G

Spa

Produced

Distribute(see last pag

Inv

Bu

closing

from

Reco

Tar

Sha

Reuter

Daily

Daily

Price

Price

Abs.

Abs.

Abs.

Mark

Curre

Free

Key fi

Sales

EBITD

EBITD

EBIT (

EBIT m

Net Pr

ROCE

Net de

Net De

Net De

Int. co

EV/Sa

EV/EB

EV/EB

EV/EB

P/E (a

P/BVOpFC

Divide

EPS (a

BVPS

DPS

3

4

5

6

7

8

9

10

11

12

13

Nov 11 D

vvdsvdvsdy

Source: Factse

Share

For co

GOWEain/ Telecomm

d by:

ed by the Memge of this report)

vestment Res

uy

g price as of 04/12/2012

m Target Price: EU

ommendation un

rget price: E

are price: EU

rs/Bloomberg

avg. no. trad. sh. 1

avg. trad. vol. 12 m

high 12 mth (EUR)

low 12 mth (EUR)

perf. 1 mth

perf. 3 mth

perf. 12 mth

et capitalisation (E

ent N° of shares (m)

float

nancials (EUR)

(m)

DA (m)

DA margin

(m)

margin

rofit (adj.)(m)

E

ebt/(cash) (m)

ebt Equity

ebt/EBITDA

over(EBITDA/Fin.int)

ales

BITDA

BITDA (adj.)

BIT

dj.)

CF yield

end yield

adj.)

Dec 11 Jan 12 Feb 12 Mar 12 Apr 12

Get

eholders: Jenaro Ga

ompany description ple

EX munications

bers of ESN

earch

2

UR

nchanged

EUR

UR

2 mth

mth (m)

)

EURm)

12/11 12

67

17

24.8% 26

10

14.2% 207

44.5% 5

(22)

-0.6

-1.3

(125.8) (1

0.6

2.4

2.4

4.2

8.6

1.845.9% -1

0.6% 1

0.56

2.72

0.08

2 May 12 Jun 12 Jul 12 Aug 12 Se

GOWEX MAB (Rebased)

arcía 60%; Alvase

ease see summary tab

11.98

15.0010.70

GOW.MC/GOW SQ

11,203

0.08

12.70

4.46

2.0%

77.5%

165.6%

155

13

30%

2/12e 12/13e

100 122

26 32

6.2% 26.2%

20 23

0.2% 18.7%15 17

7.8% 41.0%

(19) (18)

-0.4 -0.3

-0.7 -0.6

44.7) (213.3)

1.4 1.1

5.2 4.3

5.2 4.3

6.7 6.0

10.1 9.1

3.1 2.31.3% 0.9%

1.4% 1.6%

1.18 1.32

3.90 5.21

0.17 0.20

ep 12 Oct 12 Nov 12 Dec 12

bi 10%;

ble footnote

C

Growth a

Despite the reprice, GOWEdoes not refland +42% newill continue positioning, wsector’s value

The intecurrent sAccelera(to 300 oIncreasethe free complete

Good reincreasedweight oftotal saleJune 20financial investmecountriescapacity

Estimateissue. Inthe recerevenuesrecurrent

ValuatioadjustmeWACC (liquidity aand P/E’Boingo (24.4x, vrecomm

We belienot disclcritical mof Wi-FiEUR10-1

Analyst(s): Da

Company

Re

acceleratin

ecently good pEX trades at lect the comp

et profit), its fingenerating va

which allows e chain.

ention behindshares) is douation of orgaof the largest ce the shareho

float will inced, GOWEX w

esults momed 60%, EBITf the internatioes (vs. 30% in012, GOWEX

position is oent agreemens (including eto continue gr

es revised up 2013-14e, o

ently announcs, 36% in EBt revenues pro

on revised toents to our est(12.5% vs. 14and financial 13e 11.5x, im

(US Wi-Fi aggvs. GOWEX’ endation reit

eve the succesosed yet), in

mass, occupyincities, defens

12/share to ou

avid Cabeza Ja

update

All ESN reThomson-

eason: Estimat

ng: seekin

performance (EV/EBITDA’

pany’s growtnancial health alue thanks tocapturing va

d the rights iuble, in line wanic growth: ccities world-wiolder base acrease from

will request the

ntum and stTDA +62% anonal activity con 2011), as w

accumulatesne of the comnts with munexclusivity, lorowing organic

p: We have mur EBITDA riced contractsITDA and 42%ogressively inc

o EUR15.0/shtimates, the ro4.5%), accordstrength. Our

mplying a potegregator) trad

EV/EBITDAterated

ssful executiaddition to t

ng a leading sive move vsur FV.

areño +3

esearch is avail-Reuters, Capit

tes Revision

ng global s

(+165% during13e 4.3x andh (CAGR’11-1and positive t

o its scalable lue generated

issue announwith the operatcapture fundsde, via a stratnd stock liqucurrent 30%

e SEC approva

trong financind net profit ontinues growell as recurres EUR19m nmpany’s stronnicipalities anonger term cocally.

made some adses 11%, with

s. We estima% in net proficreasing their

hare (+40%), oll-over to Decding to the pnew fair valu

ntial of +26%es at an EV/’13e of 4.3x

on of the exphe positive sposition world

s. possible ne

34 91 4367818

lable on Bloomtal IQ, TheMark

scale

g the last 12md P/E’13e 9.114e +33% in strack-record. business mo

d in various

nced (of up ttions carried o

s to finance itstegic agreemeuidity: Followto 41%. On

al to issue AD

ial position. 70% (to EUR

wing, at 1H’12 ent revenues (net cash (EUng points, as nd transport contracts etc.)

djustments, noh revenues aate CAGR 20fit, with wireleweight on tota

arising from cember 2013, positive track ue discounts E

% over current /EBITDA’13e x and P/E’1

pansion plan strategic impd-wide in deveew entrants),

dcabeza@b

mberg (“ESNR”kets.com, FactS

5 Decem

m), at current x, that in ou

sales, +36% EIn our view, G

odel and its spoints of the

to EUR30m, out in 2010-2s expansion sent with a partwing the rightsnce the operaRs (level 1 OT

At 6m’12, reR5.5m). The reaching 51%

(65% of the toUR32m gross

it can negoticompanies i

) and reinfor

ot including theaccelerating fo011-14e of 3ss, international revenues.

the aforemeand applying record, the

EV/EBITDA’13price. Its maiof 5.2x and P3e of 9.1x

(to 300 cities,plications (toelopment/explcould add a

bankia.com

”), Set

mber 2012

market ur view EBITDA GOWEX trategic e Wi-Fi

20% of 011: 1)

strategy tner); 2) s issue, ation is TC).

evenues relative

% of the otal). At ). Said ate co-in new rces its

e rights ollowing 33% in nal and

ntioned a lower greater 3e 5.5x in peer, P/E’13e x. Buy

, details o obtain oitation

another

CO

Grow

Detail

Good

Valu

DCF V

Multip

Secto

Poten

Risks

GOW

Wi-F

GOW

ESN

ONTENTS

wth accele

s of the rights i

results momen

uation ........

Valuation: EUR

ples comparison

or Wi-Fi & M&A

ntial value creat

& Threats

WEX. At a G

Fi sector. C

WEX’ Posit

N Recomme

S

rating .......

ssue

ntum and news

..................

R15.0/share

n

tion via the exp

Glance ......

Complemen

ion ............

endation Sy

..................

s flow. Estimate

..................

pansion plan

..................

nts mobile

..................

ystem .......

..................

es adjusted.

..................

..................

networks .

..................

..................

GOWEX

..................

..................

..................

..................

..................

..................

..................

..................

..................

..................

..................

..................

Pag

...... 3 

3 

4 

...... 5 

5 

6 

6 

7 

8 

...... 9 

.... 10 

.... 11 

.... 18 

ge 2

GOW

Source

WEX. Shareho

: ESN Bankia Bolsa

Grow

The intcurrentsharehrecentltradescompafinanc

In our vits strapoints +40% 11.5x reiteratdetails mass, defens

Details

GOWEMAB (Ssecondmaximnumbe

1) Caoaaw

2) ERthFleo1in

older’s base (

a

wth acce

tention behint shares) isolder base, y good perf at EV/EBIT

any’s growtial health (n

view, GOWEategic positioof the Wi-Fi to EUR15.0/and impliested, and we not discloseoccupying aive move vs.

s of the rig

EX is immersSpanish Alted in July 20um of EUR3

er of shares t

Capture fundnd implemef Wi-Fi netwgreement wmbitious, as

with a smaller

Endow its vReference shhat the execFollowing theaving 49.7%peration is c OTC). The

n the Spanish

post operatio

elerating

nd the rightsdouble: 1) in line wit

formance (+1TDA’13e 4.3h (CAGR’11

net cash) and

EX will continoning, whichsector’s valu

/share, whic a 26% upbelieve the

ed yet), in aa leading po. possible ne

hts issue

ed in its thirdernative Mark11 (EUR6.9

30m, at EURrading. There

ds to financntation of its

works) in 300ith a partner

s it implies mr average siz

valuation whareholders acutive team he rights iss% in the hancompleted, Gschedule to h MAB and N

on) GOW

Source:

g

s issue anno accelerate th the opera165% during

3x and P/E’1-14e +33% d positive tr

nue generatih allows theue chain. Wch discountspside potenti

successfuladdition to thosition worldew entrants),

d rights issueket, March 2

9m at EUR4R11.6/share re are two rea

ce its expans services (d0 of the largr which impl

multiplying thze).

with greater are not expecurrently ho

sue, free flonds of the e

GOWEX will begin trading

NYSE Altern

WEX. Agenda f

: GOWEX

unced (of upthe organic

ations carrieg the last 1213e 9.1x, thin sales, +3

rack-record

ng value thae company te have adjuss multiples al at currenl execution he positive sd-wide in de

could add a

e in three yea2010, at EUR4.84/share). (2,586m shaasons behind

sion strategdesign, deplogest, referenlies a substahe company'

liquidity aected to subolds 59.6% oat will increxecutive tea

request theg in the US iext in Paris).

for the rights

GOWEX

p to EUR30mc growth spd out in 202m), at currehat in our v36% EBITDA.

anks to its sco capture vsted our estiof 5.5x EV/

nt market prof the expa

strategic impevelopment/enother EUR

ars. The firstR3.5/share; oThe current

ares) and imd this rights i

gy. Said planoyment, explnce cities wantial effort is presence

nd increasescribe the ne(including 10rease from am and 8.9%e SEC appros 1Q’13 (cur.

s issue

m, which is 2peed and 210 and 201ent market view does nA and +42%

calable businvalue generaimates and v

V/EBITDA’13rice. Buy reansion planplications (toexploitation R10-12/share

t was due to obtaining EU

rights issuemplies 20% o

issue:

n includes thloitation and

world-wide, in Capex. Thby 5x (curre

e its shareew rights iss0.6% of Alvcurrent 29.

