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Home  /  Forum  /  PostNL  /  Weekdraadje 27 Mei t/m 03 Juni.

Aandeel PostNL Koninklijke AEX:PNL.NL, NL0009739416

Laatste koers (eur) Verschil Volume
1,224   +0,002   (+0,16%) Dagrange 1,212 - 1,229 764.050   Gem. (3M) 1,8M

Weekdraadje 27 Mei t/m 03 Juni.

Volgen
453 Posts
Pagina: «« 1 ... 15 16 17 18 19 ... 23 »» | Laatste | Omlaag ↓
  1. Balimoney 1 juni 2012 09:15
    New pension regulations: free Aspirin from the Cabinet!
    New Cabinet proposals for pension fund regulation bode well for PostNL.
    Tentative calculations suggest that the formal coverage ratio will be adjusted
    upwards by 8-10%-points, to a level that would eliminate top-up requirements.
    Relative to our Aspirin scenario presented earlier this week, the group’s pension
    cash-out would be reduced by a total EUR 350m, c EUR 0.85 per share. Given the
    close tracking of the PostNL stub value to prevailing pension fund coverage
    ratios, we would expect short-term translation of the proposals into the PostNL
    share price. Buy, target EUR 5.85.
     On Wednesday, 30 May 2012, the Dutch Cabinet presented long-awaited changes
    to regulatory calculation methods (“Financieel Toetsingskader”) for pension
    schemes. The most prominent changes for defined benefit schemes include a
    repeated adjustment of the pension age, an adjusted discount rate calculation
    (closely related to European Commission Solvency II proposals for insurance
    companies) and a 12-months’ rolling average coverage ratio check, all of which
    may have dramatic upwards effects on prevailing pension fund coverage ratios and
    thus downward effects on top-up requirements.
     The government’s statistical agency CPB ran impact tests, reporting here:
    bit.ly/Pensioen2012CPBpdf (PDF in Dutch).
     The formal text of the proposals is available here: bit.ly/Pensioen2012FTKpdf
    (PDF in Dutch)
     The proposals will be important discussion topics in the upcoming national
    elections, due 12 September 2012. Please note that in good Dutch “polder”
    tradition, the government proposals have been drawn up after discussions and
    negotiations between the Cabinet, government officials, regulators, pension funds,
    employer representatives, unions and scientists. Although the proposals’ details
    may be fine-tuned, we would be surprised if the basic premise of “affordable
    pensions in a stable and predictable regime” would change much before becoming
    law.
     Please note that the proposals mostly concern the external pension fund, with an
    effect on PostNL’s medium term cash balance. The equity problem, which
    precludes cash dividend payments to shareholders, is not related to Dutch
    regulations but to International Accounting Standards. The capitalised investment
    losses that according to IAS19 will have to be written off against equity in January
    2013E will be impacted much less, if at all. There could be an effect from the higher
    pension age, but given the nature of the post-employment benefits that underlie
    these balance sheet items, this effect is hard for us to gauge.
  3. Balimoney 1 juni 2012 09:24
    vervolg...
    Repeated adjustment of the pension age
    The budget agreement of last month included an accelerated rise in the AOW State Pension age
    from the current 65 to 67. The AOW State Pension is pay-as-you-go, and thus the AOW age has
    an immediate effect on government cash flows. For funded pensions, an earlier political
    agreement, currently in the Senate for approval before becoming law, already suggest raising the
    pension age in line with the AOW age, with the aim of stabilising the number of years that
    pensioners are expected to live from the start of their pensions. The current proposals confirm
    that earlier agreement.
    Life expectancy for Dutch pensioners. Left: life expectancy projections from age 65. Right: life expectancy
    from the official AOW State Pension age. Chart source CPB Notitie, page 15, on
    bit.ly/Pensioen2012CPBpdf (PDF in Dutch)
    In 2009, the government’s statistical agency CPB calculated a 5%-point positive effect on
    pension fund coverage ratios if the pension age would be raised to 67 for all fund obligations.
