Südzucker - lange gut gehalten - jetzt doch wieder billig (Seite 971)

[F4Nickname]

Schön zäh, das Teil!

[GRUENDERKRACH]

Czech antitrust watchdog rejects Suedzucker merger

PRAGUE, Aug 29 (Reuters) - Czech authorities on Friday rejected a takeover bid for a Czech unit of French Saint-Louis Sucre by
a unit of Europe`s biggest sugar company Suedzucker (XETRA:SZUG.DE - News) of Germany.

The Czech antitrust authority (UHOS) said it rejected applications filed by the two firms on grounds the merger would severely
restrict competition on the 450,000-tonne a year Czech sugar market.

Suedzucker acquired Saint-Louis Sucre in 2001 in the first major cross-border merger in the European sugar market. The merger
has not taken effect in the Czech republic pending the UHOS decision.

The Czech block on the merger in a future EU member country goes against the European Commission`s clearance of the deal in
December 2001, albeit after meeting various conditions.

The takeover would have handed Suedzucker control over 40 percent of Czech sugar processing capacity, making it the number
one on the Czech market and pitching it against a group controlled by French cooperative Union SDA.

"The newly-created entity would command such economic and financial power that it would enable it -- in a substantial way -- to
act independently of other competitors and consumers," UHOS Chairman Josef Bednar said.

"The strong position of the newly-created entity could lead to an increase in sugar prices," Bednar`s statement added. A UHOS
spokesman said the decision was final but the two companies could still challenge the antitrust bureau in the courts.

Neither company could be reached immediately for comment.

Saint-Louis is currently the second largest player on the Czech market, operating three refineries with daily capacity of 9,600
tonnes through a central European joint venture with British sugar and sweeteners group Tate & Lyle Plc (London:TATE.L -
News).

Suedzucker is number three with two sugar refineries processing 7,600 tonnes of sugar a day, according to government data.

Both firms are also active elsewhere in central Europe.

[GRUENDERKRACH]

Germany Food Products

Suedzucker
Rating Neutral 2
Price target E15.00/US$16.38
RIC: SZUG.DE BBG: SZU GF
22 August 2003

Initiation of coverage
Number one EU sugar producer and vendor of specialities
Südzucker is a German food group whose core segment is sugar, but which also
sells food ingredients and frozen food. The group is the number one sugar
producer in Europe (some 21% share of the EU sugar quota). In fiscal 2002/03,
its sugar production reached 4.7 million tons.

Cash flow from sugar activities reinvested into specialities
We believe that Südzucker is pursuing a sound strategy, with its
cash-generative sugar operations providing the money for superior growth in
new segments. Moreover, we take the view that Südzucker shares are
inexpensive, which appears to reflect market fears about a potentially
substantial change to the EU sugar market regime after 2006. While changes to
the system are likely, in our view, its complete abolition is not.

Uncertainty still haunting the EU sugar sector
However, we think that uncertainty will continue to haunt the EU sugar sector.
This is reflected in our price target of E15.0, which points to some potential
upside but warrants only a Neutral 2 rating. Catalysts that could prompt us to
take a more positive stance include stronger-than-expected earnings momentum,
further plant consolidation steps and favourable news on the scope of
potential sugar market reform.

Valuation: Discount rating on EPS, premium rating on EBITDA
Südzucker trades at 7.8x EPS and 6.2x EBITDA, based on our 2003/04 estimates.
Within the peer group, this compares with cal 2003E of 12.8x and 5.2x for ABF,
7.1x and 5.3x for CSM, 9.5x and 5.9x for Danisco, and 9.9x and 6.0x for Tate &
Lyle, respectively.

Analyst Certification
Each research analyst primarily responsible for the content of this research
report, in whole or in part, certifies that with respect to each security or
issuer that the analyst covered in this report: (1) all of the views expressed
accurately reflect his or her personal views about those securities or
issuers; and (2) no part of his or her compensation was, is, or will be,
directly or indirectly, related to the specific recommendations or views
expressed by that research analyst in the research report.

www.ubs.com/investmentresearch

[nonpareille]

Sag ich doch: Wird bei 14 - 14,50 vor sich hindümpeln. Erst bei neuen Nachrichten wird das geschätzte Publikum wieder aufmerksam.

[shot_caller]

Grrr, ich hätte nicht gedacht, dass Südzucker so sehr rally-resistent ist

[Mareno]

Sonne,

natürlich ist die schlecht für die Rübenernte, bestimmt scheint die Sonne auch in Osteuropa.

Trotzdem muss dies nicht unbedingt schlecht für Südzucker sein, weil evtl. die Preise steigen und alte Lagerbestände reduziert werden können.

[nonpareille]

Rüben brauchen Wasser, Wasser und nochmals Wasser. Sonst können wir die Größe von Radischen ernten.
Im Falle von Südzucker glaube ich, dass die in Osteuropa zukaufen werden. Einen echten Engpass sollte es nicht geben...

[Paris03]

Auf diesem Niveau wuerde ich nicht mehr verkaufen, es sei denn die Unterstuetzung bei 13.30 haelt nicht.
Dann haben wir weiteres Abwaertspotential.

[shot_caller]

Glaubt ihr, die anhaltende Hitze könnte negative Auswirkungen auf die Rüben-Ernte haben? Bin botanisch nicht so ganz auf Zack Dann sollte man vielleicht doch lieber noch verkaufen

[Paris03]

Wertpapierheicht hat eine eigene Prognose und sieht jede Aktie immer nur noch tiefer fallen.
Lest mal nach, was der zu Fielmann sagt