% in Alvaseboval to issurrently the co

Page 3

20% above t) increase t1. Despite tprice, GOWnot reflect t net profit),

ness model aated in variovaluation up e and P/E’1

ecommendatn (to 300 citio obtain critiof Wi-Fi citie to our FV.

its listing to tUR6m); and te is for a to

over the curre

he deploymed managemevia a strateghe intention ently 60 citie

eholder bassue. We recaasebi, >70%7% to 41.4%bi’s. Once the ADRs (lev

ompany trade

the the the EX the its

and ous

by 13e ion es, cal es,

the the otal ent

ent ent gic is

es,

se. all

%). %, he vel es

GOW

GOW

Source

E

E

0

20

40

60

80

100

120

140

160

180

WEX. 1H’12 res

WEX. EBITDA

: ESN Bankia Bolsa

(EUR m)Revenues Telecom WirelessGross MarginGross Mg %EBITDA EBITDA Mg %EBIT EBIT MgBAINet Profit

24.2

35.29.5%

15.7%

0

0

0

0

0

0

0

0

0

0

2008 2009

Sales

Good

Go6mrelatota

Poandan citiEaexp

Str(EUnegcoucon

EsIn annandinc

sults. 9m’12 f

margin perfo

a

9m12 3T1269.1 28.1

30.5 12.744% 45%15.7 7.6

22.7% 27.1%

49.666.7

18.9%

24.8%

2010 2011

EBITDA mg

results mo

ood 6m’12 m’12, revenue

ative weight al sales (vs.

ositive newsd transport cagreement es’ busses. st; 2) in Mapect announ

rong financUR32m grosgotiate co-inuntries (incluntinue growin

timates rev2013-14e, onounced cond 42% in ne

creasing their

forecasts

ormance

1H 11 1H1225.7 41.06.6 9.1

19.1 31.910.7 17.842% 43%5.0 8.1

19.5% 19.7%4.6 7.6

17.8% 18.6%4.6 7.83.2 5.5

99.9

122.4

26.2% 26.2%

2012e 2013e

omentum a

results, inces increasedof the intern30% in 2011

s flow conticompanies. Twith the maThe agreem

arseille, signcements on

cial positionss). Said finanvestment aguding exclusng organicall

ised up: Weour EBITDA ntracts. We eet profit, withr respective w

2 Var %0 60%

38%9 67%8 66%

% 1.5pp62%

% 0.2pp68%

% 0.9pp70%70%

155.326.6%

5%

10%

15%

20%

25%

30%

2014e

and news fl

creasing intd 60%, EBITational activ

1), as well as

inues: GOWThe most recain public trament is stratening an agrenew internat

n: At June ancial positiogreements wsivity, longer ly.

e have maderises 11%,

estimate CAh wireless, iweight.

GOWEX. Est

GOWEX. ND/

Source: ESN Bank

Sales

EBITDA

Net Prof

Cap

-0.70

-0.60

-0.50

-0.40

-0.30

-0.20

-0.10

0.00

ow. Estima

ternational TDA +62% aity continuess recurrent re

WEX continucent were: 1)nsport compegically impoeement to prtional contrac

2012, GOWon is one of with municipa

term contra

e some adjuwith revenu

GR 2011-14international

timates adjus

/EBITDA

kia Bolsa

2011Old 66.7

New 66.7Dif.% 0.0%

Old 16.5A New 16.5

Dif.% 0.0%Old 7.2

fit New 7.2Dif.% 0.0%

Old 10.7ex New 10.7

Dif.% 0.0%

09 10

Gear

GOWEX

ates adjuste

exposure aand net profs growing, at evenues (65%

es announcin Dubai, in

pany (PTA) tortant as it orovide free Wcts to continu

WEX accumthe compan

alities and tracts etc.) and

stments, notues accelera4e of 33% in

and recurre

sted (2012-14e

a 2012e 2017 94.5 1177 99.9 122

% 5.7% 4.65 23.7 295 26.1 32

% 10.2% 8.512.8 1515.3 16

% 19.4% 12.27 16.1 177 18.0 22

% 11.7% 25.9

11 12e

ring Debt/EB

ed.

and recurrefit 70% (to E1H’12 reach

% of the tota

cing agreeme which GOWto provide fropens a dooWi-Fi to urbue in upcom

mulates EURny’s strong pransport comd reinforces

t including thating followin

revenues, 3ent revenues

e)

13e 2014e CAG7.0 145.02.4 155.3

6% 7.1%9.5 36.12.0 41.25% 14.3%5.1 20.06.9 20.82% 3.8%

7.5 18.82.0 27.99% 48.7%

13e 14e

ITDA (rhs)

Page 4

ent results. EUR5.5m). Thing 51% of tal).

ents with citWEX has sign

ee Wi-Fi in tr to the Mid

ban buses. Wing months.

R19m net caoints, as it c

mpanies in nits capacity

he rights issung the recen36% in EBITs progressiv

AGR 11-14e30%33%

30%36%

40%42%

21%38%

-1.60

-1.40

-1.20

-1.00

-0.80

-0.60

-0.40

-0.20

0.00

At The the

ties ned the dle We

ash can ew

y to

ue. ntly DA

vely

GO

Sou

GO

CACANetEBNODepGroCapChaCas

DCWADisDisCu

WA

FreComMaCosCosNorCos

Tar

% WA

Sou

OWEX. Multip

urce: ESN Bankia B

OWEX DCF VALUA

ASH FLOW STATEASH FLOW (EUR m

t salesIT

OPLATpreciations and otheoss operating caspital expenditureange in net workingsh flow to be disc

F VALUATION (EUACC

count Rate factorcounted cash flowmulated DCF

ACC & DCF ANAL

ee risk ratempany risk factor rket risk premiumst of Equity (Ke)st of debt (gross)rmative tax ratest of Debt Net (Kd

rget gearing (D/E) %

KeACC

urce: ESN Bankia Bol

Ratios @ curPrice EV / SalesEV / EBITDA EV / EBIT PER

Valu

DCF V

Valuatour es14.5%)new fa

We haWACCestimatin said

ples

Bolsa estimates

ATION TO

EMENT FOR DCFm)

er provisionssh flow

g capitalcounted

UR m)

ISYS

4.50%2.00

4.00%12.50%5.0%

30.0%d) 3.50%

% K 0%

100%12.5%

lsa estimates

rent Price 2013.40.6x3.1x4.7x7.5x

uation

Valuation: E

ion revised stimates, the), according air value dis

ave carried oC and 2.0%

ted for 2012year.

201166.79.57.1-7.014.1-10.70.03.5

0 2011 20124 4.8 12.x 0.6x 1.4x 2.4x 5.2x 4.2x 6.8x 8.6x 10.1

EUR15.0/sh

to EUR15.0e roll-over toto the positivcounts EV/E

out a disco“g”. We a

-14e, and CA

31-Dec-13

2012e99.920.215.1-5.921.1-18.0-5.2-2.1

Cumulated DCFPerpetual growtNormalised AnnuaTerminal Value at Disc.Rate of TermNPV Terminal Va

Financial assets (t

Enterprise value

2e 2013e 2010 12.0 12x 1.1x 0.9x 4.3x 3.3x 6.0x 4.9

1x 9.1x 7.5

hare

0/share (+40o Decemberve track recoEBITDA’13e

unted cashassume an APEX for 20

GOWE

Source:

2013e122.422.916.9-9.126.1-22.0-2.71.3

2013e12.5%1.001.31.3

h rate (g) al CF Nominal Year

minal Valuealue

treasury stock)

e (EUR m)

14e.09x3x9x5x

WA

1011121315

%), arising fr 2013, and ord, the grea

e 5.5x and P/

h flow valuaEBITDA ma

018e of 8% o

EX. Sensitivit

ESN Bankia Bolsa

2014e155.328.120.8-13.234.0-27.9-4.51.5

2014e12.5%0.891.32.6

32.92.0%

27257

0.55142.4

1.1

176.4

ACC15.03 1.0%

0.5% 17.51.5% 15.62.5% 14.13.5% 12.85.5% 10.7

GOWEX

rom the aforapplying a

ater liquidity /E’13e 11.5x

ation on 20argin in 201over sales, in

ty analysis

estimates

2015e191.331.223.1-17.140.2-26.8-5.28.3

2015e12.5%0.796.59.1

- Ne- Min+ As

EquNum

FaiPricePote

Perpet1.5%18.316.214.513.111.0

rementioned lower WACand financia

x.

013-1018e, a8e (23%) b

n line with the

2016e 2217.4 232.523.7-20.944.6-26.1-3.015.5

2016e 212.5% 10.7010.920.0

et financial debt (Casnorities (estimated vssociates

ity Market Value (Ember of shares (m)

r Value per shae (EUR)

ential upside (downs

ual growth rate (g2.0% 219.1 216.8 115.0 113.5 111.3 1

Page 5

adjustmentsCC (12.5% al strength. O

applying 12.5below the 26e amortisatio

2017e 20250.9 2435.4 325.5 2-24.5 -150.0 4-25.1 -1-4.3 -20.7 2

2017e Nomi12.5% 120.62 012.932.9

sh) (12e)value)

EUR m)

re (EUR)

side)

g)2.5% 3.0%20.0 21.117.6 18.415.6 16.214.0 14.511.6 11.9

s to vs.

Our

5% 6% ons

018e43.7

37.727.219.546.719.5-0.226.9

nal year2.5%0.55

-1800

19512.93

15.011.96

26%

Multip

Althoubusinescompainterco

- Bois aclieand

- iPabusope

BoingoEUR15disappeaccum

Secto

Wi-Fi: operati

1) Au

2) AF

3) E

4) L

M&A. enginethe riggrowth we seecompaWi-Fi sthreat, differen

Com

BoiniPasGowGowSour

ples compa

ugh there isss model, nies in the nnection ser

oingo: >500.an internatioents access sd USD28m in

ass: 750,00sinesses. Inerating losse

o trades at5/share (impear in termsulated 94%,

r Wi-Fi & M

counter-cyons has take

Agreement bused by GOW

Argiva (enginFi suppliers i

Ericsson acq

Listing of Ru

Since its lisering firms, ahts issues a(co-investm

e greater pnies in othersector). In thbut at the

nt geographic

mpany

ngo Wireless Inc.ss Inc.wex (Bankia)wex (Factset)rce: Facset, Banki

arison

s no purelydiversificatioUnited Stat

rvices.

000 hotspotsnal, Wi-Fi seservice to Wn EBITDA.

00 hotspots n 2011, iPaes, with EBIT

t an EV/EBplying 5.5x Es of EV/EBImuch better

M&A

yclical charaen place, inc

between GooWEX.

neering firm)in UK) for GB

quiring Belair

ckus (Wi-Fi t

sting to the although thisand cash gement formulas

robabilities r sectors intehe recent brsame time c areas.

