129.0% -6.2% 6.5% 24.7% 28.3% -5.3% 14.8% -1.1 -0.4 -1.1 -1.5

Petrokemija nm -88.0% 575.0% -31.7% nm nm nm nm 1.9 20.0 2.5 3.1

Podravka -2.6% -12.8% 23.2% 8.6% -17.8% 3.6% 69.0% 23.0% 3.5 3.7 2.7 2.2

T-Hrvatski Telekom -1.2% -6.7% -13.2% -5.6% -0.1% -7.5% -17.7% -3.3% -1.0 -1.0 -1.1 -1.2

Mean Croatia** 23.2% 16.7% 3.3% 1.3% 49.2% 35.0% 4.2% 7.6% 0.6 0.5 0.4 0.1

(*) 2011 estimated






Czech Republic


current price

Company Reuters Bloomberg (EURmn) 1M 3M 6M 12M (LC) (LC)AMAG AMAV.VI AMAG AV Mining & Metals 825.2 -0.2 -2.5 5.4 30.1 23.40 24.5 Hold

CEZ CEZP.PR CEZ CP Utility 11,672.9 -1.8 -9.6 -10.6 -25.8 559.00 606.0 Hold

CME CETV.PR CETV CP Media 566.1 23.7 -32.0 -30.7 -39.8 3.34 4.0 Accumulate

Fortuna Entertainment Group FOREsp.PR Fortuna CP Gaming 200.0 -8.3 5.8 17.6 9.0 98.40 98.0 Accumulate

Komercni banka BKOM.PR KOMB CP Banking 5,545.9 -2.3 -9.5 -6.8 11.4 3,732.00 4,600.0 Accumulate

New World Resources NWRRsp.PR NWR PZ Mining & Metals 324.2 -36.0 -58.5 -63.1 -69.2 31.30 94.0 Hold

Orco ORCO.PA ORCO CP Real Estate Developer 235.0 -4.8 -7.6 -19.3 -21.6 2.18 2.3 Hold

Pegas NW PGSN.PR PEGAS CP Fibres 196.7 5.3 3.0 16.0 29.6 545.00 550.0 Buy

Philip Morris CR TABK.PR TABAK CP Tobacco 1,187.1 -1.3 -3.8 4.8 -3.8 11,060.00 10,470.0 Reduce

Telefónica CR SPTT.Pr SPTT CP Integrated Telecoms 3,827.2 7.0 -5.4 -11.3 -20.7 307.00 360.0 Reduce

Unipetrol UNPE.PR UNIP CP Oil & Gas 1,232.9 0.4 2.3 4.1 2.3 173.90 161.3 Reduce

Erste country Czech Republic 24,988.0 -0.8 -10.0 -10.6 -18.3 - - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

CEZ 10.3 8.8 7.7 9.6 6.4 4.6 4.4 4.9 1.9 1.5 1.1 1.1

CME nm nm nm nm nm nm 39.7 10.2 0.4 2.2 0.8 0.8

Fortuna Entertainment Group 14.1 16.0 13.0 11.7 11.1 13.1 10.4 9.7 4.0 4.2 3.8 3.6

Komercni banka 13.3 10.9 10.8 9.5 na na na na 1.6 1.5 1.4 1.3

New World Resources 10.9 29.6 nm 104.0 4.0 1.7 2.7 2.0 1.9 0.4 0.5 0.5

Orco nm nm 81.5 36.5 nm nm nm nm 0.2 0.6 0.6 0.5

Pegas NW 11.8 10.9 7.5 7.0 6.7 7.4 5.1 5.0 1.3 1.4 1.3 1.2

Philip Morris CR 13.6 12.8 12.6 14.5 11.5 10.8 10.7 12.0 4.2 3.8 3.7 3.8

Telefónica CR 14.2 15.2 15.6 15.1 6.3 5.8 5.6 5.6 1.8 1.7 1.7 1.9

Unipetrol nm 75.6 38.7 27.7 nm 8.7 8.2 7.6 0.9 0.9 0.9 0.9

Mean Czech Republic 20.1 13.5 10.6 11.2 8.4 5.8 5.1 5.4 1.5 1.5 1.2 1.2


P/E P/CE P/BV

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

CEZ 2.8 2.5 2.2 2.2 6.8 6.3 5.7 6.3 5.7% 5.9% 7.2% 6.2%

CME 1.8 3.2 2.1 1.9 9.4 nm 15.8 11.2 0.0% 0.0% 0.0% 0.0%

Fortuna Entertainment Group 2.1 2.2 2.1 2.1 9.6 9.9 8.2 7.7 6.4% 5.5% 6.9% 7.7%

Komercni banka na na na na na na na na 4.8% 5.7% 5.9% 6.7%

New World Resources 1.1 0.6 0.7 0.7 3.9 3.5 4.9 3.9 4.3% 4.9% 0.0% 0.5%

Orco 6.7 3.8 5.9 3.1 25.9 25.9 40.2 24.5 0.0% 0.0% 0.0% 0.0%

Pegas NW 1.7 1.7 1.5 1.4 7.9 9.0 8.4 7.7 5.9% 5.2% 5.4% 5.6%

Philip Morris CR 2.6 2.4 2.4 2.5 8.6 8.5 8.4 9.5 6.7% 7.3% 7.6% 6.5%

Telefónica CR 2.3 2.0 2.0 2.0 5.5 5.2 5.2 5.2 10.4% 9.3% 11.4% 11.4%

Unipetrol 0.3 0.3 0.3 0.3 nm 8.1 7.9 7.1 0.0% 0.0% 0.0% 0.0%

Mean Czech Republic 2.0 1.8 1.6 1.6 7.0 7.2 6.1 6.4 5.8% 5.8% 6.9% 6.6%

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

CEZ 41.6% 39.8% 38.0% 35.0% 19.4% 18.7% 18.1% 15.2% 18.2% 17.4% 15.0% 11.4%

CME 19.3% -51.8% 13.3% 16.9% -20.3% -70.8% -9.1% -0.9% -15.3% -65.8% -7.4% 0.0%

Fortuna Entertainment Group 22.3% 22.2% 25.8% 26.8% 14.8% 13.4% 16.1% 17.4% 26.9% 26.6% 30.9% 31.5%

Komercni banka na na na na na na na na 12.3% 15.8% 13.1% 14.4%

New World Resources 27.1% 17.6% 14.1% 17.2% 7.8% 0.8% -3.1% 0.2% 16.5% 1.5% -5.5% 0.4%

Orco 25.9% 14.6% 14.6% 12.5% -29.9% -13.2% 2.0% 2.4% -16.5% -8.3% 0.7% 1.5%

Pegas NW 21.7% 19.1% 17.8% 17.7% 8.4% 8.8% 11.2% 10.2% 10.8% 13.3% 18.0% 17.5%

Philip Morris CR 29.8% 28.4% 28.8% 26.3% 20.9% 20.0% 20.3% 18.2% 29.2% 29.0% 29.4% 25.6%

Telefónica CR 41.5% 39.1% 38.5% 38.3% 16.6% 13.4% 12.6% 12.9% 12.2% 10.5% 10.7% 12.1%

Unipetrol -2.3% 3.9% 3.8% 4.0% -6.1% 0.4% 0.7% 1.0% -16.5% 1.3% 2.4% 3.3%

Mean Czech Republic 29.0% 25.4% 26.3% 24.4% 10.4% 8.8% 10.6% 9.3% 11.7% 11.4% 11.9% 10.9%

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

CEZ -2.0% -2.1% -4.3% -12.5% -13.7% 1.6% -6.2% -20.2% 1.9 2.0 2.0 2.04

CME 55.6% nm nm 38.5% nm 10.0% 89.3% 99.4% 6.8 -2.7 8.0 5.61

Fortuna Entertainment Group -18.1% 4.1% 18.9% 6.2% -41.9% -5.8% 23.1% 10.8% 0.2 0.3 0.1 0.04

Komercni banka na na na na -28.7% 47.8% -6.4% 13.8% na na na na

New World Resources -2.7% -46.3% -24.4% 31.5% -44.7% -91.5% nm nm 0.8 2.1 3.1 2.53

Orco 16.2% -7.3% -38.9% 62.7% nm 84.8% nm 123.2% 24.1 18.7 29.7 18.03

Pegas NW -3.3% 9.1% 6.4% 15.3% -39.5% 29.4% 45.7% 6.0% 3.3 4.0 3.7 3.59

Philip Morris CR 5.4% -6.9% 1.4% -11.5% 6.4% -6.8% 1.6% -13.2% -0.9 -0.5 -0.5 -0.57

Telefónica CR -20.4% -9.2% -3.8% 0.5% -29.3% -21.2% -7.2% 3.3% -0.2 0.0 0.1 0.09

Unipetrol nm nm 4.3% 13.0% nm nm 95.2% 39.5% -0.2 0.3 0.4 0.42

Mean Czech Republic** -10.2% -10.6% 3.5% -6.2% -70.6% 33.6% 11.4% -5.7% 1.7 2.0 1.8 1.8

(*) 2011 estimated






Hungary


current price


ANY Security Printing Company ANYB.BU ANY HB Printing Services 23.4 11.9 -1.0 17.1 18.5 480.00 U.R. U.R.

Egis EGIS.BU EGIS HB Pharmaceuticals 562.0 17.6 13.5 25.3 44.8 21,290.00 25,700.0 Buy

FHB FHBK.BU FHB HB Banking 86.6 6.3 -6.1 -2.0 -21.8 387.00 U.R. U.R.

Magyar Telekom MTEL.BU MTEL HB Integrated Telecoms 1,266.2 -0.6 -11.8 -4.0 -19.1 359.00 420.0 Hold

MOL MOLB.BU MOL HB Oil & Gas 5,984.8 3.9 -4.0 -2.4 2.2 16,890.00 18,700.0 Hold

OTP OTPB.BU OTP HB Banking 4,793.7 4.0 4.4 25.9 48.3 5,050.00 4,460.0 Hold

PannErgy PANP.BU PANNERGY HBOther Utility Services 18.7 -17.3 -23.5 -48.7 -49.5 302.00 U.R. U.R.

Richter Gedeon GDRB.BU RICHT HB Pharmaceuticals 2,247.5 3.7 2.2 -1.7 -3.2 35,570.00 45,265.0 Buy

Erste country Hungary 14,982.8 4.0 -0.7 6.0 10.7 - - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

ANY Security Printing Company 13.8 5.6 5.2 4.0 6.2 3.2 3.1 2.5 1.4 1.0 0.9 0.8

Egis 8.5 7.4 8.4 7.9 5.0 4.8 5.4 5.1 0.7 0.8 0.8 0.8

FHB nm nm 7.1 4.8 na na na na 0.6 0.3 0.5 0.4

Magyar Telekom nm 10.6 12.4 12.8 4.0 2.8 2.8 2.8 1.1 0.8 0.9 0.9

MOL 9.9 8.0 7.1 5.6 3.2 2.8 2.8 2.6 1.1 1.0 0.9 0.8

OTP 10.3 9.0 6.6 2.5 na na na na 0.6 0.9 0.8 0.7

PannErgy 12.3 11.6 9.8 8.6 nm 3.6 3.4 3.2 1.0 0.4 0.4 0.4

Richter Gedeon 12.9 13.3 13.0 12.1 8.6 8.7 8.3 7.8 1.3 1.3 1.2 1.1

Mean Hungary 12.6 9.2 7.8 4.4 nm nm nm nm 0.9 1.0 0.9 0.8


P/E P/CE P/BV

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

ANY Security Printing Company 0.5 0.4 0.3 0.3 5.7 2.8 2.6 2.0 8.0% 10.6% 11.7% 12.4%

Egis 0.6 0.7 0.8 0.7 3.2 3.1 3.6 3.1 0.8% 1.4% 1.2% 1.2%

FHB na na na na na na na na 0.0% 0.0% 2.8% 4.2%

Magyar Telekom 1.5 1.2 1.2 1.2 4.6 3.8 4.0 4.1 9.6% 13.3% 11.1% 11.1%

MOL 0.6 0.5 0.5 0.5 5.4 4.8 4.5 3.9 2.6% 4.7% 5.9% 8.9%

OTP na na na na na na na na 3.3% 2.2% 4.6% 12.0%

PannErgy 0.6 0.6 0.6 0.5 31.1 4.4 4.0 3.7 0.0% 0.0% 0.0% 0.0%

Richter Gedeon 1.9 2.0 1.7 1.5 6.7 8.3 7.2 6.3 1.9% 1.8% 2.0% 2.3%

Mean Hungary nm nm nm nm nm nm nm nm 3.5% 4.1% 5.1% 8.8%

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

ANY Security Printing Company 9.0% 13.2% 13.7% 14.8% 4.0% 7.7% 7.9% 9.1% 10.5% 19.4% 18.6% 22.3%

Egis 19.9% 23.0% 22.7% 22.9% 10.5% 14.0% 14.2% 14.3% 8.7% 10.9% 10.5% 10.1%

FHB na na na na na na na na -10.0% -6.8% 5.4% 9.3%

Magyar Telekom 32.8% 32.1% 30.5% 29.7% 0.5% 7.6% 6.3% 6.1% -1.5% 7.8% 6.8% 7.1%

MOL 11.0% 10.3% 10.8% 12.1% 3.3% 3.5% 4.1% 5.4% 9.9% 10.7% 11.2% 13.2%

OTP na na na na na na na na 6.1% 10.1% 12.8% 29.0%

PannErgy 2.0% 14.0% 14.2% 14.5% 5.6% 3.9% 4.4% 4.8% 10.0% 4.4% 4.6% 5.0%

Richter Gedeon 27.7% 23.7% 23.2% 23.7% 16.1% 15.5% 14.3% 14.4% 10.7% 10.1% 9.5% 9.5%

Mean Hungary nm nm nm nm nm nm nm nm 7.0% 9.9% 11.0% 17.8%

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

ANY Security Printing Company -1.7% 49.0% 7.5% 22.0% -27.5% 99.0% 6.2% 31.3% -0.1 -0.6 -0.6 -0.6

Egis 0.6% 19.2% 3.6% 6.3% -19.1% 36.4% 6.8% 6.1% -1.3 -1.4 -1.7 -1.9

FHB nm nm nm nm nm 20.5% nm 49.2% na na na na

Magyar Telekom -7.9% -0.6% -6.4% -2.5% nm nm -18.2% -2.8% 1.5 1.5 1.6 1.7

MOL 14.4% -1.7% -1.1% 8.8% 41.9% 20.6% 12.3% 28.4% 1.4 0.8 0.4 0.1

OTP nm nm nm nm -29.5% 80.8% 36.1% 163.2% na na na na

PannErgy -79.9% 415.5% 6.1% 6.4% 5476.4% -47.5% 18.1% 14.5% 1.1 1.3 1.0 0.8

Richter Gedeon 1.9% -9.3% 6.3% 8.8% -23.4% 2.8% 0.6% 6.9% -0.8 -0.5 -0.9 -1.2

Mean Hungary** nm nm nm nm -21.6% 49.8% 18.1% 75.1% nm nm nm nm

(*) 2011 estimated






Poland


current price


AB SA ABEA.WA ABE PW Hardware & Equipment 83.0 27.1 9.5 9.7 11.7 21.79 25.0 Accumulate

