(It is) an acquisition which we would value as 'not really expensive. |
Especially the sales performance in Europe was stronger than expected. The impact of alleged product problems did not really hurt sales in Europe. |
Sales look fine, but otherwise the numbers are rather disappointing, also due to higher expenses. |
The company reached its own forecasts for the first quarter 2006 and confirmed its outlook for the second quarter. |
The figures are a notch better, but valuation is stretched. Therefore, we still prefer other private banks. |
The operating profit guidance is clearly below (expectations). |