Price Mkt. C(EUR) (EUR 5.32 187

8411.96 18611.96 186

ia Bolsa

y, comparabon etc), wittes that agg

s world-wideervice provid

Wi-Fi points. In

in 120 coass generatTDA of USD.

BITDA’13e oEV/EBITDA’1ITDA (but nr than Boingo

acter and gcreasing the W

ogle and Bo

) acquiring SBP26m (with

r Networks (i

technology m

MAB, GOWs has not beeeneration hass with citiesof GOWEX

erested in grrochure on mention hav

Cap. EV/EBITDA m) 2012e 2017 6.2x 5.

6 5.2x 4.6 6.4x 4.

ble companthin Wi-Fi/Wgregate ope

e, began trader, offering rn 2011, the c

ountries. Ofed USD1400,2m.

of 5.2x vs. 13e), the disnot P/E). Duo /iPass’ -30%

greater visibWi-Fi sector’

oingo in San

Spectrum Inteh the intention

ndoor and o

manufacturer

WEX mentionen reflected s been used, demanding

X being a tarowing inorgthe rights isving spoken

A PER 13e 2012e 202x 31.6x 24 203x 10.1x 95x 12.0x 10

GOWEX

ny with GOWWireless, theerators’ netw

ing in May 2retail clients company gen

ffers mobile0m revenues

GOWEX’ 4scount on Gring the las%.

bility. In recs visibility:

Francisco w

eractive (onen of renting it

utdoor Wi-Fi

r) on NYSE w

ned the posin acquisitiond to accelerag higher Caparget (telecoanically, dev

ssue, GOWEn to the com

Mg EBITD013e 2012e4.4x 30.9%0.0x.1x 26.2%

0.5x 25.1%

WEX (due tere are two

work to offe

2011 in the N(final users) nerated USD

e connectivits (falling 9

4.3x. At ouGOWEX vs. st 6 months

cent months

with a mode

e of the larget to other op

i equipment)

with high dem

ssible interesns. The cashate the compEx, etc). Oommunicatioveloping its pEX mentionsmpany to wo

DA Performa1m 6m

-6% -31%-5% -30%2% 94%2% 94%

Page 6

to its particuo listed Wr roaming a

Nasdaq. Boinand wholes

D95m revenu

ty services 9%) and sm

r fair value Boingo wo

, GOWEX h

s a number

l similar to th

est hotspot Werators).

.

mand.

st on behalf h obtained fro

mpany’s organ the contra

on operators presence in ts Google asork together

nce %12m

% -16%% 30%% 166%% 166%

ular i-Fi

and

ngo ale ues

to mall

of uld has

of

hat

Wi-

f of om

anic ary,

or the s a r in

G

CNCN E NDGCC

DWDDC

W

FCMCCNC

T

W

S

GOWEX EXPANSI

CASH FLOW (EURNew CitiesCumulated CitiesNet sales Network (Roaming Engineering, Cons Media (Advertising

EBIT% EBIT mg

NOPLATDepreciations and oGross operating cCapital expenditureCash flow to be d

DCF VALUATION WACCDiscount Rate factorDiscounted cash flowCumulated DCF

WACC & DCF ANA

Free risk rateCompany risk factorMarket risk premiumCost of Equity (KCost of debt (gross)Normative tax rateCost of Debt Net

Target gearing (D/E

% KeWACC

Source: ESN Bankia

Poten

GOWEemployout ancompa

In our accordyet), inoccupymoves valuati

Our hythe 3 y(vs. EBfurther currentrevenu

ON PLAN - DCF V

R m)

g, access, offloadinsultancy & Mainteng, aplications, servic

other provisionscash flow

discounted

(EUR m)

rw

ALISYS

4.50%r 2.00

m 4.00%e) 12.50%) 5.0%

30.0%(Kd) 3.50%

E) % K 0%

100%12.5%

Bolsa estimates

ntial value c

EX is a valuyed (>20%).

n analysis ony’s growth d

opinion, theing to the cn addition tying a leadin

vs. possibion (see tab

ypothesis ayears targeteBIT mg of 2expansion;

t number of es generated

VALUATION TO

ng, maintenance)ance

ices

CumPerpNorm

% TermDisc.NPV

Finan

Ente

creation via

ue generatin. Independeon the poteduring the fo

e successfucompany’s stto the positg position w

ble peers/neble below)

re: 1) develoed by GOWE20% in 2012

4) Rights isshares, totad in geoloca

31-

2

154

-

21

mulated DCFpetual growth ratemalised Annual CFminal Value at Nomin

Rate of Terminal V Terminal Value

ncial assets (treasu

erprise value (EUR

a the expan

ng story, viantly of the a

ential generaollowing year

ul executiotrategy inclutive strategic

world-wide in ew entrants)

opment of 3EX); 2) EBIT2e); 3) Capitsue: EUR 3

al shares aftelized advertis

-Dec-13

2013e 2060 860 1

113.7 2153.7 1248.0 612.0 219.3 317% 113.5 2-9.1 -122.6 4-18.2 -34.4 2

2013e 202.5% 121.00 04.4 24.4 6

e (g)

nal YearValue

ry stock)

R m)

sion plan

a a businessaforementionation of valrs and the rig

on of the exuding outdoc implicationdevelopmen

), could ad

00 cities in tT margin fromtal expenditu0 M cash aner capital incsing (50% ca

014e 20180 8

140 2216.0 30122.6 188

64.0 6429.4 4834.6 456% 15

24.2 3117.3 -2441.5 5538.9 -542.6 1.

014e 2012.5% 12.0.89 0.72.3 1.6.7 7.

23.20.0%

272140.55

118.7

141.9

GOWEX

s model withed revised eue proceed

ghts issue.

xpansion poor advertisinns (to obtant/exploitatiodd another

the next 5 yem 17% in 20ure of 16-18nd issuance crease of 15aptured by th

15e 20160 50

20 2701.2 3298.7 226.

4.0 40.08.5 62.55.2 46.5% 14%1.6 32.4.1 -26.5.7 58.4.2 -49..5 9.2

15e 20165% 12.579 0.7.2 6.5.9 14.

- Net finan

Equity MaNumber o

Fair Val

h high retuestimates, wing from ac

plan (to 300ng companyin critical m

on of Wi-Fi cEUR10-12/

ears (2013-1013e down t8% o/sales i

of 2.59 m s.5m); 5) cap

he strategic p

6e 20170 300 300.3 343.8.8 246.80 24.05 72.91 44.7

% 13%3 31.3.3 -27.56 58.8.4 -44.72 14.1

6e 20175% 12.5%0 0.62

5 8.84 23.2

ncial debt (Cash) (

arket Value (EUR mof shares (m)

lue per share (E

Page 7

urn on capiwe have carrccelerating t

0 cities, detay not disclosmass, GOWities, defens/share to o

17e, exceedto 12% in 20n the years

shares (20%pture of 50%partner).

e 2018e0

3008 318.48 241.9

0.076.6

7 38.212%

3 26.75 -25.58 52.27 -25.5

26.7

e Nominal y% 12.5%2 0.55

2

12e)

m)

EUR)

ital ied the

ails sed EX

sive our

ing 018 of

% of % of

e

year

-30

17215.5

11.1

Risks

We poi

1)

2)

3)

4)

5)

6)

& Threats

int out the fo

Execution

New entraplatform, ca

Position ofinitially tradpartner to scomplemen

Position iconsider Goperators a

Key perso

Risk of ob

llowing risks

of strategy

ants: GOWEapturing vari

f telecom oditional operasave operatinntary charact

n cities/muGOWEX a nand as a way

nnel (depen

solescence

s:

y plan (x5 vs

EX’ business ous parts of

operators (tators see GOng costs by eter.

unicipals: nneutral infray to reduce c

ndence on its

e technology

. current citie

model is unthe value ch

that could bOWEX as a extending the

ot renewingstructure m

costs/maximi

s CEO, Mr. J

y, network se

GOWEX

es), not attain

nique (neutrahain), howeve

become direthreat, they eir network/u

contracts. anager that se profits, ra

enaro García

ecurity.

ning the critic

al positioninger it could be

ect competitocan use the

users, thus fi

In our viewgives supp

ather than a t

a);

Page 8

cal mass.

g, technologie copied.

ors). Althoug company asnally achieve

w, said playeport to variothreat.

cal

gh, s a e a

ers ous

GOW

GOW

GOW

GOW

WEX: Revenue

WEX. Breakdo

WEX Wireless.

WEX Wireless

Network (roaming & offloading)

28%

171

0

20

40

60

80

100

120

140

160

180

2007

Go

0

10

20

30

40

50

60

70

80 Rec

2.5

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

2008

GOW

es Mix per Ac

own Revenues

. Recurrent R

s. Engineerin

21 25 233

11 27

2008 2009 201

owex Telecom

29

17

2011

current Non recu

6.4

15.0

8 2009 2010

Engineering & cons

WEX. At

ctivity (2012e)

s per Activitie

Revenues

g

Gowex Telecom

23%

Eng& co

20 23

4777

0 2011 2012e 2

Gowex Wireless

49

24

2012e

rrent

27.2

43.0 42.

2011 2012e 201

sulting

a Glanc

)

es (2007-14e)

gineering onsulting43%

Media platform

6%

24 25

99130

2013e 2014e

.045.8

3e 2014e

ce

GOWEX

) GOWEX

GOWEX

GOWEX

0

20

40

60

80

100

120

140

160

180

0

10

20

30

40

50

60

70

80

0

2

4

6

8

10

12

14

. Geographic

. Breakdown

Wireless: Ne

X Wireless. Me

17.0 22.60.0 1.6

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2007 2008

Sp

0.73.7

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2008 200

0.0 0.30.0

2.0

4.0

6.0

8.0

0.0

2.0

4.0

2008 2009

GOWEX

c Revenues M

Geographic

etwork (roami

edia

Spain50%

30.4 34.7 34.8

14.92

2009 2010 2

pain Intern

78.4

15.0

09 2010 2011

Network (roaming &

3.34.3

2010 2011 2

Media platform

Mix (2012e)

Revenues’ M

ing, offloadin

Internation50%

38.7 50.4 58.7

28.0

49.563.8

2011 2012e 2013

ational

27.7

47.5

2012e 2013e

& offloading)

6.4

9.0

12

2012e 2013e 201

Page 9

Mix (2007-14e)

ng, access)

al

7 64.8

8

90.5

e 2014e

72.6

2014e

.1

4e

)

Proje

Source:

Locat

Source:

Wi-Fi. Bu

Source: Cisc

ected Global I

: Cisco Visual Netw

tion of Mobile

: Cisco IBSG Conn

usiness mode

co IBSG, 2011

Wi-F

IP Traffic by A

working Index. Glob

e Data usage

nected Life Market W

els (I)

Fi sector

Access Netw

bal IP Traffic Foreca

e (% of Time S

Watch

r. Compl

work.

ast, 2010–2015

Spent in Activit

lements

Wi-Fi h

Source: A

ty). Wi-Fi A

Source: C

Wi

Sou

s mobile

hotspots wor

Alcatel Lucent (201

Access by U.S

Cisco IBSG Mobile C

-Fi. Business

urce: Cisco IBSG, 2

GOWEX

network

rld-wide (mill

12, informa Telecom

S. Smartphon

Cloud Watch, 2011

s Models (II).