ACE ACEE.WA ACE PW Auto Parts & Tires 45.5 19.4 35.3 57.7 65.1 9.05 8.0 Buy

Action SA ACTN.WA ACT PW Hardware & Equipment 144.6 20.2 26.8 65.2 78.5 37.30 40.0 Buy

Agora AGOD.WA AGO PW Media 96.8 23.8 -10.1 -19.4 -17.4 8.05 8.5 Accumulate

AmRest AMMR.WA EAT PW Hotels & Restaurants 417.1 5.1 -5.7 -7.4 31.4 83.00 90.0 Hold

Apator APOR.WA APT PW Other Industrial Goods & Services 250.4 7.5 0.7 -7.1 25.6 30.20 26.5 Buy

Asseco Poland ACPP.WA ACP PW IT Services 856.3 1.0 0.1 1.1 -8.0 43.68 49.1 Hold

Bank Pekao PEO.WA PEO PW Banking 10,384.0 11.3 5.3 2.1 20.5 167.50 170.0 Hold

Benefit Systems S.A. BFT.WA BFT PW TRAVEL & LEISURE 143.1 -3.6 -6.0 3.3 58.4 252.00 250.0 Buy

Berling BRG.WA BRG PW Construction Materials 25.4 3.5 -6.1 -6.9 55.1 6.19 10.0 Buy

Bioton BOTN.WA BIO PW Pharmaceuticals 79.2 0.0 -42.9 -55.6 -33.3 0.04 0.1 Hold

Bogdanka SA LWBP.WA LWB PW Mining & Metals 972.1 3.2 -4.7 -6.9 2.9 121.00 155.0 Buy

BRE Bank BREP.WA BRE PW Banking 3,871.7 12.8 11.8 21.6 48.0 389.00 327.0 Hold

BZ WBK BZWB.WA BZW PW Banking 6,451.7 9.6 8.6 22.2 28.1 292.00 341.0 Buy

CCC (prev. NG2) CCCC.WA CCC PW Retail 730.6 10.3 5.8 16.7 50.0 80.55 90.0 Buy

Ciech S.A. CECH.WA CIE PW Chemicals 333.3 17.5 22.3 19.4 47.5 26.78 20.0 Buy

Cinema City CCIY.WA CCI PW Media 328.8 0.9 -3.6 -20.1 0.3 27.19 27.5 Reduce

ComArch COMH.WA CMR PW IT Services 161.6 -4.5 -5.6 17.2 47.1 85.00 92.1 Buy

Cyfrowy Polsat CPSM.WA CPS PW MEDIA 1,563.2 12.4 12.6 23.4 40.7 19.00 19.0 Buy

Emperia Holding EDRO.WA EMP PW RETAIL 216.0 10.3 7.4 12.5 37.5 60.51 66.0 Buy

ENEA ENAE.WA ENA PW Utility 1,480.6 5.2 -5.8 -7.8 -5.3 14.20 16.0 Hold

Eurocash EUR.WA EUR PW RETAIL 2,054.8 13.7 24.7 34.3 53.9 63.10 65.0 Buy

Farmacol FCOL.WA FCL PW Healthcare Services 281.9 -2.6 31.6 57.4 157.6 51.00 55.0 Accumulate

FX Energy FXEN.O FXEN US Oil & Gas 158.9 6.6 1.5 -0.2 -18.5 4.02 9.6 Accumulate

GTC GTCE.WA GTC PW Real Estate Developer 465.3 15.9 11.6 -0.8 62.7 8.98 7.9 Hold

Inter Cars IRCR.WA CAR PW Auto Parts & Tires 401.6 20.0 18.9 39.5 22.4 120.00 U.R. U.R.

Jeronimo Martins SGPS JMT.LS JMT PL RETAIL 10,254.3 -9.5 8.1 12.2 16.0 16.30 18.0 Accumulate

KGHM KGHM.WA KGH PW Mining & Metals 7,180.3 3.3 -11.9 -13.7 16.6 152.00 210.0 Accumulate

Kulczyk Oil Ventures KOV.WA KOV PW Oil & Gas 140.0 -7.5 -13.4 -5.4 7.9 1.23 1.2 Sell

Lotos Group LTSP.WA LTS PW Oil & Gas 1,306.8 6.8 -0.3 2.7 84.4 42.60 31.0 Sell

LPP LPPP.WA LPP PW Retail 3,070.6 7.0 32.8 63.0 153.0 7,100.00 5,800.0 Accumulate

Mostostal Warszawa MOWA.WA MSW PW Construction Services 34.0 121.9 -46.8 -40.1 -46.4 7.19 U.R. U.R.

Netia NTIA.WA NET PW Integrated Telecoms 399.6 2.1 -2.7 -10.4 -24.0 4.38 4.3 Reduce

Neuca TORF.WA TFM PW Healthcare Services 164.4 9.7 5.6 59.9 91.3 153.00 125.0 Sell

Otmuchow SA OTMP.WA OTM PW Food & Beverage 30.3 -6.5 -27.3 -1.3 5.8 10.05 13.0 Accumulate

Pelion MDIC.WA PGF PW Healthcare Services 227.4 39.6 102.3 186.4 241.4 80.90 50.0 Sell

PGE PGE.WA PGE PW Utility 7,777.2 3.3 5.1 -0.8 -6.8 17.61 20.1 Accumulate

PGNIG PGN.WA PGN PW Oil & Gas 9,002.3 16.6 12.5 38.0 67.8 6.46 6.9 Buy

PKN Orlen PKN.WA PKN PW Oil & Gas 5,454.2 12.1 -3.6 17.3 65.4 53.99 43.3 Sell

PKO BP PKO.WA PKO PW Banking 10,599.2 5.6 3.7 1.4 9.8 35.90 40.0 Accumulate

PZU PZU.WA PZU PW Insurance 9,004.8 -1.5 2.7 9.3 47.2 441.50 420.0 Hold

Sygnity COMW.WA CPL PW IT Services 52.6 30.9 14.5 38.7 -8.9 18.72 8.7 Sell

Synthos DWOR.WA SNS PW Rubber and Plastic Products 1,634.6 6.5 -17.8 -9.2 -3.3 5.23 5.0 Buy

Tauron Polska Energia TPE.WA TPE PW UTILITIES 1,792.4 4.1 -7.5 -1.8 -0.2 4.33 3.9 Reduce

TPSA TPSA.WA TPS PW Integrated Telecoms 2,514.9 10.1 12.4 -32.7 -51.0 8.04 7.0 Hold

TVN TVNN.WA TVN PW Media 886.6 29.5 15.9 25.1 45.8 11.01 9.0 Reduce

Vistula Group VIST.WA VST PW Retail 35.4 0.0 -18.8 8.7 27.3 1.12 1.2 Accumulate

Wawel SA WAWL.WA WWL PW Food & Beverage 288.2 0.3 -1.3 7.7 46.7 814.00 900.0 Accumulate

ZA Pulawy S.A. PULW.WA ZAP PW Speciality Chemicals 603.6 2.8 1.7 -1.4 32.1 133.70 92.5 Hold

ZCh Police S.A. PICE.WA PCE PW Chemicals 492.8 32.8 81.8 130.9 243.5 27.82 10.3 Sell