    The current government proposals include a gradual inclusion of a higher pension age, with the
    raise effecting only new obligations. Although this implies a long-term 5%-point effect on the
    coverage ratio, immediate effects will be very limited.
    Discount rate adjustment: the Ultimate Forward Rate
    Pension fund liabilities are discounted to a present value by the interbank risk-free swap curve
    prevailing in the Dutch market. In parallel to the European Commission’s Solvency II, the Dutch
    government proposes to adjust assumed very long term interest rates. The theory is that beyond
    the maturity range where swap and bond markets are liquid, prevailing rates do not accurately
    reflect expected returns. Regulators therefore introduce the Ultimate Forward Rate, a fixed ultralong interest rate to which forward curves are assumed to converge. This UFR has been set at
    4.2%. The net effect would be that the current rate curve would be adjusted upwards from
    maturities beyond 20 years (see the chart below). CPB has calculated that the average pension
    fund’s coverage ratio would have been 4%-points higher at the end of 2011.
    UFR effect on rate curves:
    continuous line = excluding UFR,
    dotted line = including UFR;
    source CPB Notitie, page 21, on
    bit.ly/Pensioen2012CPBpdf
    (PDF in Dutch)
  4. Balimoney 1 juni 2012 09:24
    Below is an explanation of the Ultimate Forward rate by the European Commission:
    A central feature is the definition of an unconditional ultimate long-term forward rate (UFR) for
    infinite maturity and for all practical purposes for very long maturities. The UFR has to be
    determined for each currency. While being subject to regular revision, the ultimate long term
    forward rate should be stable over time and only change due to fundamental changes in long
    term expectations. (...) In order to have a robust and credible estimate for the UFR the
    assessment is based on the estimates of the expected inflation and the expected short term real
    rate only. Making assumptions about expectations this far in the future for each economy is
    difficult. However, in practice a high degree of convergence in forward rates can be expected
    when extrapolating at these long-term horizons. From a macro economical point of view it seems
    consistent to expect broadly the same value for the UFR around the world in 100 ears. (...) Thus,
    the macro economically assessed UFR for use in the QIS5 is set to 4.2 per cent (+/-1 percentage
    points) per anno. This value is assessed as the sum of the expected inflation rate of annually 2
    per cent (+/- 1 percentage points) and of an expected short term return on risk free bonds of 2.2
    per cent per anno.
    (source: European Commission Paper CEIOPS QIS 5 Risk-free interest rates – Extrapolation method, page
    3, bit.ly/QIS5pdf (PDF in English)
    Smoothing coverage ratios
    Rather than using the quarter-end single-point coverage ratio as a base for recovery plans, topup requirements and pension cuts, the Cabinet suggests using the 12-months’ rolling average
    overage ratio. Other smoothing methods, such as the recent application of 3-months’ rolling
    average swap curves to postpone and smoothen the impact of the bond market’s flight into
    Germanic debentures, will be abolished.
    For the PostNL pension fund, this 12-months’ rolling average ratio would stand at c 99%
    currently, sharply higher than the 92% estimated without any smoothing at all and the 95% based
    on a 3-months averaged rate curve as per the standing practice. The positive effect from this
    proposal would lift the coverage ratio an estimated 4%-points from the level assumed in our
    Aspirin note of earlier this week.
    Source: PostNL Pensioen, SNS Securities estimates
  5. [verwijderd] 1 juni 2012 09:25
    waar gaan deze beurzen nog over
    waar gaat deze crisis nog over
    met wat voor enorme sukkels van een politieke leiders hebben wij te maken
    hoeveel bedrog en manipulatie moeten we nog accepteren
    het is in en in triest hoe deze wereld een speelbal is geworden van gekken en politieke gestoorden

  6. Balimoney 1 juni 2012 09:25
    Combined effect for PostNL: at least EUR 0.85 per share
    Working off twice adjusted coverage ratios, PostNL’s near-term top-up risk would all but vanish.