2012

ks

ions)

ms&Media)

ne Users (% o

1

Value source

Page 10

o/total Browsin

es & Returns

ng)

GOW

Source:

GOW

Source:

GOW

Source:

WEX. Position

: GOWEX

WEX. Co-inves

: GOWEX

WEX.How to re

: GOWEX

GOW

stment Formu

each 300 citie

WEX’ Po

ulas.

es

osition

GOWEX. R

Source: GOWEX

GOWEX. E

Source: GOWE

GOWEX. S

Source: GOWE

evenues Brea

X

Example of a

EX

Shareholder S

EX

GOWEX

akdown

co-investme

Structure (pri

ent

ior to rights i

Page 11

issue)

GOWPROFSalesCost oNon REBITDEBITDDepreEBITAEBITAAmortEBITEBIT Net FOtherAssocOtherEarniTaxTax raDiscoMinorNet PNet P

CASHCash ChangCash CapexNet FFree CDivideOtherChanNOPL

BALANet TNet InNet FTotal InventTradeOtherCash Total Total ShareMinorTotal Long ProvisOtherTotal Short TradeOtherTotal Total Net CNet W

GROWSalesEBITDEBITAEBIT

WEX: SumFIT & LOSS (EUsof Sales & OperRecurrent ExpenDADA (adj.)*eciationAA (adj)*tisations and W

(adj.)*inancial Interest

r Financialsciatesr Non Recurrent ngs Before Tax

atentinued Operati

ritiesProfit (reported)Profit (adj.)

H FLOW (EURmFlow from Operge in Net WorkinFlow from Ope

xinancial InvestmCash Flowendsr (incl. Capital Inge in Net Debt

LAT

ANCE SHEET &angible Assets

ntangible Assetsinancial Assets Fixed Assetstories

e receivablesr current assets(-)Current AssetsAssets

eholders EquityrityEquityterm interest besionsr long term liabiliLong Term Liaterm interest be

e payablesr current liabilitieCurrent LiabiliLiabilities and

Capital EmployeWorking Capital

WTH & MARGINs growthDA (adj.)* growA (adj.)* growth(adj)*growth

mary tableURm)

rating Costsnses/Income

rite Downs

t

Itemsx (EBT)

ons

)

m)rations before chng Capitalerations

ments

crease & share

& OTHER ITEMS

s (incl.Goodwill)& Other

s

earing debt

itiesabilitiesearing debt

esities Shareholders'edl

NS

wth

es

hange in NWC

buy backs)

S (EURm)

' Equity

1

1

1

1

111

2/2009 1235.2

-29.70.05.55.5

-1.04.54.5

-0.93.63.6

-0.10.00.00.03.5

-0.617.9%

0.00.02.92.9

2/2009 124.8

-2.12.7

-1.60.01.10.0

-1.3-0.22.5

2/2009 121.71.90.23.80.0

20.70.0

-5.826.530.312.50.0

12.51.20.00.61.81.9

14.00.0

16.030.310.46.7

2/2009 1245.4% 4

139.2% 6190.0%184.0%

2/2010 1249.6

-40.30.09.49.4

-1.67.87.8

-1.66.36.30.10.00.00.06.3

-1.218.7% 2

0.00.05.15.1

2/2010 128.2

-8.10.2

-5.80.0

-5.61.03.7

-0.94.4

2/2010 125.82.00.58.30.0

25.90.0

-15.141.149.422.90.0

22.93.30.01.44.72.6

19.20.0

21.849.415.16.8

2/2010 1241.1% 369.8% 774.2% 674.6% 5

GOWEX

2/2011 12/266.7

-50.20.0

16.516.5-3.413.113.1-3.69.59.50.10.00.00.09.6

-2.425.1% 2

0.00.07.27.2

2/2011 12/214.224.939.1

-10.70.0

28.51.05.1

34.56.7

2/2011 12/213.3

2.00.7

16.00.09.90.0

-31.241.157.135.1

0.035.1

6.20.02.68.82.9

10.20.0

13.257.115.7-0.3

2/2011 12/234.4% 476.3% 567.7% 551.9% 11

2012e 12/299.9

-73.70.0

26.126.1-5.920.220.20.0

20.220.20.20.00.00.0

20.4-5.1

25.0% 250.00.0

15.315.3

2012e 12/221.2-5.216.0

-18.00.0

-1.92.1

-2.7-2.514.1

2012e 12/223.63.70.7

28.10.0

10.00.0

-28.338.266.350.40.0

50.46.20.0

-6.20.02.9

12.90.0

15.866.325.2-2.9

2012e 12/249.7% 2258.1% 2254.2% 1312.5% 13

Page 12

2013e 12/20122

-90.40.0

32.032.0-9.1 -22.922.90.0

22.922.90.20.00.00.0

23.0-6.0

5.8% 250.00.0

17.117.1

2013e 12/2026.2-2.723.5

-22.0 -0.01.42.50.04.0

16.0

2013e 12/2034.65.60.7

41.00.0

12.20.0

-27.4 -39.780.667.40.0

67.46.20.0

-9.3 --3.12.9

13.40.0

16.380.639.8-1.1

2013e 12/202.6% 262.6% 253.4% 183.4% 18

014e155

-1141.0

41.240.2

-13.228.127.10.0

28.127.10.10.00.00.0

28.2-7.3

5.9%0.00.0

20.920.9

014e34.1-4.529.6

-27.90.01.63.10.04.7

18.9

014e47.17.90.7

55.70.0

15.50.0

-26.441.997.688.10.0

88.16.20.0

-14.3-8.12.9

14.60.0

17.597.656.60.9

014e6.8%5.7%8.2%8.2%

GOWEXGROWTH &Net Profit grEPS adj. groDPS adj. groEBITDA (adjEBITA (adj)*EBIT (adj)* m

RATIOSNet Debt/EqNet Debt/EBInterest coveCapex/D&ACapex/SalesNWC/SalesROE (averagROCE (adj.)WACCROCE (adj.)

PER SHAREAverage diluEPS (reporteEPS (adj.)BVPSDPS

VALUATIONEV/SalesEV/EBITDAEV/EBITDA EV/EBITAEV/EBITA (aEV/EBITEV/EBIT (adP/E (adj.)P/BVTotal Yield REV/CEOpFCF yieldOpFCF/EVPayout ratioDividend yie

EV AND MKPrice** (EUROutstandingTotal MarkeNet Debto/w Cash & o/w Gross DOther EV coEnterprise VSource: Co

Notes* Where EBITDA**Price (in locaSector: Telec

Company Demanager and1) Gowex Wirwireless roam

X: Summary& MARGINSrowthowthowth

dj)* margin* marginmargin

quityBITDAer (EBITDA/Fin

s

ge))

)/WACC

E DATA (EUR)*uted number of sed)

N

A (adj.)*

adj.)*

dj.)*

Ratio

d

eld (gross)

KT CAP (EURmR)g number of shaet Cap

Marketable SecDebt (+)omponentsValue (EV adj.)mpany, Bankia

A (adj.) or EBITA (adl currency): Fiscal y

communications/T

escription: Gowexd interconnectionreless (main grow

ming platform 2) G

y tables

.interest)

***shares

m)

ares for main sto

curities (-)

)a Bolsa estima

dj)= EBITDA (or EBIyear end price for HTelecommunicati

x operates withinservices compa

wth driver): servicGowex Telecom (

ock

ates.

ITA) -/+ Non RecurreHistorical Years anions

n the telecommuny for operators.ces related to wir(traditional activit

12/2009197.5%197.5%

15.7%12.7%10.2%

12/2009-0.2-0.568.9

83.2%4.6%

19.0%26.1%24.4%14.5%

1.7

12/20099.8

0.290.291.280.00

12/2009

0.0%

12/2009

9.8

-3-630

ent Expenses/Incomd Current Price for

unication sector,. Gowex was foureless telecommuty): bandwith trad

12/201078.4%51.8%

+chg18.9%15.7%12.6%

12/2010-0.4-1.0nm

185.4%11.6%13.7%29.0%30.0%14.5%

2.1

12/201011.50.450.451.990.09

12/20100.63.13.13.83.84.74.77.51.7

-2.6%2.0

-14.5%-19.0%19.5%2.6%

12/20103.3511.5

39-9

-1560

29

me and where EBIT (r current and foreca

occupying a uninded in 1999 anunications: manading and B2B tele

GO

12/2011 140.7%25.3%

-11.0%24.8%19.6%14.2%

12/2011 1-0.6-1.3nm

152.0%16.0%-0.5%24.9%44.5%14.5%

3.1

12/2011 112.90.560.562.720.08

12/2011 10.62.42.43.03.04.24.28.61.8

-1.4%2.7

45.9%71.3%13.8%0.6%

12/2011 14.7912.9

62-22-31

90

40

(adj)= EBIT-/+ Non Rasted years

ique position asd currently focus

agement and opeecoms market se

OWEX

2/2012e 1111.7%111.7%113.9%26.2%20.2%20.2%

2/2012e 1-0.4-0.7nm

303.5%18.0%-2.9%35.7%57.8%12.5%

4.6

2/2012e 112.91.181.183.900.17

2/2012e 11.45.25.26.76.76.76.7

10.13.1

-1.6%5.6

-1.3%-1.4%14.0%1.4%

2/2012e 111.9812.9155-19-28

90

136

Recurrent Expenses/

a neutral infrastses on 2 main aceration of WiFi neervices.