Erste Aggregate Poland 104,944.0 5.8 4.6 7.7 21.8 - - -


2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

AB SA 7.3 6.8 7.8 7.6 6.4 5.3 7.5 6.2 1.2 0.8 0.8 0.7

ACE 10.1 12.5 19.8 13.6 4.3 4.1 5.4 5.0 0.5 0.7 1.1 1.0

Action SA 7.1 12.7 11.5 11.2 6.0 11.0 9.7 9.5 1.4 2.4 2.1 2.0

Agora 12.9 nm 19.5 14.5 3.9 6.2 3.6 3.4 0.5 0.4 0.3 0.3

AmRest 26.6 32.4 41.7 35.7 6.0 7.5 7.1 6.7 1.8 1.8 1.8 1.7

Apator 13.2 13.7 14.4 12.7 9.6 10.8 10.8 9.8 2.7 3.2 2.9 2.6

Asseco Poland 9.5 9.5 9.7 9.4 6.5 5.6 6.2 6.0 0.8 0.7 0.7 0.6

Bank Pekao 12.8 14.9 13.2 12.2 na na na na 1.7 1.9 1.8 1.7

Benefit Systems S.A. 8.5 20.3 16.8 14.8 8.1 17.8 15.2 13.6 4.1 6.2 5.2 4.5

Berling 4.8 10.9 8.9 8.5 4.6 9.9 8.3 7.9 0.9 1.5 1.3 1.2

Bioton nm 18.3 38.2 10.3 nm 9.5 7.1 4.6 0.3 0.7 0.3 0.3

Bogdanka SA 16.0 16.0 10.2 7.8 12.3 7.2 6.0 4.9 1.7 2.0 1.6 1.5

BRE Bank 9.1 11.4 14.6 12.6 na na na na 1.3 1.4 1.8 1.6

BZ WBK 13.9 12.3 17.8 13.8 na na na na 2.2 2.5 1.9 1.8

CCC (prev. NG2) 14.7 23.7 19.6 14.8 12.2 18.6 15.9 12.4 3.6 5.2 4.9 4.2

Ciech S.A.* 124.8 14.9 18.9 15.4 5.9 4.4 4.7 4.4 1.1 1.0 0.9 0.9

Cinema City 15.8 13.2 15.3 12.3 7.9 6.2 5.9 5.7 1.4 1.3 1.2 1.2

ComArch 12.4 15.2 10.7 9.9 6.1 6.3 6.1 5.8 0.7 1.0 1.0 0.9

Cyfrowy Polsat 29.4 9.5 12.3 11.4 13.1 6.8 8.8 8.2 2.5 2.3 2.3 2.1

Emperia Holding 18.4 42.1 21.8 20.2 12.5 11.2 11.4 10.8 1.1 1.3 1.3 1.2

ENEA 10.1 9.7 10.5 12.7 4.8 4.4 4.8 4.6 0.8 0.6 0.6 0.5

Eurocash 29.2 24.1 24.6 17.5 13.1 15.2 18.1 14.0 7.1 7.7 8.4 7.0

Farmacol 8.8 6.6 10.2 10.7 6.4 5.5 9.1 9.3 0.7 0.8 1.1 1.0

FX Energy* 30.9 28.2 29.0 9.2 17.4 11.4 9.2 5.2 2.7 2.2 1.9 1.5

GTC nm nm nm 36.2 17.7 23.8 nm nm 0.6 1.0 0.9 0.9

Inter Cars* 15.1 13.2 13.2 na 10.9 9.9 9.9 na 2.5 2.1 1.8 na

Jeronimo Martins SGPS 23.7 25.5 23.0 19.6 13.7 16.8 14.9 13.1 7.2 7.6 7.0 5.8

KGHM 2.5 6.3 8.6 8.5 2.4 5.4 6.9 6.6 1.2 1.4 1.3 1.2

Kulczyk Oil Ventures nm nm 82.9 51.9 nm 10.3 15.0 15.4 0.9 1.0 0.9 0.9

Lotos Group 4.6 7.7 14.7 15.7 2.4 4.2 5.7 5.9 0.4 0.7 0.7 0.6

LPP 13.2 23.6 28.9 22.0 9.7 17.8 22.3 17.0 3.9 6.9 8.7 7.0

Mostostal Warszawa* 9.5 6.0 2.7 na nm 1.9 1.0 na 0.3 0.3 0.2 na

Netia 8.3 nm 70.8 38.5 4.1 3.7 3.4 3.3 0.8 0.7 0.7 0.7

Neuca 5.8 6.5 7.9 9.5 4.0 5.0 6.2 7.0 1.1 1.3 1.7 1.5

Otmuchow SA 8.4 20.9 12.1 10.5 3.1 8.0 5.4 5.2 0.6 1.1 0.9 0.9

Pelion 4.5 6.5 10.4 11.9 5.8 3.7 6.9 7.7 0.7 0.7 1.6 1.4

PGE 7.8 10.6 9.7 10.3 4.6 5.1 4.8 5.1 0.9 0.8 0.8 0.7

PGNIG 14.8 20.9 17.8 18.9 8.3 10.3 8.4 8.7 1.0 1.5 1.4 1.3

PKN Orlen 6.1 9.8 15.0 16.7 3.3 4.9 5.9 5.9 0.6 0.9 0.9 0.8

PKO BP 10.5 12.3 9.6 7.6 na na na na 1.8 1.9 1.6 1.4

PZU 11.4 11.4 13.2 12.8 na na na na 2.1 2.8 2.7 2.5

Sygnity 25.8 80.2 30.4 26.0 12.4 11.1 10.7 10.3 0.9 1.0 0.9 0.9

Synthos* 7.9 8.7 9.3 na 6.8 7.2 7.6 na 2.4 2.0 1.7 na

Tauron Polska Energia 7.7 5.7 10.5 14.2 3.2 3.7 2.2 3.1 0.6 0.5 0.5 0.4

TPSA 12.0 18.8 113.9 100.3 3.7 8.1 3.3 3.4 1.6 1.2 0.9 0.9

TVN nm 7.2 26.5 18.4 20.3 8.3 10.6 13.5 3.8 2.5 2.4 2.2

Vistula Group nm 10.8 18.7 9.8 14.0 7.0 9.4 5.5 0.3 0.4 0.4 0.4

Wawel SA 13.0 17.9 16.9 14.7 10.2 14.6 14.0 12.1 2.8 3.8 3.4 3.0

ZA Pulawy S.A. 7.6 13.2 12.9 8.0 5.9 8.6 8.3 5.9 1.2 1.2 1.2 1.0

ZCh Police S.A.* 14.1 31.6 28.6 na 9.5 14.7 13.8 na 2.9 2.7 2.5 na

Mean Poland 9.3 12.4 13.7 12.7 nm nm nm nm 1.4 1.5 1.4 1.4

P/E P/CE P/BV

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

AB SA 0.2 0.1 0.1 0.1 8.8 6.1 7.6 7.1 0.0% 0.0% 0.0% 2.9%

ACE 0.2 0.4 0.5 0.4 2.1 4.8 5.7 4.9 5.0% 5.0% 2.8% 4.2%

Action SA 0.1 0.2 0.2 0.2 5.6 9.0 8.7 8.3 4.6% 4.0% 5.2% 5.4%

Agora 0.4 0.5 0.3 0.3 3.1 6.3 2.9 2.6 9.0% 4.8% 6.2% 6.2%

AmRest 0.9 1.0 1.0 0.8 8.5 8.1 8.2 7.5 0.0% 0.0% 0.0% 0.0%

Apator 1.3 1.7 1.5 1.4 7.7 8.1 9.0 8.1 3.9% 3.3% 3.4% 4.0%

Asseco Poland 1.2 1.1 0.9 0.8 7.0 6.5 6.0 5.7 4.5% 5.3% 4.9% 5.3%

Bank Pekao na na na na na na na na 3.8% 5.0% 4.5% 5.7%

Benefit Systems S.A. 1.2 1.8 1.5 1.3 9.2 13.9 11.8 10.4 4.4% 3.0% 3.6% 5.4%

Berling 0.6 0.9 0.7 0.7 4.5 5.8 5.3 4.8 5.4% 3.0% 5.7% 6.0%

Bioton 2.9 2.7 1.5 1.2 nm 10.7 9.4 5.9 0.0% 0.0% 0.0% 0.0%

Bogdanka SA 2.9 2.7 2.0 1.6 8.4 7.5 5.5 4.5 3.8% 3.3% 7.8% 10.2%

BRE Bank na na na na na na na na 0.0% 3.1% 2.7% 3.2%

BZ WBK na na na na na na na na 3.5% 3.1% 2.8% 3.6%

CCC (prev. NG2) 1.9 2.3 1.9 1.5 11.2 15.7 13.6 10.9 3.4% 2.5% 3.1% 4.7%

Ciech S.A.* 0.5 0.5 0.5 0.4 6.1 5.4 5.5 5.1 0.0% 0.0% 0.0% 3.7%

Cinema City 1.4 1.9 1.4 1.3 7.7 8.8 6.9 6.1 0.0% 0.0% 3.3% 4.1%

ComArch 0.5 0.7 0.7 0.6 4.7 7.0 4.6 3.8 2.7% 2.2% 1.9% 2.0%

Cyfrowy Polsat 3.0 2.8 2.9 2.7 9.7 7.5 8.5 7.9 0.0% 0.0% 4.5% 4.9%

Emperia Holding 0.1 0.3 0.3 0.3 3.6 26.6 7.7 7.0 50.4% 1.6% 2.3% 2.5%

ENEA 0.6 0.5 0.6 0.7 3.6 3.4 3.9 4.9 2.7% 3.3% 2.9% 2.4%

Eurocash 0.5 0.4 0.5 0.4 19.4 13.9 15.5 12.3 0.6% 1.7% 3.2% 4.6%

Farmacol 0.1 0.1 0.2 0.1 5.6 3.8 7.1 6.8 0.0% 0.0% 0.0% 0.0%

FX Energy* 5.2 4.8 4.4 3.0 13.6 10.9 9.2 5.0 0.0% 0.0% 0.0% 0.0%

GTC 10.4 11.1 11.8 12.0 24.3 25.4 27.4 27.9 0.0% 0.0% 0.0% 0.0%

Inter Cars* 0.8 0.7 0.6 na 10.1 8.9 8.6 na 0.0% 0.0% 0.0% na

Jeronimo Martins SGPS 0.8 0.9 0.9 0.8 12.1 13.2 12.9 11.0 2.1% 2.0% 2.1% 4.6%

KGHM 0.8 1.5 1.6 1.5 1.1 4.4 5.1 4.9 19.8% 7.9% 5.9% 5.9%

Kulczyk Oil Ventures 6.5 2.9 2.9 2.8 nm 5.2 5.6 5.3 0.0% 0.0% 0.0% 0.0%

Lotos Group 0.3 0.3 0.3 0.3 6.2 13.8 8.5 8.1 0.0% 0.0% 0.0% 0.0%

LPP 1.5 2.6 3.2 2.5 8.5 14.8 18.9 14.4 3.8% 1.9% 1.7% 2.3%

Mostostal Warszawa* 0.0 0.0 nm na 1.4 0.5 nm na 7.1% 8.1% 13.5% na

Netia 1.6 1.0 0.9 0.9 4.3 4.5 3.5 3.2 0.0% 0.0% 6.8% 8.0%

Neuca 0.1 0.1 0.2 0.2 6.3 5.2 7.4 8.6 3.8% 3.4% 2.5% 3.2%

Otmuchow SA 0.7 0.7 0.6 0.5 7.0 8.4 6.4 5.6 0.0% 0.0% 0.0% 0.0%

Pelion 0.1 0.1 0.2 0.2 6.9 5.7 9.8 9.8 5.1% 6.6% 2.4% 2.1%

PGE 1.2 1.0 1.1 1.1 5.0 4.5 4.2 4.7 8.8% 7.3% 5.2% 4.9%

PGNIG 1.2 1.7 1.7 1.8 8.5 11.2 8.9 9.2 2.6% 0.0% 1.0% 1.1%

PKN Orlen 0.2 0.3 0.3 0.3 5.5 7.4 6.5 7.1 0.0% 0.0% 3.7% 3.7%

PKO BP na na na na na na na na 4.0% 4.1% 4.2% 5.3%

PZU na na na na na na na na 7.3% 7.0% 5.7% 5.9%

Sygnity 0.4 0.5 0.4 0.4 10.6 16.2 10.4 9.7 0.0% 0.0% 0.0% 0.0%

Synthos* 1.2 1.0 1.0 na 5.7 5.6 5.5 na 1.3% 2.9% 2.7% na

Tauron Polska Energia 0.7 0.5 0.6 0.7 4.6 3.5 4.6 5.4 5.8% 4.8% 0.0% 0.0%

TPSA 1.7 1.5 1.4 1.4 4.3 4.5 4.7 4.7 8.7% 4.1% 6.2% 6.2%

TVN 3.1 3.3 3.7 3.6 9.3 11.5 11.4 10.6 1.0% 1.3% 1.5% 2.2%

Vistula Group 0.8 0.9 0.8 0.8 8.0 8.5 9.6 7.7 0.0% 0.0% 0.0% 0.0%

Wawel SA 1.6 2.1 1.9 1.7 9.3 12.7 11.3 9.9 2.2% 1.8% 3.0% 6.8%

ZA Pulawy S.A. 0.8 0.9 0.8 0.8 5.1 7.9 7.7 5.5 0.8% 2.9% 1.9% 1.9%

ZCh Police S.A.* 0.9 0.8 0.8 na 9.3 14.4 12.3 na 0.0% 0.0% 0.0% na

Mean Poland nm nm nm nm nm nm nm nm 5.5% 3.7% 3.6% 4.3%


2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

AB SA 2.0% 2.1% 1.7% 1.7% 1.5% 1.1% 0.9% 0.9% 17.1% 13.3% 11.2% 10.3%

ACE 10.8% 8.4% 8.7% 8.8% 2.1% 2.4% 2.2% 2.9% 5.4% 6.0% 5.6% 7.9%

Action SA 2.5% 2.2% 2.1% 2.1% 1.5% 1.4% 1.4% 1.4% 20.6% 20.1% 19.6% 18.5%

Agora 12.5% 7.3% 10.6% 10.9% 3.5% -1.0% 1.9% 2.5% 3.6% -0.9% 1.8% 2.3%

AmRest 10.3% 12.8% 11.6% 10.9% 2.2% 2.0% 1.9% 1.9% 6.4% 6.3% 4.3% 4.8%

Apator 16.5% 20.4% 16.8% 16.6% 9.6% 13.0% 10.6% 11.1% 22.1% 28.1% 21.3% 21.4%

Asseco Poland 16.9% 16.3% 14.8% 14.8% 12.2% 10.1% 9.4% 9.5% 8.5% 7.4% 7.0% 6.9%

Bank Pekao na na na na na na na na 14.0% 13.2% 13.9% 14.5%

Benefit Systems S.A. 13.2% 13.1% 12.5% 12.5% 15.2% 9.4% 9.5% 9.7% 73.0% 33.5% 33.7% 32.5%

Berling 13.7% 15.4% 14.2% 14.3% 15.5% 10.3% 11.3% 11.6% 21.4% 14.5% 15.1% 14.4%

Bioton -4.0% 25.8% 16.0% 21.0% -14.5% 6.2% 1.7% 6.8% -6.6% 3.2% 0.7% 2.6%

Bogdanka SA 34.6% 35.8% 35.6% 35.9% 17.0% 15.8% 17.7% 18.9% 10.8% 13.1% 16.4% 19.3%

BRE Bank na na na na na na na na 15.2% 13.6% 11.8% 13.5%

BZ WBK na na na na na na na na 16.9% 17.7% 13.3% 13.5%

CCC (prev. NG2) 16.8% 14.4% 14.2% 13.9% 11.3% 9.0% 9.3% 9.4% 26.8% 22.8% 27.0% 30.5%

Ciech S.A.* 8.6% 9.6% 8.5% 8.6% 0.3% 2.2% 1.7% 2.0% 1.0% 6.9% 5.1% 5.9%

Cinema City 18.7% 21.5% 20.5% 20.9% 8.0% 8.9% 7.7% 9.0% 9.3% 10.2% 8.2% 9.7%

ComArch 10.3% 9.5% 14.4% 14.6% 4.2% 4.1% 8.0% 8.6% 6.2% 6.4% 9.7% 9.5%

Cyfrowy Polsat 31.1% 37.2% 34.4% 34.7% 6.8% 21.5% 18.9% 19.7% 13.8% 27.4% 19.9% 18.9%

Emperia Holding 3.2% 1.3% 4.2% 4.0% 1.5% 1.1% 2.1% 2.1% 7.7% 1.9% 6.0% 6.2%

ENEA 16.1% 15.9% 15.5% 14.9% 8.1% 7.0% 6.0% 4.9% 7.8% 6.7% 5.3% 4.3%

Eurocash 2.7% 3.0% 3.2% 3.6% 1.3% 1.5% 1.9% 2.4% 26.7% 37.6% 38.9% 43.5%

Farmacol 1.6% 2.6% 2.5% 2.2% 1.2% 2.4% 2.3% 2.1% 7.8% 13.2% 11.9% 10.1%

FX Energy* 38.3% 44.3% 47.9% 60.2% 15.6% 14.0% 12.2% 28.0% 13.4% 8.7% 7.1% 18.2%

GTC 42.8% 43.7% 43.2% 43.1% -219.9% -89.6% 2.1% 13.9% -30.8% -12.8% 0.4% 2.6%

Inter Cars* 7.5% 7.6% 7.4% na 3.9% 4.2% 4.2% na 18.3% 17.5% 14.9% na

Jeronimo Martins SGPS 6.9% 6.8% 6.9% 7.0% 3.5% 3.4% 3.7% 3.9% 34.6% 30.9% 33.2% 32.3%

KGHM 71.5% 34.7% 30.3% 31.1% 56.4% 23.4% 17.5% 17.5% 60.3% 21.4% 15.8% 15.1%

Kulczyk Oil Ventures -1.0% 55.1% 52.2% 52.9% -59.7% 12.0% 15.4% 18.0% -13.5% 0.4% 1.2% 1.8%

Lotos Group 5.5% 2.4% 4.0% 4.2% 2.2% 2.2% 1.3% 1.3% 8.6% 9.4% 4.8% 4.2%

LPP 17.6% 17.5% 16.9% 17.2% 10.8% 11.0% 10.9% 11.2% 32.7% 33.4% 33.2% 35.2%

Mostostal Warszawa* 1.8% 2.1% 3.6% na 0.6% 0.8% 2.0% na 2.9% 4.6% 9.5% na

Netia 37.8% 21.8% 26.8% 27.6% 15.4% -4.1% 1.2% 2.2% 10.4% -3.7% 1.0% 1.7%

Neuca 1.6% 2.1% 2.3% 2.0% 0.8% 1.1% 1.5% 1.2% 20.4% 21.0% 23.7% 16.8%

Otmuchow SA 9.3% 8.0% 9.0% 8.8% 4.2% 2.1% 3.2% 3.6% 7.5% 5.3% 8.1% 8.6%

Pelion 2.0% 2.1% 2.4% 2.2% 1.2% 0.8% 1.3% 1.1% 16.1% 10.3% 16.1% 12.7%

PGE 24.4% 22.2% 25.1% 24.0% 17.7% 10.6% 11.8% 10.8% 12.7% 7.9% 8.2% 7.3%

PGNIG 14.2% 15.3% 19.3% 19.2% 7.1% 6.7% 7.8% 7.5% 6.8% 7.2% 8.0% 7.1%

PKN Orlen 4.2% 3.6% 4.7% 4.9% 1.9% 1.8% 1.5% 1.4% 10.2% 9.2% 5.7% 5.0%

PKO BP na na na na na na na na 17.2% 15.8% 17.4% 19.3%

PZU na na na na na na na na 18.3% 25.4% 20.7% 20.2%

Sygnity 4.1% 2.8% 4.1% 4.1% 1.4% 0.5% 1.4% 1.6% 3.6% 1.2% 3.1% 3.5%

Synthos* 21.5% 18.6% 18.0% na 15.8% 13.6% 13.3% na 34.7% 24.8% 19.7% na

Tauron Polska Energia 14.6% 15.5% 13.5% 12.9% 6.0% 6.2% 3.3% 2.4% 8.0% 9.2% 4.4% 3.1%

TPSA 39.7% 34.3% 30.4% 30.7% 12.9% 6.0% 0.7% 0.9% 13.2% 6.3% 0.7% 0.9%

TVN 33.7% 28.8% 32.9% 34.1% -3.3% 29.7% 9.4% 13.3% -6.1% 41.2% 9.8% 12.7%

Vistula Group 10.1% 10.2% 8.7% 9.9% 0.0% 3.1% 2.0% 3.5% 0.0% 3.9% 2.4% 4.4%

Wawel SA 16.6% 16.5% 17.2% 17.1% 11.9% 12.0% 12.1% 12.5% 23.4% 23.2% 21.3% 21.5%

ZA Pulawy S.A. 14.9% 10.9% 10.9% 14.1% 10.6% 6.1% 5.8% 8.4% 16.6% 9.7% 9.3% 13.7%

ZCh Police S.A.* 9.8% 5.7% 6.3% na 6.1% 2.5% 2.6% na 23.4% 8.9% 9.0% na

Mean Poland nm nm nm nm nm nm nm nm 15.4% 12.2% 10.9% 11.0%


2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

AB SA 6.4% 29.6% -10.1% 2.6% 49.9% -9.5% -4.8% 3.2% 3.3 2.6 3.3 2.9

ACE 16.1% -24.0% 10.2% 11.2% -17.7% 13.2% -3.1% 45.7% 0.1 1.1 0.7 0.4

Action SA 49.2% 13.3% 5.6% 2.7% 61.3% 13.5% 10.5% 3.1% 1.3 1.1 1.3 1.1

Agora -13.1% -46.1% 42.3% 6.5% -39.1% nm nm 34.2% -0.7 -0.3 -0.6 -0.6

AmRest 56.1% 14.0% 2.5% 6.6% 12.5% 6.5% -22.4% 16.9% 2.9 1.8 2.1 1.8

Apator 48.6% 33.6% -11.5% 7.0% 42.1% 63.2% -4.6% 13.3% 0.6 0.4 0.3 0.0

Asseco Poland 10.4% 7.2% -4.3% 1.5% -12.7% -7.1% -5.7% 3.2% -0.1 0.0 -0.9 -1.3

Bank Pekao na na na na 14.8% 1.9% 12.3% 8.6% na na na na

Benefit Systems S.A. 50.1% 29.6% 13.8% 10.3% 116.3% -23.3% 21.0% 13.1% -1.0 -0.6 -0.9 -1.2

