After the recent share price weakness we see an attractive entry opportunity now. |
Although Thales politely left the door open to a subsequent deal with EADS, which could bring Thales to its satellite business, we believe this is unlikely. |
Although these changes may provide significant cost avoidance benefits to the company in the future, they don't meaningfully change the near-term cash picture. |
At $41.29 per proven barrel and $111 per 1,000 barrels a day production, the price more than doubles recent deals. Clearly this is a strategic move. |
By first snow we expect extremely low stocks of heating oil and natural gas, with major pressure on refineries that need to (have maintenance). The fact is, some demand destruction is needed to balance this market. |
Companies exposed to European wholesale power prices, especially British Energy and E.ON, should benefit. |
Despite these negatives, a strong cash flow has ensured that monies returned to shareholders remain at all time highs. |
Excluding this, pretax profit should be up 9 percent. |
Five of the directors have spent a total of 1.1 million pounds buying shares in the past month ... so they clearly feel some positive things are happening. |
High oil prices and their impact on the global economy are a major risk. |
In our private banking division, declining securities revenues due to lower activity in the U.S.A. was the principal reason for lower profits. |
It is important to note that the divergence between actual export growth and export order growth has become increasingly evident in recent months. |
Oil demand elsewhere in Asia has slowed somewhat relative to 2004, but is still growing. Despite some evidence that demand growth has been impacted by higher prices, we believe this is temporarily moderating demand. |
Once again, we expect a very solid quarter, fueled by strong subscriber growth. |
Sales show no clear evidence of demand destruction. |