    Both the smoothing and the UFR adjustments add 4%-points to the 95% base that we applied in
    our Aspirin scenario, bringing the coverage ratio within spitting distance of the required level of
    105%. The 8%-point gain translates as 8%*5,700*0.75=EUR 352m less of a shortage to be
    funded by the schemes sponsor.
    In our note, we suggested that PostNL could de-risk its pension exposure by buying off the assetliability risk. Where we had assumed that the company would have to compensate fund
    particpants through raising the coverage ratio to 112%, this exercise would become EUR 352m
    less expensive. Additionally, pension age adjustments will help in the medium-term.
    Obviously, our Aspirin buy-out calculations were hypothetical and for illustrative purposes only.
    The exact cost of de-risking will be the outcome of negotiations between fund trustees and
    company management. In any case, the Cabinet proposals make a deal any combination of
    “more likely” and “less expensive”. EUR 352m amounts to EUR 0.85 per PostNL share.
    The PostNL stub (PostNL market cap -/- 0.3* TNT Express market cap) has tracked the
    unprotected coverage ratio since October 2011. The Cabinet proposals would therefore suggest
    a boost for the share price.
    Source: Bloomberg, AON Hewitt Pensioenthermometer bit.ly/w9eesU
  7. Balimoney 1 juni 2012 09:26
    PostNL: Summary tables
    PROFIT & LOSS (EURm) 12/2008 12/2009 12/2010 12/2011 12/2012e 12/2013e
    Sales 0.0 4,212 4,293 4,297 4,414 4,507
    Cost of Sales & Operating Costs 0.0 -3,448 -3,749 -3,866 -3,968 -4,049
    Non Recurrent Expenses/Income 0.0 -43.0 46.0 54.0 105 135
    EBITDA 0.0 721 590 485 552 593
    EBITDA (adj.)* 0.0 764 544 431 447 458
    Depreciation 0.0 -134 -109 -85.9 -88.3 -90.1
    EBITA 0.0 587 481 399 463 503
    EBITA (adj)* 0.0 630 435 345 358 368
    Amortisations and Write Downs 0.0 -118 -11.0 -24.0 -24.0 -24.0
    EBIT 0.0 469 470 375 439 479
    EBIT (adj.)* 0.0 512 424 321 334 344
    Net Financial Interest 0.0 -148 -106 -101 -101 -51.0
    Other Financials 0.0 0.0 0.0 0.0 0.0 0.0
    Associates 0.0 -6.0 -1.0 -25.0 5.0 5.0
    Other Non Recurrent Items 0.0 -43.0 -100 -686 25.0 75.0
    Earnings Before Tax (EBT) 0.0 272 263 -437 368 508
    Tax 0.0 -136 -91.0 -78.0 -79.6 -89.4
    Tax rate 50.0% 34.6% nm 21.6% 17.6%
    Discontinued Operations 0.0 0.0 0.0 0.0 0.0 0.0
    Minorities 0.0 -8.0 -4.0 0.0 0.0 0.0
    Net Profit (reported) 0.0 128 168 -515 289 418
    Net Profit (adj.) 0.0 332 379 247 263 292
    CASH FLOW (EURm) 12/2008 12/2009 12/2010 12/2011 12/2012e 12/2013e
    Cash Flow from Operations before change in NWC 0.0 539 132 -17.1 141 202
    Change in Net Working Capital 0.0 124 -5.0 40.0 -48.9 -37.4
    Cash Flow from Operations 0.0 663 127 22.9 92.0 165