Pag

2/2013e 111.8%11.8%18.8%26.2%18.7%18.7%

2/2013e 1-0.3-0.6nm

241.4%18.0%-0.9%29.0%41.0%12.5%

3.3

2/2013e 112.91.321.325.210.20

2/2013e 11.14.34.36.06.06.06.09.12.3

-2.0%3.5

0.9%1.1%

14.9%1.6%

2/2013e 111.9812.9155-18-27

90

137

/Income - PPA amor

tructurectivities:etworks,

ge 13

2/2014e22.3%22.3%22.6%25.9%17.4%17.4%

2/2014e-0.2-0.4nm

211.8%18.0%0.6%

26.9%33.9%12.5%

2.7

2/2014e12.91.621.626.810.24

2/2014e0.93.33.44.95.14.95.17.41.8

-2.2%2.5

1.0%1.2%

14.9%2.0%

2/2014e11.9812.9155-17-26

90

138

rtisation

Eur

A ero s

Aviatio

Bae Sy

Dassa

Eads

Finme

Lisi

M tu

Rheinm

Rolls R

Safran

Thales

Zodiac

A irlin

Air Fra

Finnai

Luftha

A uto

Auto liv

Bmw

Bremb

Contin

Daimle

Elringk

Faurec

Fiat

Landi R

Leoni

M iche

Nokia

P iaggi

P irelli

P lastic

P lastiv

Porsc

Psa P

Renau

Sogef

Stern G

Valeo

Volksw

B ank

Aarea

Akban

Aktia

A lpha

Banca

Banca

Banco

Banco

Banco

Banco

ropean Cov

space & D efense

on Latecoere

ystems Plc

ault Aviation

eccanica

metall

Royce

n

s

c

nes

ance Klm

r

ansa

mo biles & P arts

v

bo

nental

er Ag

klinger

cia

Renzo

elin

n Tyres

io

& C.

c Omnium

valoire

che

eugeot Citroen

ult

i

Groep

wagen

s

l Bank

nk

Bank

a Carige

a M ps

o Popolare

o Popular

o Sabadell

o Santander

verage of t

M em(*) Banesto

CIC Bank Of

CIC Bankinte

CIC Bbva

CIC Bcp

BAK Bes

CIC Bnp Pari

EQB Boursora

EQB Bper

CIC Bpi

CIC Commer

CIC Credem

CIC Credit Ag

M em(*) Creval

CIC Deutsche

POH Dexia

EQB Efg Euro

M em(*) Garanti B

CIC Halkbank

EQB Ing Group

BAK Intesa Sa

EQB Kbc Grou

EQB M edioba

EQB National

CIC Natixis

BAK Nordea

BAK Piraeus B

EQB Postban

CIC Societe G

POH Ubi Banc

BAK Unicredit

BAK Yapi Kred

CIC B asic R

CIC Acerinox

EQB Altri

CIC Arcelorm

CIC Crown Va

BAK Dnick Ho

SNS Ence

CIC Europac

EQB Inapa

M em(*) M etka

EQB M etsä B

IBG M ytilineo

POH Nyrstar

IBG Outokum

BAK Portucel

BAK Rautaruu

BAK Salzgitter

BBO Semapa

BBO Stora En

BBO Talvivaar

the Membe

Cyprus

er

bas

ama

rzbank

gricole Sa

e Bank

bank Ergasias

Bank

k

p

anpaolo

up

anca

Bank Of Greece

Bank

k

Generale

ca

di Bank

R eso urces

x

mittal

an Gelder

o lding Plc

oard

os

mpu

ukki

r

so

ra M ining Co Plc

rs of ESN

BBO Thyssenkru

IBG Tubacex

BBO Upm-Kymm

BBO B io techno

CBI 4Sc Ag

CBI Bioalliance

CIC Epigenomic

CIC M etabolic E

BAK M orphosys

CBI Neovacs

EQB Transgene

BAK Wilex

CIC Zeltia

BAK C hemical

EQB Air Liquide

BDG Akzo Nobe

IBG Basf

IBG Dsm

IBG Floridienne

SNS Fuchs Petro

BAK Henkel

BDG Holland Co

BAK K+S Ag

IBG Kemira

CIC Lanxess

POH Linde

IBG Nanogate A

EQB Recticel

CIC Solvay

BAK Symrise Ag

BAK Tessenderlo

IBG Tikkurila

M em(*) Umicore

BBO Wacker Che

CBI C o nstruc

BBO Acs

SNS Astaldi

EQB Ballast Ned

BBO Bilfinger Be

BBO Boskalis W

CBI Buzzi Unice

IBG Capelli

POH Cfe

IBG Ciments Fra

BDG Cramo

POH Deceuninck

CBI Eiffage

POH Ellaktor

EQB Fcc

CBI Ferrovial

POH Gek Terna

POH Grontmij

upp

mene

o lo gy M

Pharma

cs Ag

Explorer

s

s M

el

olub

lours

Ag

o

emie

t io n & M aterials M

dam

erger

Westminster

em

ançais

k

EQB Grupo San Jo

BBO Heijmans

POH Hochtief

M em(*) Holcim Ltd

EQB Imerys

CIC Impregilo

EQB Italcementi

CIC Lafarge

EQB Lemminkäinen

CIC M aire Tecnim

CIC M aisons Fran

EQB M ota Engil

BBO Obrascon Hua

M em(*) Ramirent

CIC Royal Bam Gr

SNS Sacyr Valleher

EQB Saint Gobain

SNS Sonae Industr

BDG Srv

EQB Thermador Gr

EQB Titan Cement

SNS Trevi

EQB Uponor

POH Uzin Utz

EQB Vbh Holding

EQB Vicat

EQB Vinci

BDG Yit

BDG Electro nic &

EQB Agfa-Gevaert

BDG Areva

POH Augusta Tech

BDG Barco

EQB Euromicron A

M em(*) Evs

BBO Gemalto

BAK Ingenico

SNS Kontron

EQB Lacie

SNS Legrand

BAK M obotix Ag

CIC Neways Electr

BDG Nexans

CIC Pkc Group

POH Rcf Group

BDG Rexel

CIC Schneider Elec

IBG Vacon

BBO Vaisala

BBO Xeikon Nv

IBG F inancial Se

SNS Ackermans &

GO

se BB

SN

EQ

C

C

BA

BA

C

n PO

ont BA

nce Confort C

C

arte Lain BB

PO

roup SN

rmoso BB

C

ia C

PO

roupe C

IB

BA

PO

EQ

EQ

C

C

PO

& Electrical EquM em

BD

C

hnologie EQ

BD

g EQ

BD

C

C

EQ

C

C

EQ

ronics SN

C

PO

BA

C

ctric Sa C

PO

PO

SN

ervices M em

Van Haaren BD

OWEX

BO Azimut

NS Banca Generali

QB Banca Ifis

CIC Bb Bio tech

CIC Binckbank

AK Bois Sauvage

AK Bolsas Y M ercad

CIC Capman

OH Cir

AK Comdirect

CIC Corp. Financiera

CBI Dab Bank

BO Deutsche Boers

OH Deutsche Forfait

NS Financiere De Tu

BO Fonciere Des 6E

CIC Gbl

CBI Gimv

OH Grenkeleasing A

CIC Hellenic Exchang

BG Hypoport Ag

AK Ifg Group Plc

OH Kbc Ancora

QB Luxempart

QB M lp

CIC

CIC

OH

m(*)

DG

CIC

QB

DG

QB

DG

CIC

CIC

QB

CIC

CIC

QB

NS

CIC

OH

AK

CIC

CIC

OH

OH

NS

m(*)

DG

Pag

BAK

BAK

BAK

EQB

SNS

BDG

dos Espanoles BBO

POH

BAK

EQB

Alba BBO

EQB

e EQB

t EQB

ubize BDG

Eme Et 7Eme Ar CIC

BDG

BDG

g EQB

ges IBG

EQB

NCB

BDG

BDG

EQB

ge 14

K

K

K

S

G

O

H

K

O

G

G

G

B

G

G

F o o d

Acom

Anheu

Aryzta

Atria

Baron

Baywa

Berent

Bondu

C&C G

Campa

Campo

Coca C

Csm

Danon

De M a

Doneg

Duvel

Ebro F

Enervit

Fleury

Forfar

Fyffes

Glanbi

Heinek

Hksca

Kerry G

Ktg Ag

Lanso

Lauren

Ldc

Lotus

Natra

Nature

Nestle

Nutrec

Olvi

Origin

Parma

Perno

Pingui

Raisio

Remy

Sipef

Ter Be

Total P

Unileve

Vilmor

Viscof

Vranke

Wessa

F o o d

& B everage

o

user-Busch Inbev

De Ley

a

tzen

uelle

Group

ari

o frio

Cola Hellenic

ne

aster B lenders 1753

gal Creameries

Foods

t

M ichon

mers

a

ken

an

Group

grar

n-Bcc

nt Perrier

Bakeries

ex

e

co

Enterprises

alat

d-Ricard

nlutosa

Cointreau

eke

Produce

er

rin

fan

en Pommery M onopole

anen

& D rug R etailers

M em(*) Ahold

SNS Bim

BDG Carrefour

NCB Casino Guic

POH Colruyt

BBO Delhaize

EQB Dia

EQB Kesko

CIC M arr

NCB Rallye

BAK Sligro

BBO Sonae

IBG General In

SNS Aalberts

CIC Accell Grou

SNS Advanced V

NCB Ahlstrom

BDG Analytik Jen

BBO Arcadis

BAK Aspo

CIC Azkoyen

SNS Bekaert

NCB Dcc

NCB Derby Cycle

SNS Evolis

POH Frigoglass

NCB Huhtamäki

EQB Kendrion

CIC M artifer Sgp

CIC M ifa

CIC Nedap

BDG Neopost

BBO Pöyry

CIC Prelios

SNS Resilux

SNS Saf-Holland

POH Saft

NCB Skw Stahl

BAK Tessi

CIC Tkh Group

BDG Vidrala

POH Wendel

CIC General R

BDG Beter Bed H

BDG D'Ieteren

NCB Douglas Ho

SNS Fielmann

CIC Folli Fo llie G

BBO Fourlis Hold

CIC Inditex

SNS Jacquet M e

M em(*) Jumbo

S

I

C

chard-Perrachon C

B

B

B

P

B

C

S

C

ndustria ls M e

S

up S

Vision Technology E

P

na E

S

P

B

B

N

e E

C

I

P

S

ps Sa C

E

S

C

P

B

B

d E

C

E

C

S

B

C

R etailers M e

Holding S

B

olding E

E

Group I

dings I

B

etal Service C

I

SNS M acintosh

BG Rapala

CIC Stockmann

CIC H ealthcare

BDG Ab-Biotics

BDG Almirall

BBO Amplifon

POH Arseus

BAK Bayer

CIC Biomerieux

SNS Biotest

CBI Cegedim

em(*) Celesio

SNS Diasorin

SNS Drägerwerk

EQB Faes Farma

POH Fresenius

EQB Fresenius M edic

SNS Gerresheimer Ag

POH Grifo ls Sa

BBO Korian

BDG Laboratorios Ro

NCB M edica

EQB M ediq

CIC M erck

BG Natraceutical Sa

POH Novartis

SNS Oriola-Kd

CBI Orion

EQB Orpea

SNS Recordati

CIC Rhoen-Klinikum

POH Roche

BAK Sanofi-Aventis

BDG Sorin

EQB Stallergènes

CIC Ucb

EQB United Drug

CIC H o tels, T rave

SNS Accor

BBO Autogrill

CIC Beneteau

em(*) Compagnie Des

SNS Groupe Partouch

BDG I Grandi Viaggi

EQB Ibersol

EQB Intralot

BG Lottomatica

BG M elia Hotels Inte

BBO Nh Hoteles

CIC Opap

BG Ibg

SNS

POH

POH

M em(*)

BBO

BBO

BAK

BDG

EQB

CIC

EQB

CIC

EQB

BAK

EQB

BBO

EQB

cal Care EQB

g EQB

BBO

CIC

vi BBO

CIC

SNS

EQB

BBO

CIC

POH

POH

CIC

BAK

EQB

CIC

CIC

BAK

CIC

BDG

NCB

l & T o urism M em(*)