Berling -6.1% 32.3% -3.3% 3.5% 33.8% -21.4% 15.4% 4.9% -0.9 -1.5 -1.8 -2.0

Bioton nm nm -40.4% 49.2% nm nm -80.9% 270.6% -20.9 1.8 2.6 1.3

Bogdanka SA 8.7% 46.0% 23.4% 23.1% -3.9% 31.0% 39.0% 30.4% 0.5 0.5 0.4 0.4

BRE Bank na na na na 54.1% 6.0% -7.0% 16.5% na na na na

BZ WBK na na na na 21.6% 21.1% -16.4% na na na na na

CCC (prev. NG2) 21.2% 3.5% 27.7% 27.8% 4.2% -3.8% 33.4% 32.6% 1.3 0.9 0.9 0.9

Ciech S.A.* -6.7% 13.2% -6.0% 4.1% -73.6% 738.7% -21.3% 22.6% 2.2 1.9 1.8 1.5

Cinema City -10.7% 20.1% -3.2% 7.6% -29.8% 18.4% -13.1% 23.8% 1.2 3.3 1.3 0.9

ComArch 12.6% 3.9% 37.7% 3.0% -17.3% 7.2% 65.2% 8.1% -0.9 -0.1 -1.4 -2.0

Cyfrowy Polsat 87.1% 40.4% -5.3% 4.0% -34.5% 274.0% -10.4% 7.7% 3.3 1.9 1.7 1.4

Emperia Holding 0.7% -87.9% 236.1% 3.8% -3.5% -77.4% 101.4% 7.9% -4.6 -8.7 -3.3 -3.5

ENEA 14.0% 2.9% -3.9% -1.6% 23.6% -9.2% -16.9% -17.4% -1.6 -0.9 -0.2 0.7

Eurocash 15.2% 84.5% 20.1% 22.8% 3.0% 85.6% 41.4% 40.5% 4.7 1.6 0.7 0.2

Farmacol -18.2% 55.5% -0.3% -6.9% -14.8% 89.1% 2.1% -4.7% -1.0 -2.3 -2.3 -3.3

FX Energy* 131.2% 44.0% 23.0% 76.4% nm 9.7% -2.8% 215.8% 1.0 2.0 1.8 0.7

GTC -3.3% -1.9% -2.2% 2.2% nm 71.1% nm 562.4% 17.6 13.7 16.9 17.6

Inter Cars* 39.6% 10.0% -2.8% na 75.1% 14.1% 0.1% na 2.0 1.6 1.0 na

Jeronimo Martins SGPS 10.4% 4.7% 14.3% 13.4% 21.1% 5.9% 23.4% 17.9% 0.3 0.5 0.4 0.0

KGHM 129.6% -50.4% -14.2% 4.1% 148.1% -57.6% -26.8% 1.9% -0.9 0.1 0.2 0.1

Kulczyk Oil Ventures 97.4% nm -0.4% 21.4% 11.7% nm 225.0% 59.9% -63.7 0.0 -0.6 -0.1

Lotos Group 10.9% -49.7% 46.6% -1.4% -3.7% 9.5% -47.6% -6.1% 4.4 7.0 3.8 3.4

LPP 50.9% 28.8% 23.6% 30.7% 98.4% 26.5% 27.2% 31.5% 0.4 0.0 0.2 0.2

Mostostal Warszawa* -54.8% 17.2% 58.9% na -75.7% 58.4% 118.4% na -2.6 -2.9 -2.6 na

Netia 4.3% -24.5% 15.9% -0.9% -5.5% nm nm 83.9% 0.9 0.9 0.5 0.2

Neuca 16.2% 18.1% 15.7% -9.3% 39.5% 22.9% 33.3% -16.8% 3.2 1.5 2.2 2.9

Otmuchow SA 19.6% 18.8% 19.1% 3.4% -17.3% -24.7% 62.1% 15.2% 3.1 2.5 1.8 1.2

Pelion -8.1% 8.4% 23.9% -3.3% 15.1% -28.3% 65.9% -12.6% 4.1 3.1 4.2 4.1

PGE 0.8% -0.9% 7.2% -2.0% 55.2% -34.9% 5.9% -6.0% -0.7 -0.5 -0.3 0.0

PGNIG -26.1% 27.9% 27.0% -2.3% -33.7% 11.8% 17.7% -5.9% 1.1 2.0 1.7 1.8

PKN Orlen -19.8% -3.6% 9.6% 0.8% -0.3% -0.8% -34.5% -10.2% 1.8 1.6 1.2 1.8

PKO BP na na na na 18.4% -1.5% 24.2% 27.1% na na na na

PZU na na na na -4.0% 42.7% -13.7% 3.0% na na na na

Sygnity nm -38.1% 52.1% 2.0% nm -66.5% 163.5% 17.1% 1.3 0.7 0.1 -0.4

Synthos* 66.8% -7.2% -7.2% na 83.5% -8.5% -6.6% na -0.3 -0.7 -1.4 na

Tauron Polska Energia 9.6% 27.0% -18.2% -1.0% 835.5% 20.2% -50.7% -26.0% 1.3 1.2 2.0 2.8

TPSA 25.8% -18.2% -20.9% -3.0% 1693.6% -54.8% -89.1% 13.6% 0.5 1.2 2.0 1.9

TVN 8.0% -30.9% 9.3% 5.3% nm nm -69.8% 44.2% 4.0 4.1 3.9 3.4

Vistula Group -0.2% 3.2% -11.5% 20.1% -99.7% 185166.7% -40.1% 90.4% 5.7 4.9 5.4 4.2

Wawel SA 16.0% 16.2% 11.4% 11.4% 18.7% 17.7% 8.3% 15.2% 0.0 -0.4 -0.6 -0.8

ZA Pulawy S.A. 424.3% -19.5% 8.5% 41.8% 734.5% -34.7% 2.3% 61.5% -0.2 0.5 0.8 0.6

ZCh Police S.A.* 42.0% -36.3% 13.7% na 103.9% -55.5% 10.6% na 0.5 0.6 0.2 na

Mean Poland** nm nm nm nm 39.3% -14.1% -6.7% 9.0% nm nm nm nm

(*) 2011 estimated




Romania


current price


Albalact ALBZ.BRQ ALBZ RO FOOD & BEVERAGE 22.9 21.5 12.7 31.7 0.2 0.16 0.2 Accumulate

Antibiotice ATBE.BX ATB RO Pharmaceuticals 59.2 4.1 3.5 29.3 27.1 0.47 0.5 Hold

Banca Transilvania BATR.BX TLV RO Banking 587.2 7.5 -4.9 22.1 54.4 1.20 1.1 Hold

Biofarm BIOF.BX BIO RO Pharmaceuticals 59.4 8.4 1.2 22.6 46.7 0.25 0.3 Hold

BRD Groupe SG BRDX.BB BRD RO Banking 1,223.1 4.2 -11.5 11.2 -5.7 7.92 U.R. U.R.

Fondul Proprietatea FP.BX FP RO Financial Holding / Conglomerate 1,887.4 -3.9 2.4 17.6 30.7 0.64 0.7 Accumulate

Petrom SNPP.BX SNP RO Oil & Gas 5,264.6 -7.0 -7.0 6.1 19.8 0.42 0.5 Hold

SIF 1 Banat Crisana SIF1.BX SIF1 RO Financial Holding / Conglomerate 26.8 21.6 -11.8 7.1 42.0 1.21 U.R. Not rated

SIF 2 Moldova SIF2.BX SIF2 RO Financial Holding / Conglomerate 139.2 12.0 -22.0 -14.8 10.0 1.21 U.R. Not rated

SIF 3 Transilvania SIF3.BX SIF3 RO Financial Holding / Conglomerate 129.7 -14.9 -29.0 -18.7 21.4 0.54 U.R. Not rated

SIF 4 Muntenia SIF4.BX SIF4 RO Financial Holding / Conglomerate 123.5 -4.0 -26.0 -5.4 -7.9 0.69 U.R. Not rated

SIF 5 Oltenia SIF5.BX SIF5 RO Financial Holding / Conglomerate 181.8 5.5 -4.9 5.9 33.6 1.41 U.R. Not rated

Transelectrica TSEL.BX TEL RO Utility 214.4 7.1 -5.4 16.8 5.8 13.20 15.2 Buy

Transgaz TGNM.BX TGN RO Utility 534.9 6.2 -2.2 0.0 8.5 205.00 236.0 Accumulate

Erste country Romania 5,269,741.4 -7.0 -7.0 6.1 19.8 - - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Albalact 19.2 23.8 9.6 7.4 6.3 5.9 4.2 3.7 1.2 1.1 1.0 0.9

Antibiotice 8.5 9.9 9.6 8.8 4.5 6.4 5.0 5.2 0.6 0.9 0.8 0.8

Banca Transilvania 4.5 11.9 12.0 9.1 na na na na 0.6 1.0 1.0 0.9

Biofarm 13.7 13.9 17.9 13.7 10.1 11.9 12.3 10.2 1.4 1.6 1.6 1.4

BRD Groupe SG 15.0 nm nm nm na na na na 1.2 nm nm nm


Petrom 4.4 5.2 5.6 6.3 2.5 3.1 3.1 3.1 0.8 1.0 0.9 0.8

SIF 1 Banat Crisana na na na na na na na na na na na na

SIF 2 Moldova na na na na na na na na na na na na

SIF 3 Transilvania na na na na na na na na na na na na

SIF 4 Muntenia na na na na na na na na na na na na

SIF 5 Oltenia na na na na na na na na na na na na

Transelectrica 14.0 22.3 8.3 8.5 2.9 3.0 2.1 2.0 0.5 0.4 0.4 0.4

Transgaz 6.8 7.8 6.2 6.3 4.9 5.4 4.3 4.3 0.9 0.9 0.8 0.7

Mean Romania 4.4 5.2 5.6 6.3 2.5 3.1 3.1 3.1 0.8 1.0 0.9 0.8


P/E P/CE P/BV

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Albalact 0.4 0.4 0.4 0.3 6.5 6.6 5.1 4.5 0.0% 0.0% 0.0% 6.8%

Antibiotice 0.9 1.2 1.0 1.0 5.1 6.5 5.7 5.3 5.1% 0.0% 4.2% 4.6%

Banca Transilvania na na na na na na na na 3.1% 1.7% 1.7% 2.2%

Biofarm 1.5 1.8 2.0 1.6 6.5 8.3 9.0 7.3 5.2% 5.3% 4.2% 5.1%

BRD Groupe SG na na na na na na na na 1.0% 0.0% 0.0% 0.0%


Petrom 0.8 0.9 0.8 0.8 2.4 3.1 2.9 2.8 6.1% 4.7% 5.7% 7.1%






Transelectrica 0.6 0.6 0.7 0.6 4.2 4.1 3.5 3.2 6.3% 4.0% 6.0% 5.9%

Transgaz 1.9 1.9 1.7 1.6 4.2 4.8 4.0 3.9 13.3% 9.8% 12.9% 8.9%

Mean Romania 0.8 0.9 0.8 0.8 2.6 3.3 3.1 3.0 6.1% 4.7% 5.7% 7.1%

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Albalact 6.3% 6.0% 6.9% 7.0% 1.7% 1.2% 2.6% 3.0% 6.6% 4.7% 10.8% 12.9%

Antibiotice 17.2% 17.9% 18.2% 18.4% 7.1% 8.8% 8.4% 8.6% 7.3% 9.0% 8.6% 9.0%

Banca Transilvania na na na na na na na na 13.3% 8.9% 8.3% 10.6%

Biofarm 22.5% 21.6% 22.5% 22.5% 16.6% 18.1% 13.5% 15.0% 10.3% 12.1% 9.0% 11.0%

BRD Groupe SG na na na na na na na na 8.4% 0.0% nm nm


Petrom 34.3% 27.8% 26.9% 27.3% 16.6% 15.2% 12.9% 12.0% 19.0% 20.1% 16.5% 13.5%






Transelectrica 14.7% 15.2% 19.2% 19.1% 2.9% 1.5% 4.4% 4.0% 3.8% 1.8% 4.7% 4.5%

Transgaz 45.0% 39.9% 42.0% 40.5% 29.0% 24.8% 26.0% 24.6% 13.0% 11.0% 12.8% 12.2%

Mean Romania 32.1% 26.9% 26.7% 26.8% 15.4% 14.3% 12.7% 11.8% 15.0% 15.2% 14.6% 12.5%



2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Albalact 18.5% 4.1% 29.4% 16.7% 893.9% -25.0% 149.4% 29.7% 1.3 1.9 1.5 1.4

Antibiotice 11.5% 11.9% 10.6% 7.9% 34.6% 34.0% 3.2% 9.9% 1.6 1.6 1.3 1.2

Banca Transilvania na na na na 96.8% -36.2% -0.8% 32.8% na na na na

Biofarm -2.7% 8.8% 9.4% 17.6% 13.7% 24.4% -22.0% 30.7% -3.5 -3.4 -1.7 -1.8

BRD Groupe SG na na na na -50.8% -100.0% na na na na na na


Petrom 34.0% 7.6% 5.3% -2.3% 70.6% 21.1% -7.3% -10.4% 0.2 0.3 0.2 0.1






Transelectrica 30.3% -6.2% 20.1% 6.4% 851.2% -52.3% 169.8% -2.6% 1.5 1.9 1.6 1.4

Transgaz 4.9% -12.0% 18.6% 1.0% 4.6% -15.0% 18.1% -0.8% -0.2 -0.1 0.1 0.1

Mean Romania** 31.0% 5.6% 6.8% -1.5% 70.6% 21.1% -7.3% -10.4% 0.3 0.3 0.3 0.2

(*) 2011 estimated




Serbia


current price


Aik Banka AD AIKB.BEL AIKB SG Banking 118.0 -15.9 -19.8 -21.0 1.1 1,345.00 2,050.0 Accumulate

Komercijalna Banka KMBN.BEL KMBN SG Banking 155.5 -15.8 -20.0 15.1 -22.3 1,280.00 1,880.0 Accumulate

Sojaprotein AD SJPT.BEL SJPT SG Food & Beverage 78.9 -8.3 -27.5 -8.9 23.5 605.00 760.0 Accumulate

Erste country Serbia 352.4 -14.3 -21.7 -5.0 -7.5 - - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Aik Banka AD 5.4 2.9 2.8 2.7 na na na na 0.4 0.3 0.2 0.2

Komercijalna Banka 6.7 5.1 4.0 3.5 na na na na 0.5 0.3 0.3 0.3Sojaprotein AD 6.9 5.5 4.6 3.3 5.5 4.7 3.9 2.9 0.6 0.6 0.6 0.5

Mean Serbia 6.2 4.1 3.6 3.2 nm nm nm nm 0.5 0.3 0.3 0.3

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Aik Banka AD na na na na na na na na 0.4% 1.4% 1.5% 1.5%

Komercijalna Banka na na na na na na na na 0.0% 0.0% 0.0% 0.0%

Sojaprotein AD 0.9 0.9 0.9 0.8 8.2 6.5 5.7 4.6 0.0% 0.0% 7.1% 7.2%

Mean Serbia nm nm nm nm nm nm nm nm 0.0 0.0 0.0 0.0


P/E P/CE P/BV


2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Aik Banka AD na na na na na na na na 6.5% 9.4% 9.0% 8.4%