    Capex 0.0 -76.0 -91.0 -75.0 -110 -110
    Net Financial Investments 0.0 -1.0 -3.0 108 1,689 0.0
    Free Cash Flow 0.0 586 33.0 55.9 1,671 55.1
    Dividends 0.0 -34.0 -119 -80.0 0.0 -292
    Other (incl. Capital Increase & share buy backs) 0.0 -1,658 -328 498 -200 -175
    Change in Net Debt 0.0 -1,106 -414 474 1,471 -411
    NOPLAT 0.0 358 297 225 234 241
    BALANCE SHEET & OTHER ITEMS (EURm) 12/2008 12/2009 12/2010 12/2011 12/2012e 12/2013e
    Net Tangible Assets 0.0 1,610 499 451 473 493
    Net Intangible Assets (incl.Goodwill) 0.0 2,061 166 176 152 128
    Net Financial Assets & Other 0.0 1,002 4,780 2,232 1,317 100
    Total Fixed Assets 0.0 4,673 5,445 2,859 1,942 721
    Inventories 0.0 24.0 8.0 9.0 8.7 9.4
    Trade receivables 0.0 1,591 450 458 487 514
    Other current assets 0.0 264 111 124 124 124
    Cash (-) 0.0 -910 -65.0 -668 -2,037 -1,037
    Total Current Assets 0.0 2,789 634 1,259 2,656 1,684
    Total Assets 0.0 7,462 6,079 4,118 4,598 2,405
    Shareholders Equity 0.0 2,100 2,462 428 1,117 110
    Minority 0.0 -20.0 -19.0 -14.0 0.0 0.0
    Total Equity 0.0 2,080 2,443 414 1,117 110
    Long term interest bearing debt 0.0 1,925 1,582 1,607 1,407 707
    Provisions 0.0 660 620 552 452 163
    Other long term liabilities 0.0 423 306 341 341 41.0
    Total Long Term Liabilities 0.0 3,008 2,508 2,500 2,200 911
    Short term interest bearing debt 0.0 91.0 3.0 63.0 161 272
    Trade payables 0.0 470 154 156 135 126
    Other current liabilities 0.0 1,813 971 985 985 985
    Total Current Liabilities 0.0 2,374 1,128 1,204 1,281 1,384
    Total Liabilities and Shareholders' Equity 0.0 7,462 6,079 4,118 4,598 2,405
    Net Capital Employed 0.0 4,269 4,889 2,309 1,441 257
    Net Working Capital 0.0 -404 -556 -550 -501 -464
    GROWTH & MARGINS 12/2008 12/2009 12/2010 12/2011 12/2012e 12/2013e
    Sales growth +chg 1.9% 0.1% 2.7% 2.1%
    EBITDA (adj.)* growth +chg -28.8% -20.8% 3.6% 2.5%
    EBITA (adj.)* growth +chg -31.0% -20.7% 3.8% 2.7%
    EBIT (adj)*growth +chg -17.2% -24.3% 4.1% 2.8%
  8. Balimoney 1 juni 2012 09:27
    PostNL: Summary tables
    GROWTH & MARGINS 12/2008 12/2009 12/2010 12/2011 12/2012e 12/2013e
    Net Profit growth +chg 14.2% -34.9% 6.4% 11.3%
    EPS adj. growth 14.2% -35.7% 6.4% 11.3%
    DPS adj. growth +chg -14.3% 200.0%
    EBITDA (adj)* margin nm 18.1% 12.7% 10.0% 10.1% 10.2%
    EBITA (adj)* margin nm 15.0% 10.1% 8.0% 8.1% 8.2%
    EBIT (adj)* margin nm 12.2% 9.9% 7.5% 7.6% 7.6%
    RATIOS 12/2008 12/2009 12/2010 12/2011 12/2012e 12/2013e
    Net Debt/Equity nm 0.5 0.6 2.4 -0.4 -0.5
    Net Debt/EBITDA nm 1.5 2.6 2.1 -0.9 -0.1
    Interest cover (EBITDA/Fin.interest) 4.9 5.6 4.8 5.5 11.6
    Capex/D&A nm 56.7% 83.5% 87.3% 124.6% 122.0%
    Capex/Sales ns 1.8% 2.1% 1.7% 2.5% 2.4%
    NWC/Sales nm -9.6% -13.0% -12.8% -11.4% -10.3%
