Citigroup 花旗：欧洲超市行业2007年投资策略

Feeder’s Digest – Issue 55 2007 and Beyond

120页 01.12 1.16M 英文

12 January 2007 | 120 pages

Citigroup Global Markets | Equity Research

Contents
Introduction 3
Monthly Theme 5
What’s in Store for 2007? 6
One-Month Stock Price Performance 34
One-Year Stock Price Performance 35
European Trading Review 36
German retail sentiment 38
Recent News 39
Worldwide News Update 43
Events Calendar 46
Company Profiles 47
Ahold Buy/ Medium Risk (1M) 48
Carrefour Sell/ Medium Risk (3M) 54
Casino Sell/ Medium Risk (3M) 60
Colruyt Buy/ Low Risk (1L) 66
Delhaize Buy/ Low Risk (1L) 72
Metro Sell/ Medium Risk (3M) 78
Sainsbury Sell/ Medium Risk (3M) 84
Tesco Hold/ Medium Risk (2M) 90
WmMorrison Buy/ Medium Risk (1M) 96
Valuations 103
Comparable Multiples 108
Appendix 1 – Store Portfolios and Productivity Ratios by Company 110
Appendix 2 – Definition of Ratios 114
Analyst Certification Appendix A-1 118