【出版时间及名称】：2010年3月欧洲电机行业研究报告
        【作者】：摩根大通
        【文件格式】：pdf
        【页数】：66
        【目录或简介】：
Expect a good Q1: Combination of strong growth in EM and end of destocking
in DM should drive a good Q1 earnings season.
• But group outperformed and estimates catching up: The Electrical subsector
delivered 12% return ytd vs. 3% for the market. We now have 9%
upside to y/e vs. 15% at the beginning of the year. After a good
performance in some of our OWs, we find it more difficult to establish
short-term active calls into the results season.
• Most ahead of consensus at Philips: Our Q1/FY adj. EBITA is 13/10% ahead
of post Q4 consensus after 9/8% adj. EPS upgrade for ‘10/’11. The market is
anticipating upgrades. At 12.5x 2011E adj. P/E, the stock is not expensive
enough yet for us to be concerned about a material “selling on the news” risk.
We see most risk to full-year consensus at Husqvarna and Vestas.
• Upgrade Schneider back to OW: The stock has lagged peers by 10-15%
ytd while our adj. 2011 EPS is 13% higher, creating a better relative entry
point for one of our preferred long-term stories. Our Dec’10 multiple-based
TP moves to