Bilfinger Berger Strong Buy

verfasst von leibovitz, 22.08.2002, 09:31

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<font size="5"> Bilfinger Berger (Strong Buy, price target: €30.0, 32.5% upside potential) </font>

_ __ _ Bilfinger Berger is our preferred stock in the sector. According to our NAV
valuation model, some €20 value per share is solely due to the Buderus stake
and the average net cash position. In our view, the construction and facility
management activities are not adequately reflected in the current share price.
_ __ _ In our view, t he share price performance is mainl y driven by fundamentals. We
believe the acquisition of HSG facility management (for a consideration of
€43.8 million) and the cancelled acquisition of J.A Jones reflect the focus on
creating shareholder value.
_ __ _ We expect Bilfinger Berger to benefit from flood-related construction work to a
limited extent only, as the company is neither active in housebuilding nor in
road/railworks. Major infrastructure projects (such as bridges, dams, tunnels)
might be of interest, though. We expect additional annual earnings generated in
the domestic construction division of below 5% in the medium term (2003-05E).
_ __ _ The company’s first-half 2002 trading statement is due for publication on
22 August 2002. A conference call with CEO Mr Bodner and CFO Dr Schneider
will be held at 4pm CET that day (dial-in: +49-69-2711-0400).

<ul> ~ http://www.ubs.ch</ul>

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gesamter Thread:

• Bilfinger Berger Strong Buy - leibovitz, 22.08.2002, 09:31
  • wir sollten short gehen..... (owT) - daxput, 22.08.2002, 09:33
    • bei 18-20 Euro gab es bei Bilfinger das Baugeschäft umsonst dazu. - LenzHannover, 22.08.2002, 11:13
  • Re: Bilfinger Berger Strong Buy - bob, 22.08.2002, 11:16
  • Re: Bilfinger Berger Strong Buy - blindfisch, 22.08.2002, 11:50
    • Re: Bilfinger Berger Strong Buy - leibovitz, 22.08.2002, 12:36
      • Re: Bilfinger Berger Strong Buy - blindfisch, 22.08.2002, 12:46
        • Re: Bilfinger Berger Strong Buy - leibovitz, 22.08.2002, 13:41
    • niemals überlesen:-) - nasdaq, 22.08.2002, 16:12
      • Re: niemals überlesen:-) - leibovitz, 22.08.2002, 16:25