Komercijalna Banka na na na na na na na na 8.0% 7.8% 8.0% 8.4%

Sojaprotein AD 10.8% 14.5% 15.9% 18.3% 8.0% 9.3% 10.6% 13.7% 9.6% 11.7% 13.1% 16.8%

Mean Serbia nm nm nm nm nm nm nm nm 7.5% 8.9% 8.9% 9.3%

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Aik Banka AD na na na na -47.9% 52.5% 4.3% 1.7% na na na na

Komercijalna Banka na na na na 18.9% -0.7% 25.6% 14.4% na na na na

Sojaprotein AD -23.5% 57.8% 16.8% 23.3% -5.3% 36.7% 21.8% 38.3% 3.2 3.0 2.7 2.1

Mean Serbia** nm nm nm nm -22.9% 25.9% 14.9% 13.1% nm nm nm nm

(*) 2011 estimated





Slovenia


current price


Gorenje GORE.LJ GRVG SV Household Goods & Appliances 62.8 -7.6 -6.0 -5.0 -22.5 3.95 7.7 Buy

Krka KRKG.LJ KRKG SV Pharmaceuticals 1,776.6 2.3 -3.4 7.2 20.2 50.15 65.0 Buy

Telekom Slovenije TLSG.LJ TLSG SV Integrated Telecoms 656.5 2.1 18.1 24.7 49.1 101.00 74.0 Hold

Erste country Slovenia 2,496.0 2.0 1.4 10.9 24.8 - - -

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Gorenje 8.9 nm 12.8 4.4 1.7 1.9 1.1 0.9 0.2 0.2 0.2 0.2

Krka 11.7 11.1 10.4 9.5 7.7 7.1 6.6 6.1 1.6 1.4 1.3 1.2

Telekom Slovenije 12.0 14.3 14.4 12.4 1.8 2.8 2.9 2.9 0.5 0.8 0.8 0.8

Mean Slovenia 11.6 12.1 11.2 9.8 4.5 4.9 4.5 4.2 1.0 1.0 1.0 0.9

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Gorenje 0.3 0.4 0.3 0.3 5.3 5.2 4.8 4.3 3.0% 0.0% 2.0% 5.8%

Krka 1.8 1.6 1.5 1.4 6.4 6.3 5.7 5.2 2.7% 2.9% 3.1% 3.4%

Telekom Slovenije 1.0 1.3 1.3 1.2 3.3 4.1 3.9 3.6 8.2% 3.9% 5.9% 3.2%

Mean Slovenia 1.0 1.0 1.0 0.9 5.0 5.3 4.9 4.5 3.7% 3.1% 3.8% 3.4%


P/E P/CE P/BV


2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Gorenje 6.1% 6.7% 7.0% 7.4% 0.6% 0.0% 0.4% 1.0% 2.3% 0.0% 1.2% 3.5%

Krka 27.8% 24.7% 25.4% 25.9% 14.9% 14.0% 14.1% 14.3% 14.6% 13.5% 13.3% 13.2%

Telekom Slovenije 31.4% 30.8% 32.7% 33.8% 4.2% 5.5% 6.0% 7.1% 4.2% 5.3% 5.6% 6.4%

Mean Slovenia 19.3% 18.9% 19.7% 20.1% 6.1% 6.3% 6.7% 7.3% 8.8% 8.5% 8.8% 9.6%

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Gorenje -20.2% -0.3% 9.4% 9.3% -55.0% -98.3% 3178.6% 189.7% 4.4 4.5 4.1 3.7

Krka 1.9% -5.5% 9.8% 9.2% -6.2% -0.3% 7.1% 9.0% 0.2 0.0 0.0 0.0

Telekom Slovenije 610.6% -5.5% 4.0% 1.3% nm 27.8% 5.3% 16.2% 1.7 1.6 1.3 1.0

Mean Slovenia** 46.4% -4.8% 7.4% 6.2% nm 0.1% 9.0% 14.4% 1.3 1.3 1.1 0.9

(*) 2011 estimated





Turkey


current price


Akbank AKBNK.IS AKBNK TI Banking 13,344.4 -17.2 -8.4 -5.0 42.8 8.28 9.2 Hold

Akcansa AKCNS.IS AKCNS TI Construction Materials 913.8 7.7 10.2 8.7 66.0 11.85 10.4 Accumulate

Akenerji Elektrik AKENR.IS AKENR TI UTILITIES 319.5 -6.6 -10.9 -4.5 10.5 1.55 2.6 Accumulate

Akfen AKFEN.IS AKFEN TI Financial Holding / Conglomerate 276.7 -9.6 -56.1 -50.7 -48.5 4.72 13.3 Buy

Aksigorta AKGRT.IS AKGRT TI INSURANCE 298.4 3.0 4.8 15.2 23.5 2.42 2.5 Accumulate

Alarko Holding ALARK.IS ALARK TI CONSTRUCTION & MATERIAL 477.2 -8.3 -1.5 21.0 33.5 5.30 7.4 Buy

Albaraka Turk ALBRK.IS ALBRK TI Banking 696.2 -6.8 0.0 12.3 92.0 1.92 1.7 Hold

Anadolu Cam ANACM.IS ANACM TI Misc. Materials 457.2 2.9 2.2 5.9 30.6 2.85 3.7 Buy

Anadolu Hayat ANHYT.IS ANHYT TI INSURANCE 531.8 -10.5 -14.0 21.1 38.6 5.28 U.R. U.R.

Anadolu Sigorta ANSGR.IS ANSGR TI INSURANCE 259.9 -2.3 6.6 41.8 59.3 1.29 1.2 Buy

Arcelik ARCLK.IS ARCLK TI Household Goods & Appliances 3,457.7 -7.3 7.6 16.5 59.5 12.70 12.1 Hold

Aygaz AYGAZ.IS AYGAZ TI Oil & Gas 1,305.4 7.8 4.9 15.6 49.2 10.80 9.8 Accumulate

Bagfas BAGFS.IS BAGFS TI Speciality Chemicals 169.3 -10.6 -17.0 -12.3 -16.6 46.70 59.0 Hold

Bank Asya ASYAB.IS ASYAB TI Banking 670.8 -17.8 -15.5 -8.9 10.1 1.85 2.1 Hold

BIM BIMAS.IS BIMAS TI Retail 5,015.3 -11.6 -2.4 0.3 19.7 82.00 89.7 Hold

Bizim Toptan BIZIM.IS BIZIM TI Retail 480.3 -7.2 6.0 13.3 24.9 29.80 30.6 Hold

Celebi Ground Handling CLEBI.IS CLEBI TI TRAVEL & LEISURE 150.8 -26.5 -26.7 -24.5 1.3 15.40 23.6 Accumulate

Cimsa CIMSA.IS CIMSA TI Construction Materials 702.1 15.7 20.6 44.3 56.9 12.90 10.3 Buy

DO & CO DOCO.VI DOC AV Hotels & Restaurants 346.9 -8.5 -2.1 13.8 25.3 35.61 42.0 Accumulate

Dogus Otomotiv DOAS.IS DOAS TI AUTOMOBILES & PARTS 1,006.1 -12.0 10.7 41.5 137.9 11.35 U.R. U.R.

Emlak Konut REIT EKGYO.IS EKGYO TI REIT 3,042.0 -2.9 3.8 1.7 37.3 3.02 3.2 Buy

Ford Otosan FROTO.IS FROTO TI AUTOMOBILES & PARTS 3,449.8 -10.3 6.6 19.9 50.6 24.40 U.R. U.R.

Garanti Bank GARAN.IS GARAN TI Banking 14,891.5 -15.0 -3.3 -1.1 39.2 8.80 9.6 Hold

Gubre Fabrikalari GUBRF.IS GUBRF TI Speciality Chemicals 445.8 -15.3 -25.6 -6.0 8.6 13.25 18.5 Accumulate

Halkbank HALKB.IS HALKB TI Banking 9,015.1 -13.1 -2.5 2.3 42.1 17.90 21.1 Buy

Is REIT ISGYO.IS ISGYO TI REIT 365.5 -8.9 -1.2 0.1 40.0 1.44 1.4 Buy

Isbank ISCTR.IS ISCTR TI Banking 11,096.1 -16.6 -7.6 0.7 56.1 6.12 U.R. U.R.

KilerAlisveris KILER.IS KILER TI Retail 129.6 -7.7 -11.8 -20.6 -27.1 2.39 2.8 Reduce

Koc Holding KCHOL.IS KCHOL TI Financial Holding / Conglomerate10,115.2 -13.9 -1.0 13.3 65.5 9.90 U.R. U.R.

Migros Ticaret AS MGROS.IS MGROS TI Retail 1,578.1 -7.4 0.7 1.1 37.5 22.00 28.5 Buy

Park Elektrik PRKME.IS PRKME TI BASIC RESOURCES 334.7 -10.9 -15.7 -10.3 11.2 5.58 6.1 Accumulate

Petkim PETKM.IS PETKM TI Chemicals 1,164.4 -6.8 -8.0 20.4 48.2 2.89 3.5 Accumulate

Sabanci Holding SAHOL.IS SAHOL TI Financial Holding / Conglomerate 8,582.7 -14.1 -2.9 5.7 47.9 10.44 13.2 Buy

Sekerbank SKBNK.IS SKBNK TI Banking 705.1 -15.0 -6.9 4.8 82.3 1.75 1.6 Reduce

Selcuk Ecza Deposu SELEC.IS SELEC TI Pharmaceuticals 510.4 -4.2 -3.3 0.5 17.2 2.04 2.7 Buy

Sinpas REIT SNGYO.IS SNGYO TI REIT 302.2 -13.2 -10.1 -6.7 10.6 1.25 2.0 Buy

Sisecam SISE.IS SISE TI Misc. Materials 1,770.8 -5.5 -0.3 6.9 8.9 2.93 3.1 Hold

TAV Havalimanlari Holding TAVHL.IS TAVHL TI Airports 1,646.7 6.1 0.0 28.4 25.8 11.25 11.0 Hold

Tekfen Holding TKFEN.IS TKFEN TI Construction Services 945.1 -12.9 -16.6 -7.8 11.2 6.34 9.2 Buy

Teknosa TKNSA.IS TKNSA TI Retail 520.8 3.1 17.5 54.6 57.9 11.75 11.9 Accumulate

Tofas TOASO.IS TOASO TI AUTOMOBILES & PARTS 2,588.7 0.4 8.0 16.8 99.5 12.85 U.R. U.R.

Torunlar REIT TRGYO.IS TRGYO TI REIT 765.5 -11.8 12.4 32.9 66.3 3.80 3.9 Buy

Trakya Cam TRKCM.IS TRKCM TI Construction Materials 763.0 -11.7 -1.1 21.3 38.3 2.73 2.9 Hold

Tupras TUPRS.IS TUPRS TI Oil & Gas 4,500.0 -15.5 -17.0 -9.9 24.2 44.60 52.5 Hold

Turcas Petrol AS TRCAS.IS TRCAS TI Oil & Gas 294.6 -8.7 -11.2 6.6 37.7 3.25 4.5 Accumulate

Turk Telekomunikasyon AS TTKOM.IS TTKOM TI Integrated Telecoms 9,363.6 -24.0 -11.0 -3.8 5.4 6.64 8.5 Accumulate

Turkcell Iletisim Hizmetleri AS TCELL.IS TCELL TI Wireless 9,395.8 -6.6 -9.4 -8.6 28.6 10.60 14.5 Accumulate

Turkish Airlines THYAO.IS THYAO TI Airlines 3,906.6 1.5 7.2 38.4 200.4 8.08 8.5 Accumulate

Turkiye Sinai Kalkinma Bankasi TSKB.IS TSKB TI Banking 1,028.2 -10.4 -1.7 11.0 38.1 2.32 U.R. U.R.

Vakifbank VAKBN.IS VAKBN TI Banking 5,439.3 -21.3 -5.3 14.2 72.0 5.40 U.R. U.R.

Vestel VESBE.IS VESBE TI Household Goods & Appliances 217.4 4.0 5.6 6.0 18.8 2.84 2.4 Accumulate

Yapi Kredi Bank YKBNK.IS YKBNK TI Banking 8,827.4 -13.7 -5.6 -1.8 60.0 5.04 5.6 Accumulate

Zorlu Enerji ZOREN.IS ZOREN TI UTILITIES 186.3 -9.7 -2.1 28.7 31.1 1.39 1.7 Accumulate

Erste country Turkey 148,767.7 -12.9 -4.5 3.1 42.3 - - -


2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Akbank 8.6 11.5 na na na na na na 1.2 1.6 1.4 1.3