CIC

BAK

CIC

Alpes CIC

he CIC

BAK

CBI

IBG

BAK

ernational BBO

BBO

IBG

CIC

Sonae Capital

Trigano

Tui

) H o useho ld Go o ds

De Longhi

Elica

Indesit

Philips Electronics

Seb Sa

U10

Industria l Enginee

Accsys Technologies

Agta Record

Aixtron

Ansaldo Sts

Bauer Ag

Biesse

Cargotec Corp

Cfao

Danieli

Datalogic

Delclima

Duro Felguera

Emak

Exel Composites

Exel Industries

Faiveley

Fiat Industrial

Gea Group

Gesco

Gildemeister

Haulotte Group

Heidelberger Druck

Ima

Interpump

Khd Humboldt Wedag

Kone

Konecranes

) Krones Ag

Kuka

M an

M anitou

M ax Automation Ag

M etso

Outotec

Pfeiffer Vacuum

Ponsse

Prima Industrie

Prysmian

Reesink

Sabaf

Schuler Ag

GO

CBI Sin

CIC Sm

EQB Sog

s M em(*) Ten

BAK Tril

BAK Vos

BAK Wä

SNS Zar

CIC Ind

CIC Abe

ring M em(*) Ad

SNS Atla

CIC Bo

EQB Bris

BAK Caf

EQB De

BAK Do

POH Fra

CIC Ge

BAK Hes

BAK Hh

BAK Log

BBO No

BAK Po

POH Sia

CIC Tnt

CIC Ins

BAK Aeg

EQB Age

EQB Alli

EQB Axa

CIC De

EQB Fbd

BAK Fo

BAK Ge

Internatio EQB Ha

POH M a

POH M e

EQB M il

EQB M u

EQB Sam

CIC Tal

EQB Uni

POH Zur

POH

EQB

POH

BAK

BAK

SNS

BAK

EQB

OWEX

gulus Technologies

mt Scharf Ag

geclair

n Cate

ogiq

ssloh

ärtsilä

rdoya Otis

dustria l T ranspo rtat i

ertis

p

antia

llore

sa

f

utsche Post

ckwise

aport

mina

s Beheer

la

gwin

rbert Dentressangle

stnl

as

t Express

surance

gon

eas

anz

a

lta Lloyd

d Holdings Plc

ndiaria Sai

nerali

nnover Re

apfre Sa

edio lanum

ano Assicurazioni

unich Re

mpo

anx Group

pol

rich Financial Services

Pag

EQB

EQB

CIC

SNS

CIC

EQB

POH

BBO

io n M em(*)

BBO

CIC

BAK

CIC

CBI

BBO

EQB

SNS

EQB

BAK

SNS

EQB

EQB

CIC

SNS

BAK

SNS

M em(*)

SNS

BDG

EQB

CIC

SNS

NCB

BAK

BAK

EQB

BBO

BAK

BAK

EQB

POH

EQB

BAK

BAK

ge 15

M edia

Ad Pe

Adlpar

Alma M

Antena

Brill

Caltag

Cofina

Editori

Gl Eve

Havas

Hi-M ed

Impres

Ipsos

Jcdeca

Kinepo

Lagard

Lbi Inte

M 6-M e

M edias

M edias

M eetic

Nextra

Nostru

Nrj Gro

Pages

Prisa

Public

Rcs M

Reed E

Roular

Rtl Gro

Sanom

Seat

Spir Co

Talent

Telegra

Telepe

Tf1

Ti M ed

Ubisof

Vivend

Wolter

Oil &

Eni

Galp E

Gas P

Hellen

M aure

M otor

Neste

Repso

a

pper

rtner

M edia

a 3Tv

irone Edito re

a

ale L'Espresso

ents

dia

sa

aux

olis

dere

ernational Nv

etropole Television

set

set Espana

c

adio tv

um

oup

Jaunes

is

ediagroup

Elsevier N.V.

rta

oup

ma

ommunication

um

aaf M edia Groep

erfo rmance

dia

ft

di

rs Kluwer

Gas P ro ducers

nergia

lus

ic Petro leum

el Et Prom

r Oil

Oil

o l

LEGEND: BAK: B

M em(*) Total

EQB Tupras

CIC Oil Servic

POH Bourbon

BBO Cgg Veritas

SNS Fugro

BAK Saipem

CBI Technip

BAK Tecnicas Re

CIC Tenaris

CIC Vallourec

CIC Vopak

CBI P erso nal

CIC Adidas

CIC Amer Sport

BDG Basic Net

CIC Beiersdorf

SNS Geox

CIC Gerry Weber

BAK Hugo Boss

BBO Loewe

CIC Luxottica

CIC M arcolin

BBO M arimekko

CIC M edion

CIC Ppr

BBO Puma

CIC Safilo

BAK Salvatore F

SNS Sarantis

BDG Tod'S

BDG Van De Veld

POH Zucchi

BAK R eal Esta

CIC Aedifica

POH Ascencio

SNS Atenor

CIC Banimmo

CIC Befimmo

BAK Beni Stabili

CIC Citycon

CIC Cofinimmo

SNS Corio

M em(*) Deutsche E

BAK Home Inves

CBI Igd

BAK Intervest Of

IBG Intervest Re

CIC Ivg Immobili

IBG Klepierre

POH Leasinvest R

BBO Bbo

Banca Akros; BDG: B

C

I

es M e

C

C

S

B

C

eunidas B

B

C

S

Go o ds M e

E

s P

B

E

B

r E

E

E

B

B

P

E

C

E

B

erragamo B

I

B

de B

B

te M e

B

B

B

B

B

B

P

B

B

uroshop E

st Belgium B

B

fices & Warehouses B

etail B

ien Ag E

B

Real Estate B

B

Bank Degroof; BBO: B

CIC Realia

BG Retail Estates

em(*) Sponda

CIC Technopolis

CIC Unibail-Rodamco

SNS Vastned Retail

BAK Vib Vermoegen

CIC Wdp

BBO R enewable En

BAK Abengoa

CIC Biopetro l Industr

SNS Daldrup & Soehn

em(*) Deutsche Biogas

EQB Enel Green Powe

POH Gamesa

BAK Phoenix Solar

EQB Sma So lar Techn

BAK Solar-Fabrik

EQB Solarworld

EQB Solutronic

EQB Sunways

BAK Semico nducto

BAK Asml

POH Besi

EQB M elexis

CIC Okmetic

EQB Roodmicrotec

BAK Stmicroelectroni

BAK Suess M icrotec

BG So ftware & C o

BAK Aedian

BDG Affecto

BAK Akka Technolog

em(*) Alten

BDG Altran

BDG Amadeus

BDG Atos

BDG Basware

BDG Beta Systems So

BAK Bull

POH Capgemini

BDG Cegid

BDG Cenit

EQB Comptel

BDG Ctac

BAK Dassault System

BDG Digia

BDG Docdata

EQB Engineering

BDG Esi Group

BDG Exact Holding Nv

BDG F-Secure

Bankia Bolsa; CIC: CM

BBO

BDG

POH

POH

o BDG

BDG

EQB

BDG

ergy M em(*)

BBO

ies EQB

e EQB

s EQB

er BAK

BBO

EQB

nology EQB

EQB

EQB

EQB

EQB

o rs M em(*)

SNS

SNS

BDG

POH

SNS

cs BAK

EQB

o mputer ServM em(*)

CIC

POH

ies CIC

CIC

CIC

BBO

CIC

POH

oftware EQB

CIC

CIC

CIC

EQB

POH

SNS

es CIC

POH

SNS

BAK

CIC

v SNS

POH

M-CIC Securities; CBI:

Gameloft

Gft Technologies

Groupe Open

Guillemot Corporation

I.R.I.S.

I:Fao Ag

Ict Automatisering

Indra Sistemas

) Integralis Ag

Itelligence

Neurones

Novabase Sgps

Ordina

Osiatis

Psi

Qurius

Realdolmen

Reply

Rib Software

Seven Principles Ag

Sii

) Sopra Group

Steria

Tieto

Tomtom

Transics

Unit4

Wincor Nixdorf

Suppo rt Services

) Batenburg

Brunel

Bureau Veritas S.A.

Cpl Resources Plc

Dpa

Edenred

Ei Towers

Fiera M ilano

Imtech

Lassila & Tikanoja

Prosegur

Randstad

Tmc Group

Usg People

T eleco m Equipme

Alcatel-Lucent

Ericsson

Gigaset

Hf Company

Nokia

Teleste

T eleco mmunicat io

Acotel

: Caixa-Bano de Inves

GO

CIC Bel

EQB Bo

CIC Deu

n CIC Elis

BDG Eut

EQB Fra

SNS Fre

BBO Go

EQB Iliad

EQB Jaz

CIC Kpn

CBI M o

SNS Ote

CIC Po

EQB Ses

SNS Son

BDG Tel

BAK Tel

EQB Tel

EQB Tel

CIC Tis

CIC Tur

CIC Uni

POH Vod

SNS Zig

BDG Zon

SNS Uti

EQB A2A

M em(*) Acc

SNS Ace

SNS E.O

CIC Edp

NCB Edp

SNS Elia

CIC Ena

BAK End

BAK Ene

SNS Flu

POH For

BBO Gas

SNS Gdf

SNS Her

SNS Iber

nt M em(*) Iren

CIC Pub

POH Red

EQB Ren

CIC Rw

POH Sec

POH Sna

o ns M em(*) Sue

BAK Ter

Veo

stimento;

OWEX

lgacom

uygues

utsche Telekom

sa

telsat Communications S

ance Telecom

eenet

wex

d

zztel

n Telecom

obistar

e

rtugal Telecom

s

naecom

ecom Italia

efonica

enet Group

iasonera

cali

rkcell

ted Internet

dafone

go

n M ultimedia

ilit ies

A

ciona

ea

On

p

p Renováveis

a

agas

desa

el

xys

rtum

s Natural Fenosa

f Suez

ra

rdro la

n

blic Power Corp

d Electrica De Espana

n

we

chilienne Sidec

am

ez Environnement

rna

o lia Environnement

As of 30th Nove

Pag

BDG

CIC

EQB

POH

Sa CIC

CIC

EQB

BBO

CIC

BBO

SNS

BDG

IBG

CBI

CIC

CBI

BAK

BBO

BDG

POH

BAK

IBG

EQB

BAK

SNS

CBI

M em(*)

