Contents
Change in estimates/recommendations 2
Group relative performance 7
Sector performance 8
Sector earnings growth 9
Sector dividend growth 10
Sector PER analysis 11
Sector relative PER analysis 12
Sector yield analysis 13
Sector relative yield analysis 14
Sector price/free cashflow analysis 15
Sector relative price/free cashflow analysis 16
EV to sales ratios 17
EV to EBITDA ratios 18
Equity markets 19
Exchange rates 20
Company Opinions
Oil & Gas Producers 33
Oil Equipment, Services & Distribution 36
Mining 38
Chemicals 40
Construction & Materials 41
Aerospace & Defence 45
Electronic & Electrical Equipment 47
General Industrials 49
Industrial Engineering 50
Support Services 53
Transportation 62
Automobiles & Parts 64
Beverages 65
Food Producers 66
Household Goods 68
Tobacco 69
Pharmaceuticals & Biotechnology 70
Media 71
Food & Drug Retailers 76
General Retailers 77
Travel & Leisure 80
Fixed Line Telecommunication 84
Mobile Telecommunication 85
Electricity 86
Gas, Water & Multiutilities 88
Software & Computer Services 89
Technology Hardware & Equipment 91
Banks 93
Equity Investment Instruments 95
General Financial 96
Real Estate 98
Life Assurance 99
Nonlife Insurance 101
UK investment reseach 106