Akcansa 13.1 18.7 16.5 14.3 8.1 12.6 11.2 9.9 1.5 2.5 2.3 2.1

Akenerji Elektrik* 17.8 14.4 11.9 4.2 10.4 9.0 7.7 3.0 1.0 0.9 0.9 0.7

Akfen 1.5 4.5 3.7 3.6 1.3 3.2 2.7 2.6 0.7 0.4 0.4 0.4

Aksigorta 15.6 13.7 12.4 11.2 na na na na 1.3 1.6 2.0 2.0

Alarko Holding 5.9 9.1 7.0 6.7 4.6 6.9 5.7 5.4 0.7 1.1 1.0 0.8

Albaraka Turk* 10.7 9.1 8.3 7.3 na na na na 1.8 1.7 1.5 1.4

Anadolu Cam 5.9 15.6 6.8 7.3 3.0 4.7 3.2 3.4 0.9 1.1 0.9 0.8

Anadolu Hayat 10.6 12.8 9.5 na na na na na 1.4 2.0 2.0 na

Anadolu Sigorta* 23.9 19.7 16.2 na na na na na 0.7 0.7 0.7 na

Arcelik 8.2 14.7 11.8 9.9 4.8 9.7 8.6 7.4 1.2 2.3 2.1 1.8

Aygaz 7.0 13.5 13.0 12.3 6.0 9.5 9.4 9.1 1.2 1.5 1.4 1.3

Bagfas 2.1 20.3 19.6 19.9 1.7 26.7 11.5 10.2 0.7 2.1 1.7 1.6

Bank Asya 6.6 8.6 6.2 4.9 na na na na 0.7 0.7 0.6 0.6

BIM 26.7 40.0 29.9 24.8 20.9 30.6 23.5 19.7 12.9 16.3 13.5 11.2

Bizim Toptan 25.2 42.6 30.1 23.7 19.1 29.4 22.3 17.7 7.6 9.2 8.6 7.1

Celebi Ground Handling 60.6 14.9 10.1 8.7 11.0 5.8 4.6 4.0 11.7 6.1 3.9 2.7

Cimsa* 15.0 13.9 13.3 12.9 11.4 10.7 10.3 9.9 1.9 1.8 1.8 1.7

DO & CO 16.3 14.7 15.8 14.7 7.5 7.2 9.2 7.9 2.3 1.9 2.1 1.9

Dogus Otomotiv 4.6 7.4 11.9 12.1 4.4 6.3 10.5 10.4 0.7 1.6 2.3 2.1

Emlak Konut REIT 21.4 17.4 12.6 6.9 19.3 17.4 12.6 6.9 1.3 1.8 1.6 1.4

Ford Otosan 8.1 11.1 11.6 10.5 6.7 11.6 8.3 7.4 2.8 3.8 4.0 3.8

Garanti Bank 2.4 12.7 10.3 8.9 na na na na 0.4 1.8 1.5 1.4

Gubre Fabrikalari 7.3 6.2 5.9 5.8 3.4 7.3 4.3 4.2 1.4 2.2 1.1 0.9

Halkbank 6.1 8.4 8.2 7.6 na na na na 1.4 1.8 1.6 1.3

Is REIT 9.0 14.0 9.2 13.6 6.5 10.1 7.3 9.9 0.6 0.8 0.8 0.8

Isbank 1.6 8.4 8.2 7.8 na na na na 0.2 1.2 1.1 1.0

KilerAlisveris nm nm 45.4 26.6 36.1 13.7 10.5 8.4 1.8 1.5 1.5 1.4

Koc Holding 9.8 10.1 11.6 10.1 5.3 7.3 7.2 6.6 0.9 1.4 1.5 1.3

Migros Ticaret AS nm 46.5 28.6 20.1 nm 18.3 13.7 10.8 1.9 3.1 2.8 2.4

Park Elektrik 5.1 7.4 4.7 5.4 4.2 5.1 4.0 4.4 1.2 1.8 1.3 1.1

Petkim 19.2 158.9 87.8 30.7 12.0 31.1 23.9 14.5 1.2 1.7 1.7 1.6

Sabanci Holding 5.9 10.8 10.3 9.2 5.2 7.0 10.6 7.9 0.8 1.2 1.2 1.1

Sekerbank 7.6 7.3 7.2 6.3 na na na na 0.6 1.0 0.9 0.8

Selcuk Ecza Deposu 6.3 8.9 7.8 7.1 5.7 8.0 7.2 6.6 0.7 1.0 0.9 0.8

Sinpas REIT* 3.9 3.3 4.9 nm 3.8 3.2 4.6 146.4 0.7 0.6 0.6 0.6

Sisecam 4.9 13.2 11.6 9.6 3.1 4.8 4.6 4.1 0.9 0.9 0.9 0.8

TAV Havalimanlari Holding 22.6 11.3 11.2 8.1 10.1 7.2 7.4 5.8 2.5 2.8 2.6 2.0

Tekfen Holding 8.1 6.2 9.0 9.5 6.3 5.1 6.6 6.7 1.1 1.1 1.1 1.0

Teknosa na 16.4 21.6 18.5 na 11.2 13.8 12.1 na 4.2 5.0 4.3

Tofas 6.2 11.7 12.4 10.9 3.7 5.9 7.5 7.1 1.7 2.5 2.8 2.5

Torunlar REIT 5.0 9.1 4.2 3.1 5.0 9.1 4.2 3.1 0.4 0.7 0.6 0.5

Trakya Cam 5.7 23.3 15.8 11.1 3.6 8.4 6.4 5.2 0.7 1.1 1.0 0.9

Tupras 8.1 8.9 10.4 11.6 6.7 8.0 7.6 8.9 2.3 2.7 2.5 2.5

Turcas Petrol AS 5.1 10.4 23.1 13.9 5.2 16.4 23.9 12.4 0.8 1.1 1.0 1.0

Turk Telekomunikasyon AS 11.9 9.2 8.8 8.6 6.9 5.4 5.3 5.1 4.3 3.8 3.5 3.3

Turkcell Iletisim Hizmetleri AS 16.5 12.2 10.0 9.1 6.7 7.0 6.1 5.8 1.8 2.0 1.8 1.6

Turkish Airlines 137.4 9.4 8.0 9.0 3.1 5.0 4.1 3.8 0.6 1.8 1.5 1.3

Turkiye Sinai Kalkinma Bankasi 4.2 8.2 7.9 7.6 na na na na 0.8 1.4 1.3 1.2

Vakifbank 5.0 7.9 8.5 7.2 na na na na 0.7 1.0 1.1 0.9

Vestel * 19.2 8.7 7.9 7.6 6.7 4.8 4.5 4.2 1.1 0.9 0.9 0.8

Yapi Kredi Bank 6.3 16.1 9.4 8.4 na na na na 1.0 1.4 1.3 1.1

Zorlu Enerji* nm 6.6 4.3 1.1 17.2 2.7 2.2 0.9 4.6 2.7 1.7 0.7

Mean Turkey 5.6 11.0 10.0 8.9 nm nm nm nm 0.9 1.7 1.5 1.4

P/E P/CE P/BV

2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Akbank na na na na na na na na 2.3% 1.9% na na

Akcansa 1.5 2.3 2.1 1.9 7.7 11.3 10.1 8.9 3.0% 3.9% 3.7% 4.3%

Akenerji Elektrik* 2.9 3.3 3.4 1.5 14.1 15.4 16.3 7.0 0.0% 0.0% 0.0% 0.0%

Akfen 3.4 2.9 2.9 2.8 16.9 11.9 14.2 12.6 0.0% 0.0% 0.0% 0.0%

Aksigorta na na na na na na na na 4.2% 4.7% 5.3% 5.8%

Alarko Holding 0.4 0.7 0.5 0.4 4.1 8.1 5.6 5.1 0.7% 0.0% 0.0% 0.0%

Albaraka Turk* na na na na na na na na 1.9% 2.2% 2.4% 2.8%

Anadolu Cam 1.4 1.5 1.3 1.1 5.7 7.4 6.7 5.6 0.6% 0.0% 1.3% 2.9%

Anadolu Hayat na na na na na na na na 6.2% 4.3% 3.6% na

Anadolu Sigorta* na na na na na na na na 0.0% 0.0% 0.0% na

Arcelik 0.8 1.1 0.9 0.8 7.4 10.4 8.5 7.6 6.0% 3.5% 3.4% 4.2%

Aygaz 0.4 0.5 0.5 0.5 5.5 10.4 9.7 9.3 7.2% 3.7% 3.8% 4.1%

Bagfas 0.2 1.4 0.9 0.9 0.7 13.8 8.4 7.5 12.8% 6.1% 1.1% 1.0%

Bank Asya na na na na na na na na 0.0% 0.0% 0.0% 0.0%

BIM 0.9 1.3 1.0 0.9 17.8 26.2 20.0 16.6 2.5% 0.0% 2.5% 3.0%

Bizim Toptan 0.4 0.6 0.5 0.4 11.7 15.9 13.9 11.5 1.9% 0.0% 1.7% 2.1%

Celebi Ground Handling 1.5 1.3 1.1 0.9 9.1 7.7 5.9 4.8 0.0% 0.0% 0.0% 0.0%

Cimsa* 2.3 2.2 2.2 2.1 9.3 8.7 8.5 8.3 5.4% 5.4% 5.8% 6.0%

DO & CO 0.5 0.5 0.5 0.5 4.8 4.3 5.3 4.9 1.2% 1.5% 1.5% 1.7%

Dogus Otomotiv 0.2 0.5 0.6 0.6 4.4 7.6 11.0 10.2 0.0% 0.0% 5.0% 4.2%

Emlak Konut REIT 7.4 6.1 3.6 3.1 30.1 17.2 11.9 6.3 3.6% 2.3% 2.3% 3.2%

Ford Otosan 0.5 0.9 0.8 0.7 6.5 11.5 9.2 8.1 9.7% 7.7% 7.7% 7.8%

Garanti Bank na na na na na na na na na na na na

Gubre Fabrikalari 0.9 0.8 0.6 0.5 3.3 3.4 2.7 2.0 0.0% 0.0% 0.0% 0.0%

Halkbank na na na na na na na na na na na na

Is REIT 4.9 7.2 3.4 7.0 6.4 10.8 7.7 10.9 3.8% 3.3% 3.3% 3.3%

Isbank na na na na na na na na na na na na

KilerAlisveris 0.8 0.6 0.5 0.5 11.1 12.3 9.8 8.7 0.0% 0.0% 0.0% 0.0%

Koc Holding 0.5 0.6 0.5 0.5 7.0 7.6 7.1 6.1 10.3% 3.2% 4.8% 5.3%

Migros Ticaret AS 0.7 0.8 0.7 0.6 10.2 13.4 11.7 9.9 0.0% 0.0% 0.0% 0.0%

Park Elektrik 2.8 3.0 2.0 1.6 4.7 4.5 2.8 2.5 0.0% 12.0% 2.7% 4.3%

Petkim 0.5 0.6 0.7 0.7 9.5 45.1 22.2 13.3 0.0% 2.0% 0.0% 0.0%

Sabanci Holding 1.3 1.4 2.6 2.5 7.1 7.8 13.1 12.5 2.8% 1.5% 1.5% 1.0%

Sekerbank na na na na na na na na 1.3% na na na

Selcuk Ecza Deposu 0.1 0.2 0.2 0.2 4.8 7.1 5.6 4.6 3.6% 2.4% 2.9% 3.4%

Sinpas REIT* 1.1 0.7 0.3 nm 4.3 3.0 1.0 nm 4.0% 7.7% 9.1% 6.2%

Sisecam 1.1 1.1 1.1 1.1 4.4 6.2 5.8 5.3 1.2% 0.0% 0.0% 0.0%

TAV Havalimanlari Holding 2.3 2.0 2.1 1.8 9.3 7.8 7.0 5.5 3.3% 4.5% 4.7% 6.5%

Tekfen Holding 0.5 0.5 0.6 0.6 4.5 6.4 6.7 6.9 2.9% 3.2% 7.9% 3.3%

Teknosa na 0.2 0.3 0.3 na 4.8 8.5 7.6 na 0.0% 0.0% 1.9%

Tofas 0.6 0.9 0.9 0.7 5.3 7.2 7.8 7.0 8.4% 4.8% 4.2% 4.8%

Torunlar REIT 8.2 9.5 2.5 1.6 17.6 17.7 4.5 2.4 1.4% 1.2% 4.4% 4.8%

Trakya Cam 1.0 1.6 1.8 1.6 3.5 9.1 7.9 6.5 0.0% 0.0% 0.0% 0.0%

Tupras 0.3 0.3 0.4 0.4 5.0 10.5 9.2 9.3 7.4% 7.8% 9.3% 8.6%

Turcas Petrol AS 54.2 39.6 38.3 36.6 6.7 150.9 96.5 91.5 2.3% 1.0% 1.0% 1.0%

Turk Telekomunikasyon AS 2.5 2.4 2.2 2.1 5.9 6.0 5.5 5.3 7.7% 10.0% 10.4% 10.7%

Turkcell Iletisim Hizmetleri AS 1.8 2.1 1.8 1.6 6.0 6.9 5.7 5.1 0.0% 9.3% 5.0% 5.5%

Turkish Airlines 0.7 1.1 0.9 0.8 7.7 7.1 6.9 5.5 0.0% 0.0% 0.0% 0.0%

Turkiye Sinai Kalkinma Bankasi na na na na na na na na 3.6% 2.1% na na

Vakifbank na na na na na na na na na na na na

Vestel * 0.4 0.3 0.3 0.3 5.8 4.5 4.2 4.1 4.2% 4.2% 9.2% 10.1%

Yapi Kredi Bank na na na na na na na na na na na na

Zorlu Enerji* 4.2 1.9 1.5 0.6 16.2 5.2 4.2 1.1 0.0% 0.0% 0.0% 0.0%

Mean Turkey nm nm nm nm nm nm nm nm nm nm nm nm


2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Akbank na na na na na na na na 11.8% 13.9% 14.2% 14.7%

Akcansa 19.1% 20.5% 21.1% 21.6% 10.0% 11.3% 11.9% 12.6% 11.8% 13.7% 14.5% 15.5%

Akenerji Elektrik* 20.4% 21.7% 21.0% 21.2% 8.4% 10.1% 10.9% 12.4% 5.7% 6.6% 7.4% 18.3%

Akfen 19.9% 24.2% 20.6% 22.3% 2.9% 64.5% 15.4% 18.8% -8.3% 63.3% 10.3% 11.1%

Aksigorta na na na na na na na na 8.4% 12.0% 15.3% 18.0%

Alarko Holding 10.8% 8.5% 8.7% 8.5% 9.8% 8.2% 7.3% 7.1% 13.1% 13.0% 14.7% 13.4%

Albaraka Turk* na na na na na na na na 17.7% 18.9% 18.7% 19.4%

Anadolu Cam 24.4% 19.7% 19.7% 20.0% 9.4% 3.5% 7.4% 6.4% 15.7% 7.4% 14.6% 11.9%

Anadolu Hayat na na na na na na na na 14.7% 16.1% 23.1% na

Anadolu Sigorta* na na na na na na na na 3.1% 3.7% 4.3% na

Arcelik 10.4% 10.1% 11.1% 11.1% 6.4% 5.9% 6.5% 7.0% 14.7% 16.1% 18.4% 19.7%

Aygaz 8.1% 4.9% 5.0% 5.0% 6.9% 4.1% 4.1% 4.3% 18.4% 11.0% 11.0% 11.0%

Bagfas 27.8% 10.0% 11.3% 12.1% 22.7% 6.6% 5.6% 5.6% 35.9% 10.2% 8.9% 8.2%

Bank Asya na na na na na na na na 10.6% 8.4% 10.5% 12.4%

BIM 5.2% 5.0% 5.1% 5.1% 3.7% 3.3% 3.5% 3.6% 53.5% 46.4% 47.9% 49.3%

Bizim Toptan 3.6% 3.5% 3.7% 3.8% 1.7% 1.3% 1.7% 1.9% 32.9% 23.7% 30.5% 32.7%

Celebi Ground Handling 16.7% 16.4% 18.1% 18.5% 0.8% 4.8% 6.4% 6.6% 10.7% 50.0% 47.2% 36.7%

Cimsa* 25.1% 25.7% 25.5% 25.2% 14.7% 15.2% 15.1% 14.9% 13.0% 13.6% 13.6% 13.5%

DO & CO 10.8% 11.0% 9.8% 10.4% 5.3% 5.7% 5.5% 5.5% 14.9% 14.0% 14.2% 13.7%

Dogus Otomotiv 5.7% 6.3% 5.6% 5.4% 3.0% 5.0% 4.4% 4.0% 17.9% 24.9% 18.3% 17.9%

Emlak Konut REIT 24.6% 35.7% 30.6% 48.9% 31.9% 38.5% 33.1% 51.3% 6.2% 11.0% 13.8% 21.6%

Ford Otosan 8.4% 7.7% 9.2% 9.2% 6.3% 6.9% 6.5% 6.4% 36.2% 34.7% 36.0% 37.3%

Garanti Bank na na na na na na na na 18.1% 15.8% 15.9% 16.3%

Gubre Fabrikalari 26.5% 24.0% 22.5% 24.8% 16.5% 19.3% 16.5% 16.3% 23.3% 31.5% 24.6% 17.7%