BAK

BBO

BAK

EQB

CBI

CBI

BDG

BBO

BBO

BAK

BDG

POH

BBO

CIC

BAK

BBO

BAK

IBG

BBO

CBI

EQB

CIC

BAK

CIC

BAK

CIC

ember 2012

ge 16

Lis

Ari Ago

Edouar

Christia

Olivier

Helena

Victor B

Javier B

Dimitris

Jean-P

David C

Giada C

Niclas C

Jean-M

M arco

Pierre C

Emman

Florent

Edwin d

Nadesh

M artijn

Christia

Andrea

Hans D

Dries D

Ingbert

Rafael

Stefan

Emmet

Gabriel

Claudio

Ana Isa

M arc G

Darren

Arsène

Bernard

Philipp

Tom H

Carlos

Lillian K

Jean-M

M arc L

(**) e

t of ESN A

opyan

rd Aubery

an Auzanneau

Bails, CFA

a Barbosa

Bareño, CFA

Bernat

s B irbos

Pascal Brivady

Cabeza Jareño

Cabrino, CIIA

Catani

M arie Caucheteux

Cavalleri

Chedeville

nuel Chevalier

t Couvreur

de Jong

hda Demidova

den Drijver

an Devismes

a Devita, CFA,

D'Haese

Dury

Faust, CEFA

Fernández de Heredia

Freudenreich, CFA

t Gaffney

e Gambarova

o Giacomiello , CFA

abel González García CIIA

Gouget

Greenfield, CFA

e Guekam

d Hanssens

Häßler, CFA

olmes

Jesus

Katelani

M ichel Köster

Leemans, CFA

excluding: strategi

nalysts (**)

CIC +33 1 45 96 85 80

EQB +49 69 5899 7439

CIC +33 4 78 92 01 85

CIC +33 1 45 96 78 72

CBI +351 21 389 6831

SNS +312 0 5508822

BBO +34 91 436 7816

IBG +30 210 81 73 392

CIC +33 4 78 92 02 25

BBO +34 91 4367818

BAK +39 02 4344 4092

POH +358 10 252 8780

BDG +32 2 287 99 20

BAK +39 02 4344 4022

CIC +33 1 45 96 78 71

CIC +33 1 45 96 77 42

CIC +33 1 45 96 77 60

SNS +312 0 5508569

EQB +49 69 58997 434

SNS +312 0 5508636

CIC +33 1 45 96 77 63

BAK +39 02 4344 4031

BDG +32 (0) 2 287 9223

BDG +32 2 287 91 76

EQB +49 69 58997 410

BBO +34 91 436 78 08

EQB +49 69 58997 437

NCB 00 353 611 5717

BAK +39 02 43 444 289

BAK +39 02 4344 4269

BBO +34 91 436 78 09

CIC +33 145 96 8759

NCB +353 1611 5918

CIC +33 1 45 96 78 76

BDG +32 (0) 2 287 9689

EQB +49 69 58997 414

NCB +353 1 611 5876

CBI +351 21 389 6812

IBG +30-210-8173-389

CIC +33 1 45 96 77 17

BDG +32 (0) 2 287 9361

ists, macroeconom

)

ari.agopyan@cmcics.c

edouard.aubery@equin

christian.auzanneau@

olivier.bails@cmcics.c

helena.barbosa@caixa

victor.bareno@snssec

jbernat@bankia.com

dbirbos@ibg.gr

jeanpascal.brivady@cm

dcabeza@bankia.com

giada.cabrino@bancaa

niclas.catani@pohjola

jeanmarie.caucheteux@

marco.cavalleri@banc

pierre.chedeville@cmc

emmanuel.chevalier@

florent.couvreur@cmc

edwin.dejong@snssec

nadeshda.demidova@

martijn.dendrijver@sns

christian.devismes@c

andrea.devita@bancaa

3 hans.dhaese@degroo

dries.dury@degroof.be

ingbert.faust@equinet

rfernandezdeheredia@

stefan.freudenreich@e

emmet.gaffney@ncb.ie

9 gabriele.gambarova@

claudio.giacomiello@b

agonzalezga@bankia.c

marc.gouget@cmcics

darren.greenfield@ncb

arsene.guekam@cmc

9 bernard.hanssens@de

philipp.haessler@equin

tom.holmes@ncb.ie

carlos.jesus@caixabi.p

lkatelani@ibg.gr

jeanmichel.koster@cm

1 marc.leemans@degro

mists, heads of res

com

net-ag.de

cmcics.com

com

abi.pt

curities.nl

mcics.com

m

akros.it

a.com

@degroof.be

caakros.it

cics.com

@cmcics.com

cics.com

curities.nl

@equinet-ag.de

ssecurities.nl

cmcics.com

akros.it

f.be

e

-ag.de

@bankia.com

equinet-ag.de

e

bancaakros.it

bancaakros.it

com

s.com

b.ie

ics.com

egroof.be

net-ag.de

pt

mcics.com

of.be

search not coverin

Jean-Christophe Lefèvre-

Dov Levy

Sébastien Liagre

Harald Liberge-Dondoux

Konstantinos M anolopou

Sergio Ruiz M artin

Dario M ichi

José M ota Freitas, CFA

Louis Nico lopoulos

Henri Parkkinen

Adrian Pehl, CFA

Victor Peiro Pérez

Francis Prêtre

Francesco Previtera

Jari Raisanen

Hannu Rauhala

M atias Rautionmaa

Eric Ravary

Iñigo Recio Pascual

M aria Rivas Rodriguez

André Rodrigues

Jean-Luc Romain

Jochen Rothenbacher, CE

Vassilis Roumantzis

Sonia Ruiz De Garibay

Antti Saari

Paola Saglietti

Francesco Sala

Lemer Salah

M ichael Schaefer

Holger Schmidt, CEFA

Tim Schuldt, CFA

Pekka Spolander

Gert Steens

Kimmo Stenvall

Natalia Svyrou-Svyriadi

Annick Thévenon

Luigi Tramontana

Johan van den Hooven

Guido Varato jo dos Santo

Richard Withagen

ng specific stocks

M oulenq CIC +33 1 45

CIC +33 1 45

CIC +33 1 45

CIC +33 1 45

ulos IBG +30 210

BBO +34 91 4

BAK +39 02 4

CBI +351 22

IBG +30 210

POH +358 10

EQB +49 69 5

BBO +34 91 4

CIC +33 4 78

BAK +39 02 4

POH +358 10

POH +358 10

POH +358 10

CIC +33 1 45

BBO +34 91 4

BBO +34 91 4

CBI +351 21 3

CIC +33 1 45

EFA EQB +49 69 5

IBG +30 2108

BBO +34 91 4

POH +358 10

BAK +39 02 4

BAK +39 02 4

SNS '+312 0 5

EQB +49 69 5

EQB +49 69 5

EQB +49 69 5

POH +358 10

SNS +312 0 5

POH +358 10

IBG +30 210

CIC +33 1 45

BAK +39 02 4

SNS +312 0 5

os CBI +3512138

SNS +312 0 5

, credit analysts, t

GO

96 91 04 jeanchristop

96 78 74 dov.levy@cm

96 90 34 sebastien.lia

96 98 12 harald.liberge

817 3388 kmanolopou

36 7866 sruizma@ba

4344 4237 dario .michi@

607 09 31 mota.freitas

81 73 377 iniko lopoulo

252 4409 henri.parkkin

58997 438 adrian.pehl@

36 7812 vpeirope@b

8 92 02 30 francis.pretre

4344 4033 francesco.pr

252 4504 jari.raisanen@

252 4392 hannu.rauha

252 4408 matias.rautio

96 79 53 eric.ravary@

36 7814 irecio@bank

36 7815 mrivasro@b

389 68 39 andre.rodrigu

96 77 36 jeanluc.roma

58997 415 jochen.ro the

8173394 vroumantzis

36 7841 sruizdegariba

252 4359 antti.saari@p

4344 4287 paola.sagliet

4344 4240 francesco.sa

5508516 Lemer.salah

58997 419 michael.scha

58 99 74 32 holger.schm

5899 7433 tim.schuldt@

252 4351 pekka.spo la

508639 gert.steens@

252 4561 kimmo.stenv

81 73 384 nsviriadi@ib

96 77 38 annick.theve

4344 4239 luigi.tramont

508518 johan.vande

896822 guido.santos

508572 richard.witha

technical analysts

OWEX

phe.lefevremoulenq@cmcic

mcics.com

agre@cmcics.com

edondoux@cmcics.com

ulos@ibg.gr

ankia.com

@bancaakros.it

@caixabi.pt

os@ibg.gr

nen@pohjo la.fi

@equinet-ag.de

ankia.com

e@cmcics.com

revitera@bancaakros.it

@pohjola.fi

la@pohjo la.fi

onmaa@pohjo la.fi

@cmcics.com

kia.com

bankia.com

ues@caixabi.pt

ain@cmcics.com

enbacher@equinet-ag.de

@ibg.gr

ay@bankia.com

pohjola.fi

tti@bancaakros.it

ala@bancaakros.it

@snssecurities.nl

aefer@equinet-ag.de

idt@equinet-ag.de

@equinet-ag.de

nder@pohjo la.fi

@snssecurities.nl

vall@pohjo la.fi

g.gr

enon@cmcics.com

tana@bancaakros.it

nhooven@snssecurities.n

s@caixabi.pt

agen@snssecurities.nl

s

Pag

cs.com

nl

ge 17

ESThebasreim

TheBu

Futhe

Me

Histo

SinceRelati

Since

T

R

SN Recoe ESN Recomsis of a totalmbursement)

e ESN spectruy, Accumula

rthermore, in se stocks as Ra

eaning of eac

Buy: the12 mont

Accumuduring th

Hold: thnext 12

Reducenext 12

Sell: the12 mont

Rating Sover bidrelated pcovering

Not Ratthe docu

ory of ESN Rec

e 18 October 2ive Rec. System

e 4 August 200

Time horizon ch

Recommendatio

BEFORE

-15%

SELL

TODAY

SELL

BEFORE

-15%

SELL

BEFORE

-15%

SELL

TODAY

SELL

TODAY

SELL

ommendmmendation S return, meaover a 12 mo

rum of recomte (or Add), H

specific casesating Suspend

h recommen

e stock is expechs time horizon

ulate: the stockhe next 12 mont

he stock is expemonths time ho

: the stock is exmonths time ho

e stock is expechs time horizon

Suspended: th, SPO, …) wheparty of the iss

g the stock

ed: there is no ument (a partne

ommendation

004, the Membm) to rate any si

8, the ESN Rec

anged to 12 mo

ons Total Return

REDUCE

-10%

REDU

REDUCEREDUCE

-10%

REDU

-10%

REDU

dation SSystem is Abasured by theonth time hori

mendations (oHold, Reduce

s and for a limded (RS) or N

dation or rati

cted to generaten

k is expected tths time horizon

ected to generaorizon.

xpected to geneorizon

cted to generaten

he rating is susere the issuer osuer is or could

rating for a comr of ESN) or a r

Bankia Bols

System

bers of ESN arengle stock unde

c. System has b

onths (it was 6 m

n Range change

0%

E HO

0%

UCE

0%

E HO

0%

E HO

0%

UCE

0%

UCE

System bsolute. It mee upside poteizon.

or ratings) fore and Sell (in

mited period ofNot Rated (NR

ing:

e total return of

to generate totn

ate total return

erate total return

e total return un

pended due to of the documend be involved o

mpany being floarelated party of t

a Ratings Brea

e using an Absoer coverage.

been amended a

months)

ed as below:

5%

OLD ACCUM

1

HOLD

5%

OLD ACCUM

5%

OLD ACCUM

1

HOLD

1

HOLD

GOWEX

eans that eacntial (including

r each stock cshort: B, A, H

time, the anaR), as explaine

over 20% durin

al return of 10

of 0% to 10%

n of 0% to -10%

nder -10% durin

a capital operant (a partner of or to a change

ated (IPO) by ththe issuer

akdown

olute Recomme

as follow.