Halkbank na na na na na na na na 25.4% 24.8% 20.7% 19.2%

Is REIT 75.7% 66.9% 44.3% 64.2% 54.2% 50.2% 36.2% 48.1% 6.6% 6.2% 8.9% 5.7%

Isbank na na na na na na na na 15.3% 16.3% 14.2% 13.6%

KilerAlisveris 7.4% 5.0% 5.5% 5.5% -1.7% 0.0% 0.7% 1.0% -7.5% 0.1% 3.4% 5.5%

Koc Holding 7.4% 7.3% 7.0% 8.1% 4.1% 4.8% 4.4% 5.3% 10.0% 15.3% 12.9% 13.5%

Migros Ticaret AS 6.5% 6.3% 6.1% 6.1% -3.0% 1.3% 1.8% 2.3% -13.5% 6.8% 10.2% 13.0%

Park Elektrik 58.2% 67.1% 71.2% 65.2% 58.5% 45.5% 55.2% 49.7% 25.7% 25.0% 32.8% 22.7%

Petkim 5.8% 1.4% 3.0% 5.2% 2.6% 0.4% 0.7% 2.0% 6.2% 1.0% 2.0% 5.4%

Sabanci Holding 18.9% 17.6% 19.9% 20.2% 15.8% 14.4% 19.2% 19.6% 13.9% 12.3% 12.1% 12.2%

Sekerbank na na na na na na na na 8.2% 14.6% 12.9% 13.2%

Selcuk Ecza Deposu 2.9% 3.2% 3.5% 3.7% 2.7% 2.9% 3.2% 3.3% 11.9% 11.3% 11.7% 11.7%

Sinpas REIT* 26.5% 23.8% 29.6% 9.1% 27.5% 23.8% 28.5% -1.8% 18.9% 19.3% 11.9% -0.1%

Sisecam 25.0% 18.5% 19.6% 19.8% 17.4% 7.1% 8.2% 8.7% 20.1% 7.5% 7.8% 8.6%

TAV Havalimanlari Holding 24.5% 25.6% 29.6% 32.3% 5.7% 10.9% 12.2% 15.4% 11.6% 25.3% 25.9% 27.8%

Tekfen Holding 11.9% 8.3% 8.5% 8.6% 7.6% 9.5% 6.4% 6.4% 13.8% 19.0% 11.9% 10.8%

Teknosa 4.7% 4.3% 4.0% 3.7% 3.0% 2.2% 2.1% 2.1% 41.6% 29.5% 26.5% 25.1%

Tofas 10.8% 12.4% 11.5% 10.2% 6.5% 6.7% 7.0% 6.7% 27.1% 23.3% 23.9% 24.5%

Torunlar REIT 46.6% 53.5% 55.4% 65.6% 108.8% 86.0% 58.6% 69.7% 7.2% 8.0% 15.5% 18.5%

Trakya Cam 28.3% 17.9% 22.2% 24.3% 18.8% 6.7% 8.7% 10.5% 13.9% 4.7% 6.7% 8.7%

Tupras 5.4% 2.9% 4.0% 4.2% 3.0% 3.1% 2.5% 2.4% 30.1% 31.6% 23.2% 21.8%

Turcas Petrol AS 812.3% 26.2% 39.7% 40.0% 891.4% 303.1% 123.3% 186.4% 16.6% 10.7% 4.5% 7.1%

Turk Telekomunikasyon AS 42.5% 40.1% 40.6% 40.3% 15.9% 20.4% 20.0% 20.0% 34.6% 43.1% 40.0% 39.3%

Turkcell Iletisim Hizmetleri AS 30.1% 30.2% 30.9% 30.9% 12.2% 19.6% 20.6% 21.2% 11.5% 17.5% 18.1% 18.7%

Turkish Airlines 9.7% 15.4% 13.0% 14.3% 0.2% 6.9% 6.5% 4.9% 0.4% 20.9% 20.4% 15.2%

Turkiye Sinai Kalkinma Bankasi na na na na na na na na 19.4% 19.5% 17.4% 16.2%

Vakifbank na na na na na na na na 13.7% 13.8% 12.8% 13.8%

Vestel * 6.8% 7.4% 7.4% 7.4% 1.7% 3.5% 3.7% 3.7% 5.5% 11.2% 11.2% 11.2%

Yapi Kredi Bank na na na na na na na na 16.9% 10.1% 14.0% 14.1%

Zorlu Enerji* 26.1% 35.8% 36.6% 56.5% -12.3% 7.8% 12.1% 32.4% -44.6% 51.7% 48.6% 87.4%

Mean Turkey nm nm nm nm nm nm nm nm 15.1% 16.6% 15.9% 16.1%


2011 2012e 2013e 2014e 2011 2012e 2013e 2014e 2011 2012e 2013e 2014e

Akbank na na na na -12.5% 2.8% na na na na na na

Akcansa 45.7% 14.3% 11.6% 11.5% 69.2% 21.1% 13.4% 15.0% 0.9 1.0 0.8 0.6

Akenerji Elektrik* 286.8% 9.8% 8.2% 150.4% nm 23.2% 21.1% 181.7% 6.8 8.7 10.1 4.5

Akfen 94.4% -4.1% -20.0% 6.8% nm -77.7% 21.0% 3.1% 11.6 7.7 8.9 7.6

Aksigorta na na na na 2013.8% 52.0% 23.1% 10.7% na na na na

Alarko Holding 435.0% -4.9% 50.2% 5.0% 158.9% 12.9% 29.7% 4.9% -1.5 -1.4 -0.7 -0.9

Albaraka Turk* na na na na 20.6% 17.4% 9.3% 14.7% na na na na

Anadolu Cam 19.5% -7.7% 10.3% 8.7% 31.5% -53.6% 131.9% -6.5% 2.7 3.2 2.8 2.1

Anadolu Hayat na na na na -8.6% 26.2% 69.3% na na na na na

Anadolu Sigorta* na na na na -28.1% 21.7% 21.7% na na na na na

Arcelik 15.6% 23.7% 22.5% 11.7% -2.0% 15.6% 24.0% 19.5% 2.6 2.3 1.9 1.7

Aygaz 37.4% -34.1% 4.3% 1.3% 58.6% -36.7% 3.4% 6.3% -0.5 -0.8 -1.0 -1.3

Bagfas 43.2% -59.8% 19.6% 5.6% 61.9% -89.2% -10.4% -1.5% -1.0 0.4 -1.3 -1.7

Bank Asya na na na na -17.2% -9.6% 37.6% 26.9% na na na na

BIM 20.2% 14.7% 22.9% 19.1% 21.7% 10.8% 25.5% 20.5% -0.8 -0.7 -0.6 -0.7

Bizim Toptan 14.7% 10.0% 23.2% 19.8% 5.3% -12.6% 51.5% 27.0% -0.3 -0.3 -0.2 -0.2

Celebi Ground Handling 0.0% 8.9% 22.3% 14.4% -60.1% 229.6% 47.6% 16.2% 3.1 3.3 2.3 1.6

Cimsa* 9.7% 6.9% 4.2% 3.2% 12.2% 8.3% 4.4% 3.0% 0.5 0.5 0.6 0.7

DO & CO 27.2% 12.4% 6.6% 13.6% 48.6% 7.4% 13.4% 7.5% -2.0 -1.7 -1.6 -1.3

Dogus Otomotiv 20.5% 19.1% -17.2% 6.2% -5.1% 80.5% -18.0% -1.3% 2.0 1.7 1.7 1.5

Emlak Konut REIT -73.0% 127.5% 37.9% 88.7% -58.8% 89.8% 38.2% 83.2% 2.5 -1.6 -1.7 -0.9

Ford Otosan 16.2% -13.8% 39.0% 12.4% 31.2% 2.0% 9.5% 10.6% 0.3 1.6 1.0 0.8

Garanti Bank na na na na -1.8% -70.2% 17.3% 15.6% na na na na

Gubre Fabrikalari 50.3% -11.7% -3.6% 24.1% 8.4% 46.0% -1.3% 1.6% 0.8 0.6 0.0 -0.1

Halkbank na na na na 1.7% 26.9% 5.4% 8.3% na na na na

Is REIT 16.2% -7.2% 39.8% -26.7% 9.9% -2.9% 52.4% -32.8% 0.0 0.4 0.2 0.7

Isbank na na na na -10.6% -65.5% 1.0% 5.6% na na na na

KilerAlisveris -2.5% -18.5% 22.1% 10.6% nm nm 3113.9% 70.5% 4.5 5.4 4.2 3.6

Koc Holding 6.6% 10.6% 6.0% 10.8% -23.5% 74.5% -6.1% 14.6% 2.9 2.1 1.2 0.5

Migros Ticaret AS 8.4% 8.1% 10.8% 13.0% nm nm 62.8% 42.3% 4.2 3.8 3.1 2.2

Park Elektrik 126.8% 64.9% 37.5% -11.9% 171.5% 11.4% 57.0% -13.2% -0.4 -0.5 -0.8 -1.6

Petkim 20.5% -72.7% 120.2% 78.0% -21.3% -83.0% 88.8% 185.6% 0.7 0.0 0.8 1.3

Sabanci Holding -1.6% 9.6% -5.2% 11.3% 12.5% -0.8% 11.7% 12.0% 1.7 0.4 4.5 4.5

Sekerbank na na na na -48.0% 102.3% 2.3% 14.0% na na na na

Selcuk Ecza Deposu -21.0% 6.6% 14.6% 9.7% -24.7% 3.7% 12.8% 9.8% -1.1 -1.1 -1.5 -1.9

Sinpas REIT* 231.6% 22.7% -29.3% -94.9% 214.6% 18.2% -32.0% nm 0.2 -0.3 -3.6 -115.4

Sisecam 26.8% -19.8% 16.2% 11.1% 84.0% -62.0% 13.6% 20.8% 0.7 0.8 1.0 1.0

TAV Havalimanlari Holding 24.1% 33.0% 27.1% 19.2% 6.0% 135.1% 18.9% 38.0% 3.5 3.0 2.6 1.7

Tekfen Holding 27.9% -13.2% 4.8% -3.2% 35.8% 56.9% -31.7% -4.6% -0.8 -0.8 -0.2 -0.2

Teknosa 142.2% 26.2% 14.1% 8.2% 997.8% 0.4% 18.7% 16.9% -2.4 -3.6 -2.8 -2.9

Tofas 19.9% 5.7% 2.0% 6.7% 23.4% -5.4% 15.6% 14.0% 1.6 0.9 0.3 -0.1

Torunlar REIT 48.4% 71.3% 228.1% 37.0% -17.2% 17.9% 115.8% 37.6% 5.9 3.1 0.0 -0.9

Trakya Cam 18.4% -36.0% 40.6% 28.9% 6.3% -68.5% 47.6% 41.8% -0.3 0.3 1.7 1.7

Tupras 78.5% -39.4% 25.1% 1.5% 67.4% 17.3% -26.4% -10.3% 0.5 1.0 2.6 2.8

Turcas Petrol AS 1362.0% -93.1% 66.4% 10.8% 73.7% -27.9% -55.2% 66.2% 1.1 31.3 24.6 26.6

Turk Telekomunikasyon AS 5.0% 0.4% 4.0% 2.7% -15.6% 27.5% -0.1% 2.4% 1.1 1.2 1.1 1.0

Turkcell Iletisim Hizmetleri AS -3.7% 12.4% 9.2% 6.9% -33.2% 76.0% 12.1% 9.6% -0.9 -1.1 -0.9 -1.2

Turkish Airlines 24.9% 101.0% 3.9% 30.7% -93.5% 5460.6% 18.0% -11.2% 5.5 2.9 2.9 2.4

Turkiye Sinai Kalkinma Bankasi na na na na 5.6% -12.5% 5.3% 4.3% na na na na

Vakifbank na na na na 6.1% 19.1% 8.7% 18.2% na na na na

Vestel * 36.8% 16.7% 4.5% 4.1% 11.2% 121.3% 10.0% 4.4% 1.0 0.4 0.3 0.3

Yapi Kredi Bank na na na na -9.8% -24.6% 66.5% 12.2% na na na na

Zorlu Enerji* 135.8% 163.5% 3.0% 128.9% 14.2% nm 56.2% 297.3% 12.4 3.8 2.8 0.5

Mean Turkey** nm nm nm nm -2.8% -22.6% 10.5% 12.3% nm nm nm nm

(*) 2011 estimated




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Disclosure Checklist

Company ISIN Disclosure

Company ISIN Disclosure Company ISIN Disclosure

AB SA PLAB00000019 Koc Holding TRAKCHOL91Q8

ACE LU0299378421 Komercijalna Banka RSKOBBE33594 6

Action SA PLACTIN00018 Komercni banka CZ0008019106 2, 3

AD Plastik HRADPLRA0006 2 Koncar Elektroindustrija HRKOEIRA0009

Adris Grupa HRADRSPA0009 Krka SI0031102120

Agora PLAGORA00067 Kulczyk Oil Ventures CA5012401058 5

Aik Banka AD RSAIKBE79302 6 LATVIA

Akbank TRAAKBNK91N6 Lenzing AT0000644505 2, 3

Akcansa TRAAKCNS91F3 LITHUANIA

Akenerji Elektrik TRAAKENR9119 Lotos Group PLLOTOS00025

Akfen TREAKFH00010 LPP PLLPP0000011

Aksa Enerji Uretim AS TREAKSN00011 Magyar Telekom HU0000073507

Aksigorta TRAAKGRT91O5 Mayr-Melnhof AT0000938204 2

Alarko Holding TRAALARK91Q0 MHP SA US55302T2042

Albalact ROALBZACNOR0 Migros Ticaret AS TREMGTI00012

ALBANIA MOL HU0000068952

Albaraka Turk TREALBK00011 MONTENEGRO

Allami Nyomda HU0000093257 6 Mostostal Warszawa PLMSTWS00019

AMAG AT00000AMAG3 2, 5 NETHERLANDS

AmRest NL0000474351 Netia PLNETIA00014

AMS AT0000920863 Neuca PLTRFRM00018

Anadolu Cam TRAANACM91F7 New World Resources GB00B42CTW68 2, 5

Anadolu Hayat TRAANHYT91O3 NORWAY

Anadolu Sigorta TRAANSGR91O1 OMV AT0000743059 2, 5

Andritz AT0000730007 2, 5 Orco LU0122624777 2, 3

Antibiotice ROATBIACNOR9 Otmuchow SA PLZPCOT00018

Apator PLAPATR00018 OTP HU0000061726

Arcelik TRAARCLK91H5 Palfinger AT0000758305 2

Asseco Poland PLSOFTB00016 PannErgy HU0000089867 1, 3, 6

Astarta Holding NV NL0000686509 Park Elektrik TRAPRKTE91B5

AT&S AT0000969985 5 Pegas NW LU0275164910 2, 5

Atlantic Grupa HRATGRRA0003 2 Pelion PLMEDCS00015

Atlantska plovidba HRATPLRA0008 Petkim TRAPETKM91E0

AUSTRIA Petrokemija HRPTKMRA0005

Austrian Post AT0000APOST4 2 Petrom ROSNPPACNOR9

Aygaz TRAAYGAZ91E0 PGE PLPGER000010

Bagfas TRABAGFS91E2 PGNIG PLPGNIG00014

Banca Transilvania ROTLVAACNOR1 Philip Morris CR CS0008418869 2

Bank Asya TREAYKB00014 PKN Orlen PLPKN0000018

Bank Pekao PLPEKAO00016 PKO BP PLPKO0000016

BELGIUM Podravka HRPODRRA00043

Benefit Systems S.A. PLBNFTS00018 POLAND

Berling PLBRLNG00015 5 Polytec AT0000A00XX9 2

BIM TREBIMM00018 PORTUGAL

Biofarm ROBIOFACNOR9 PZU PLPZU0000011 3

Bioton PLBIOTN00029 Raiffeisen Bank International AT0000606306 2

Bizim Toptan TREBZMT00017 RHI AT0000676903 2, 3

Bogdanka SA PLLWGD00016 Richter Gedeon HU0000067624

BOSNIA & HERZEGOVINA ROMANIA

BRD Groupe SG ROBRDBACNOR2 RUSSIA

BRE Bank PLBRE0000012 S Immo AT0000652250 1, 2, 3

BULGARIA Sabanci Holding TRASAHOL91Q5

BWT AT0000737705 2 SBO AT0000946652 2

BZ WBK PLBZ00000044 SEE

CA IMMO AT0000641352 2 Sekerbank TRASKBNK91N8

CAToil AT0000A00Y78 Selcuk Ecza Deposu TRESLEC00014

CCC (prev. NG2) PLCCC0000016 Semperit AT0000785555 2

CEE 5 SERBIA

Celebi Ground Handling TRACLEBI91M5 SIF 1 Banat Crisana ROSIFAACNOR2

CEZ CZ0005112300 2, 3, 5 SIF 2 Moldova ROSIFBACNOR0

Ciech S.A. PLCIECH00018 SIF 3 Transilvania ROSIFCACNOR8

Cimsa TRACIMSA91F9 SIF 4 Muntenia ROSIFDACNOR6

Cinema City NL0000687309 SIF 5 Oltenia ROSIFEACNOR4 1

CIS Sinpas REIT TRESNGY00019

CME BMG200452024 2 Sisecam TRASISEW91Q3

ComArch PLCOMAR00012 SLOVAKIA

conwert AT0000697750 2 SLOVENIA

CROATIA Sojaprotein AD RSSOJAE21837 6

Cyfrowy Polsat PLCFRPT00013 SPAIN

CZECH REPUBLIC STRABAG AT000000STR1 2, 3, 5

DENMARK SWEDEN

DO & CO AT0000818802 2, 5 SWITZERLAND

Dogus Otomotiv TREDOTO00013 Sygnity PLCMPLD00016

E-Star HU0000089198 5, 6 Synthos PLDWORY00019

Ege Gubre TRAEGGUB91E8 T-Hrvatski Telekom HRHT00RA0005

Egis HU0000053947 Tauron Polska Energia PLTAURN00011

Emlak Konut REIT TREEGYO00017 TAV Havalimanlari Holding TRETAVH00018

Emperia Holding PLELDRD00017 Teknosa TRETKNO00010

ENEA PLENEA000013 Telefónica CR CZ0009093209 2, 3

Ericsson Nikola Tesla HRERNTRA0000 Telekom Austria AT0000720008 2, 5

ESTONIA Telekom Slovenije SI0031104290

EU Tofas TRATOASO91H3

Eurocash PLEURCH00011 Torunlar REIT TRETGRY00018

EUROZONE TPSA PLTLKPL00017

Farmacol PLFRMCL00066 Trakya Cam TRATRKCM91F7

Ferrexpo GB00B1XH2C03 Transelectrica ROTSELACNOR93, 5

FHB HU0000078175 6 Transgaz ROTGNTACNOR8

FINLAND Tupras TRATUPRS91E8

Fondul Proprietatea ROFPTAACNOR52 Turcas Petrol AS TRATRCAS92E6

Ford Otosan TRAOTOSN91H6 Turk Telekomunikasyon AS TRETTLK00013

Fortuna Entertainment Group NL0009604859 2, 3, 5 Turkcell Iletisim Hizmetleri AS TRATCELL91M1

FRANCE TURKEY

FX Energy US3026951018 Turkish Airlines TRATHYAO91M5

Garanti Bank TRAGARAN91N1 Turkiye Sinai Kalkinma BankasiTRATSKBW91N0

GERMANY TVN PLTVN0000017

Gorenje SI0031104076 UKRAINE

GREECE Unipetrol CZ0009091500 2, 3

GTC PLGTC0000037 Uniqa AT0000821103 2

Gubre Fabrikalari TRAGUBRF91E2 UNITED KINGDOM

Halkbank TRETHAL00019 UNITED STATES

HUNGARY Vakifbank TREVKFB00019

Immofinanz AT0000809058 2 Verbund AT0000746409 2, 3

INA HRINA0RA0007 Vestel TREVEST00017

Inter Cars PLINTCS00010 Vienna Insurance Group AT0000908504 2, 3, 5

Intercell AT0000612601 2, 3, 5 Vienna Int. Airport AT0000911805 2

IRELAND Vistula Group PLVSTLA00011 5

Is REIT TRAISGYO91Q3 voestalpine AT0000937503 2, 3

Isbank TRAISCTR91N2 Wawel SA PLWAWEL00013

ITALY Wienerberger AT0000831706 2, 3, 5

JAPAN Yapi Kredi Bank TRAYKBNK91N6

Jeronimo Martins SGPS PTJMT0AE0001 ZA Pulawy S.A. PLZAPUL00057

Kapsch TrafficCom AT000KAPSCH9 2, 3, 5 ZCh Police S.A. PLZCPLC00036

Kernel Holding LU0327357389 Zorlu Enerji TRAZOREN91L8

KGHM PLKGHM000017 Zumtobel AT0000837307 2

KilerAlisveris TREKLER00019

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Erste Group rating definitions

Buy

Accumulate

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> +20% to target price

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Distribution of ratings

Explanation of valuation parameters and risk assessment Unless otherwise stated in the text of the financial analysis/investment research, target prices in the publication are based on either a discounted cash flow valuation and/or comparison of valuation ratios with companies seen by the analyst as comparable or a combination of the two methods. The result of this fundamental valuation is adjusted to reflect the analyst's views on the likely course of investor sentiment. Whichever valuation method is used there is a significant risk that the target price will not be achieved within the expected timeframe. Risk factors include unforeseen changes in competitive pressures or in the level of demand for the company’s products. Such demand variations may result from changes in technology, in the overall level of economic activity or, in some cases, from changes in social values. Valuations may also be affected by changes in taxation, in exchange rates and, in certain industries, in regulations. Investment in overseas markets and instruments such as ADRs can result in increased risk from factors such as exchange rates, exchange controls, taxation, political and social conditions.

Coverage universe Inv. banking-relationship

Recommendation No. in % No. in %

Buy 64 35.0 18 37.5

Accumulate 46 25.1 13 27.1

Hold 42 23.0 12 25.0

Reduce 10 5.5 4 8.3

Sell 5 2.7 0 0.0

N.R./UND.REV./RESTR. 16 8.7 1 2.1

Total 183 100.0 48 100.0

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Contacts

Group Research Head of Group Research Friedrich Mostböck, CEFA +43 (0)5 0100 11902 Major Markets & Credit Research Head: Gudrun Egger, CEFA +43 (0)5 0100 11909 Adrian Beck (Fixed income AT, CH) +43 (0)5 0100 11957 Benedikt Blum +43 (0)5 0100 11961 Hans Engel (Senior Analyst International Equities) +43 (0)5 0100 19835 Christian Enger, CFA (Covered Bonds) +43 (0)5 0100 84052 Mildred Hager-Germain (Senior Economist, Euro, US) +43 (0)5 0100 17331 Alihan Karadagoglu (Senior Analyst Corporate Bonds) +43 (0)5 0100 19633 Peter Kaufmann (Corporate Bonds) +43 (0)5 0100 11183 Stephan Lingnau (International Equities) +43 (0)5 0100 16574 Elena Statelov, CIIA (Corporate Bonds) +43 (0)5 0100 19641 Thomas Unger; CFA (Agencies) +43 (0)5 0100 17344 Macro/Fixed Income Research CEE Head CEE: Juraj Kotian (Macro/FI) +43 (0)5 0100 17357 Chief Analyst: Birgit Niessner (CEE Macro/FI) +43 (0)5 0100 18781 CEE Equity Research Head: Henning Eßkuchen +43 (0)5 0100 19634 Chief Analyst: Günther Artner, CFA (CEE Equities) +43 (0)5 0100 11523 Günter Hohberger (Banks) +43 (0)5 0100 17354 Franz Hörl, CFA (Steel, Construction) +43 (0)5 0100 18506 Daniel Lion, CIIA (IT) +43 (0)5 0100 17420 Christoph Schultes, CIIA (Insurance, Utility) +43 (0)5 0100 16314 Vera Sutedja, CFA (Telecom) +43 (0)5 0100 11905 Vladimira Urbankova, MBA (Pharma) +43 (0)5 0100 17343 Martina Valenta, MBA (Real Estate) +43 (0)5 0100 11913 Gerald Walek, CFA (Machinery) +43 (0)5 0100 16360 Editor Research CEE Brett Aarons +420 956 711 014 Deniz Gurgen +90 212 371 2538 Research Croatia/Serbia Head: Mladen Dodig (Equity) +381 11 22 09 178 Head: Alen Kovac (Fixed income) +385 62 37 1383 Anto Augustinovic (Equity) +385 62 37 2833 Ivana Rogic (Fixed income) +385 62 37 2419 Davor Spoljar; CFA (Equity) +385 62 37 2825 Research Czech Republic Head: David Navratil (Fixed income) +420 224 995 439 Petr Bittner (Fixed income) +420 224 995 172 Head: Petr Bartek (Equity) +420 224 995 227 Vaclav Kminek (Media) +420 224 995 289 Katarzyna Rzentarzewska (Fixed income) +420 224 995 232 Martin Krajhanzl (Equity) +420 224 995 434 Martin Lobotka (Fixed income) +420 224 995 192 Lubos Mokras (Fixed income) +420 224 995 456 Josef Novotný (Equity) +420 224 995 213 Research Hungary Head: József Miró (Equity) +361 235-5131 András Nagy (Equity) +361 235-5132 Orsolya Nyeste (Fixed income) +361 373-2026 Tamás Pletser, CFA (Oil&Gas) +361 235-5135 Zoltan Arokszallasi (Fixed income) +361 373-2830 Research Poland Head: Magdalena Komaracka, CFA (Equity) +48 22 330 6256 Marek Czachor (Equity) +48 22 330 6254 Adam Rzepecki (Equity) +48 22 330 6252 Michal Zasadzki (Equity) +48 22 330 6251 Research Romania Head: Mihai Caruntu (Equity) +40 3735 10427 Head: Dumitru Dulgheru (Fixed income) +40 3735 10433 Chief Analyst: Eugen Sinca (Fixed income) +40 3735 10435 Dorina Cobiscan (Fixed Income) +40 3735 10436 Raluca Ungureanu (Equity) +40 3735 10428 Marina Alexandra Spataru (Equity) +40 3735 10429 Research Slovakia Head: Maria Valachyova (Fixed income) +421 2 4862 4185 Martin Balaz (Fixed income) +421 2 4862 4762 Research Turkey Head: Can Yurtcan +90 212 371 2540 Evrim Dairecioglu (Equity) +90 212 371 2535

M. Görkem Göker (Equity) +90 212 371 2534 Sezai Saklaroglu (Equity) +90 212 371 2533 Nilufer Sezgin (Fixed income) +90 212 371 2536

Group Institutional & Retail Sales Institutional Equity Sales Core Markets Head: Brigitte Zeitlberger-Schmid +43 (0)5 0100 83123 Cash Equity Sales Hind Al Jassani +43 (0)5 0100 83111 Werner Fuerst +43 (0)5 0100 83121 Josef Kerekes +43 (0)5 0100 83125 Cormac Lyden, CFA +43 (0)5 0100 83127 Stefan Raidl +43 (0)5 0100 83113 Simone Rentschler +43 (0)5 0100 83124 Derivative Sales Christian Luig +43 (0)5 0100 83181 Sabine Kircher +43 (0)5 0100 83161 Christian Klikovich +43 (0)5 0100 83162 Armin Pfingstl +43 (0)5 0100 83171 Roman Rafeiner +43 (0)5 0100 83172 Institutional Equity Sales London Declan Wooloughan +44 20 7623 4154 Institutional Equity Sales Croatia Damir Eror (Equity) + 385 62 37 2836 Zeljka Kajkut (Equity) +38 562 37 28 11 Institutional Sales Czech Republic Head: Michal Rizek +420 224 995 537 Pavel Krabicka (Equity) +420 224 995 411 Radim Kramule (Equity) +420 224 995 537 Jiri Smehlik (Equity) +420 224 995 510 Tomas Vender (Equity) +420 224 995 593 Institutional Sales Hungary Gregor Glatzer (Equity) +361 235 5144 Attila Preisz (Equity) +361 235 5140 Norbert Siklosi (Fixed income) +361 235 5842 Institutional Equity Sales Poland Pawel Czuprynski (Equity) +4822 330 6212 Jacek Krysinski (Equity) +4822 330 6218 Emil Onyszczuk (Equity) +48 22 330 62 14 Grzegorz Stepien (Equity) +48 22 330 6211 Institutional Equity Sales Turkey Simin Öz Gerards (Head) +9 0212 371 2525 Murat Guneren (Equity) +9 0212 371 2521 Varol Guzel (Equity) +9 0212 371 2523 Mine Yoruk (Equity) +9 0212 371 2526 Ebru Doganay Percin (Equity) +9 0212 371 2522 Institutional Equity Sales Slovakia Head: Dusan Svitek +48 62 56 20 Andrea Slesarova (Client sales) +48 62 56 27 Saving Banks & Sales Retail Head: Thomas Schaufler +43 (0)5 0100 84225 Equity Retail Sales

Head: Kurt Gerhold +43 (0)5 0100 84232 Fixed Income & Certificate Sales Head: Uwe Kolar +43 (0)5 0100 83214 Treasury Domestic Sales Head: Markus Kaller +43 (0)5 0100 84239 Corporate Sales AT Mag. Martina Kranzl +43 (0)5 0100 84147 Karin Rattay +43 (0)5 0100 84112 Mag. Markus Pistracher +43 (0)5 0100 84152 Günther Gneiss +43 (0)5 0100 84145 Jürgen Flassak, MA +43 (0)5 0100 84141 Antonius Burger-Scheidlin, MBA +43 (0)5 0100 84624 Fixed Income Institutional Desk Head G7: Thomas Almen +43 (0)5 0100 84323 Head Germany: Ingo Lusch +43 (0)5 0100 84111 Fixed Income International & High End Sales Vienna Jaromir Malak/ Zach Carvell +43 (0)5 100 84254 U. Inhofner/ P. Zagan/ C. Mitu +43 (0)5 100 84254 Fixed Income International Sales London

Antony Brown +44 20 7623 4159

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