15%

MULATE

0%

ACCUMULA

15%

MULATE

15%

MULATE

0%

ACCUMULA

0%

ACCUMULA

ch stock is rag dividends a

comprises 5 cH, R, S).

alysts are allowed below.

ng the next

0% to 20%

during the

% during the

ng the next

ation (take-ESN) or a

of analyst

he issuer of

endation System

BUY

20%

ATE B

BUYBUY

20%

ATE B

20%

ATE B

Pag

ted on the and capital

categories:

wed to rate

m (before was a

UYUYUY

ge 18

a

SouThisDav

Infin AsTheS.Ato losocpoS.A

Re

Dat04-20-03-10-

rce: Factset & ESs chart shows Banvid Cabeza Jareño

formation reour web pa of the datee informatioA., from sou buy or sell sses which mccasionally ortfolio or neA., Bankia a

commendation

te-Dec-12-Jul-12-Oct-11-May-10

2

4

6

8

10

12

14

16

Dec 11 J

Buy

Price his

SN, price data adjunkia Bolsa continuo (since 26/03/201

egarding Mage: www.be of this repon and opirces believe relevant semay derive have posit

egotiation. And the men

n history for GO

Jan 12 Feb 12

Accumul

story

usted for stock spluing coverage of

10)

arket Abusebankiabolsaort, Bankia nions contaed to be relecurities. Ba from use otions in somAdditionallyntioned com

OWEX

Mar 12 Apr 12

late

lits. this stock; the cu

e and Confa.es and our

Bolsa S.V.S.Aained in thisliable. This d

ankia Bolsa f the prese

me of the sy, there canmpanies.

Recomme

May 12 J

Hold

Target price history

urrent analyst may

flicts on Inter offices. A acts as as documen

document isS.V. S.A., wnt documesecurities mn exist a co

endationBuyBuyBuyBuy

Jun 12 Jul 12

Reduce

y or may not hav

erests and re

gent or liqunt have bees not intend

will not take ent or its conmentioned i

mmercial re

Aug 12 Sep 12

Sell

GOWEX

e covered it over

ecommend

idity provideen compileded to be an any responntents, Bankn this repo

elation betw

Target price15.0010.706.807.00

Oct 12 N

Not rated

r the entire period

dation histor

er for Let’s Gd by Bankian offer, or ansibility whakia Bolsa S.V

ort, throughween Banki

P

Nov 12 Dec 12

Page

d. Current analyst:

ry available

GOWEX. a Bolsa S.V.

a solicitationatsoever forV. S.A., can its tradinga Bolsa S.V.

Price at change

Jan 13

e 19

:

e

. n r

n g .

e date11.986.104.403.57

DisclaiThese reSecuritiesdirector, complete unauthorisreliance oreports archange wor passeobtained director, completenany directomissionsomissionsexpressedsecurities (‘related inof ESN ofinancial receive anappropriaor recomregarding from suchmay rise invested. Foreign cincome oaddition, icurrency oESN, its Mmentioninreports fosubject ofinaccuracimpacted the comptargets inresearch report/notprovide pdevelopmavailable research nor any codistributedthereof. Tprofession19(5) of t2005 (theorder, nasuch persmust not Any invesonly to relThe distrijurisdictiothis docurestrictioninstructiondirector, odetrimentsdocumentFor disclothe ESN the ESN individuaESN Mem

www.banca

www.bankia

www.caixab

www.cmcics

www.degro

www.equine

www.ibg.gr

www.ncb.ie

www.pohjol

www.snsse

GOSpTe

mer: ports have been pr

s Network LLP (‘ESNofficer or employeetransmission of the

sed use, disclosureon these reports is sre expressions of op

without notice. Thesed to third parties from various sourceofficer or employe

ness, and neither EStor, officer or employs or for any losses os. Neither the informd constitutes an offer

or any options, futunvestments’). These only. They do not hsituation and the pny of these reports. Iteness of investing i

mmended in these future prospects ma

h securities, if any, mor fall. AccordinglyPast performance

currency rates of exof any security or renvestors in securitieof the underlying secMembers and their ang neither the recomor review to the Invesf the report, solely focies. Like all member

by overall firm profitpany and about thecluded in this reporton single stock or

te. Research is avaperiodic updates on ments or announcem

information. Unlessis intended solely foropy of it may be taked, directly or indirectThis document is for nal experience in mathe financial servicese “order”) or (ii) are mely high net worthsons together being be acted on or relie

stment or investmentlevant persons and wbution of this documns may also be restment comes should

ns. By accepting thisns. You shall indemnofficer or employee s resulting from or t.

osure upon “conflicts Members and on ea

website (www.esnal disclaimer pleasmber websites:

aakros.it regulated by the

abolsa.es regulated by C

bi.pt regulated by the CM

s.com regulated by the A

oof.be regulated by the F

et-ag.de regulated by the

regulated by the HCMC

regulated by the Centra

a.com regulated by the F

curities.nl regulated by th

OWEX pain elecommunicatio

repared and issued N’). ESN, its Membee thereof), are neitese reports nor for ae, copying, distributiostrictly prohibited. Thinion and are given

e reports may not bewithout permission.

es. ESN, its Membee thereof) do not

SN, nor its Members,yee thereof) shall be or consequential lossmation contained in r, or an invitation to mures or other derivareports are prepared

have regard to the particular needs of Investors should seen any securities or ireports and should

ay not be realised. Invmay fluctuate and thay, investors may recis not necessarily axchange may adverelated investment ms such as ADRs, wh

curity, effectively assuaffiliates may submit mmendation nor thestor Relations Depar

or the purpose of corrs employees, analystability For further de

e valuation methodst/note, please refer tr contact the analysilable through your companies or secto

ments, market cons agreed in writingr internal use by the en or transmitted intotly, in Australia, Canar distribution in the Uatters relating to invs and markets act 2persons falling with

h companies, unincreferred to as “rele

ed upon by persons t activity to which thiwill be engaged in onment in other jurisdtricted by law, and p inform themselves s report you agree nify ESN, its Membethereof) against anyin connection with

of interest” on the cach “company recomnpartnership.eu) Forse refer to www.es

CONSOB - Commissio

CNMV - Comisión Nacion

MVM - Comissão do Merc

AMF - Autorité des march

FSMA - Financial Service

e BaFin - Bundesanstalt

- Hellenic Capital Marke

l Bank of Ireland

Financial Supervision Au

he AFM - Autoriteit Finan

ons

by the Members ofers and their affiliateher liable for the pany delay in their reon, or taking of ane views and expressin good faith, but are

e reproduced in whol. The information h

ers and their affiliateguarantee their a

, nor its Members’ afliable in respect of ases arising from sucthese reports nor a

make an offer, to buytives related to suchd for the clients of thspecific investment any specific person

ek financial advice renvestment strategiesd understand that vestors should note tat each security’s priceive back less thaa guide to future persely affect the valumentioned in these hose value are influenume currency risk. a pre-publication dre target price/fair vartment of the issuer recting any inadvertests receive compensaetails about the specs used to determineto the latest relevanst named on the fsales representative

ors based on compaditions or any oth

g with an ESN Merecipient. Neither thiso Australia, Canada ada or Japan or to aU.K. Only to personsvestments and fall w2000 (financial promohin article 49(2)(a) tocorporated associatioevant persons”). This

who are not relevais document relates

nly with relevant persoictions or to residenpersons into whose about, and observeto be bound by the

ers and their affiliatey damages, claims, l the unauthorized u

companies under covmmendation history”, r additional informsnpartnership.eu an

ne Nazionale per le Soci

nal del Mercado de Valor

cado de Valores Mobiliári

hés financiers

es and Markets Authority

für Finanzdienstleistungs

t Commission

thority

nciële Markten

f European es (and any proper and eceipt. Any y action in sions in the e subject to e or in part herein was s (and any ccuracy or ffiliates (nor ny errors or ch errors or any opinion y or sell any h securities e Members objectives,

n who may garding the s discussed statements that income ce or value n originally

erformance. ue, price or

reports. In nced by the

raft (without alue) of its forming the ent material ation that is cific risks of e the price nt published ront of the e. ESN will any-specific her publicly ember, this s document or Japan or

any resident s who have

within article otion) order o (d) of the ons etc (all s document nt persons. is available ons. nts of other possession

e, any such e foregoing es (and any losses, and use of this

verage by all please visit

mation and nd to each

età e la Borsa

res

os

saufsicht

Caixa-BancoRua Barata S1269-050 LisPortugal Phone: +351Fax: +351 21

Bank DegrRue de I’Ind1040 BrussBelgium Phone: +32Fax: +32 2

CM - CIC S6, avenue d75441 ParisCedex 09 France Phone: +33Fax: +33 1

Bankia BoSerrano, 3928001 MadSpain Phone: +34Fax: +34 91

Banca AkroViale Egina20149 MilanItaly Phone: +39Fax: +39 02

Members of ES

o de Investimento Salgueiro, 33-5 sboa

21 389 68 00 389 68 98

roof dustrie 44 sels

2 2 287 91 16 231 09 04

Securities de Provence s

3 1 4596 7940 4596 7748

lsa 9 drid

4 91 436 7813 1 577 3770

os S.p.A. rdo, 29 no

9 02 43 444 389 2 43 444 302

SN (European Seecurities Network

SNS SecuritieNieuwezijds VoP.O.Box 235 1000 AE AmsteThe NetherlandPhone: +31 20Fax: +31 20 62

NCB Stockbro3 George DockDublin 1 Ireland Phone: +353 1Fax: +353 1 61

Equinet BanGräfstraße 9760487 FrankfGermany Phone:+49 69Fax:+49 69 –

Pohjola BankP.O.Box 308 FI- 00013 PohFinland Phone: +358 1Fax: +358 10 2

Investment B24B, Kifisias A151 25 MarouGreece Phone: +30 21Fax: +30 210

k LLP)

es N.V.oorburgwal 162

erdam ds 550 8500

26 8064

okers Ltd. k,

611 5611 11 5781

k AG 7 furt am Main

9 – 58997 – 410 58997 – 299

k plc

jola

10 252 011 252 2703

Bank of Greece Avenue si

10 81 73 000 68 96 325