    ROE (average) nm 31.6% 16.6% 17.1% 34.0% 47.6%
    ROCE (adj.) nm 11.0% 272.3% 291.8% 189.2% 153.4%
    WACC 9.8% 9.1% 9.1% 9.1% 9.1%
    ROCE (adj.)/WACC 1.1 29.9 32.1 20.8 16.9
    PER SHARE DATA (EUR)*** 12/2008 12/2009 12/2010 12/2011 12/2012e 12/2013e
    Average diluted number of shares 0.0 400.0 400.0 405.0 405.0 405.0
    EPS (reported) 0.32 0.42 -1.27 0.71 1.03
    EPS (adj.) 0.83 0.95 0.61 0.65 0.72
    BVPS 5.15 6.06 0.99 2.76 0.27
    DPS 0.00 0.00 0.00 0.21 0.18 0.54
    VALUATION 12/2008 12/2009 12/2010 12/2011 12/2012e 12/2013e
    EV/Sales nm 2.4 2.2 0.4 0.2 0.2
    EV/EBITDA nm 13.8 16.3 3.3 1.5 1.8
    EV/EBITDA (adj.)* nm 13.0 17.7 3.7 1.9 2.3
    EV/EBITA nm 16.9 20.0 4.0 1.8 2.1
    EV/EBITA (adj.)* nm 15.7 22.1 4.7 2.3 2.8
    EV/EBIT nm 21.1 20.5 4.3 1.9 2.2
    EV/EBIT (adj.)* nm 19.4 22.7 5.0 2.5 3.0
    P/E (adj.) 25.9 20.8 4.0 4.2 3.8
    P/BV 4.2 3.3 2.5 1.0 10.0
    Total Yield Ratio ns 1.4% 1.0% 0.0% 26.5%
    EV/CE nm 3.0 nm nm 6.7 6.7
    OpFCF yield nm 6.8% 0.5% -5.2% -1.6% 5.0%
    OpFCF/EV nm 5.9% 0.4% -3.2% -2.2% 5.3%
    Payout ratio 0.0% 0.0% -16.5% 25.3% 52.3%
    Dividend yield (gross) 0.0% 0.0% 0.0% 7.7% 6.6% 19.8%
    EV AND MKT CAP (EURm) 12/2008 12/2009 12/2010 12/2011 12/2012e 12/2013e
    Price** (EUR) 13.42 21.50 19.75 2.46 2.72 2.72
    Outstanding number of shares for main stock 0.0 400.0 400.0 405.0 405.0 405.0
    Total Market Cap 0 8,600 7,900 996 1,102 1,102
    Net Debt 0 1,106 1,520 1,002 -469 -58
    o/w Cash & Marketable Securities (-) 0 -910 -65 -668 -2037 -1037
    o/w Gross Debt (+) 0 2,016 1,585 1,670 1,568 979
    Other EV components 0 208 200 -385 200 0
    Enterprise Value (EV adj.) 0 9,914 9,620 1,613 833 1,045
    Source: Company, SNS Securities estimates.
    Notes
    * Where EBITDA (adj.) or EBITA (adj)= EBITDA (or EBITA) -/+ Non Recurrent Expenses/Income and where EBIT (adj)= EBIT-/+ Non Recurrent Expenses/Income - PPA amortisation
    **Price (in local currency): Fiscal year end price for Historical Years and Current Price for current and forecasted years
    Sector: Industrial Transportation & Motorways/Delivery Services
    Company Description: PostNL is the incumbent mail operator in the Netherlands and the leading challenger in the UK, Germany and
    ItalyPostN
  9. Balimoney 1 juni 2012 09:28
    ESN Recommendation System
    The ESN Recommendation System is Absolute. It means that each stock is rated on the
    basis of a total return, measured by the upside potential (including dividends and capital
    reimbursement) over a 12 month time horizon.
    The ESN spectrum of recommendations (or ratings) for each stock comprises 5 categories:
    Buy, Accumulate (or Add), Hold, Reduce and Sell (in short: B, A, H, R, S).
    Furthermore, in specific cases and for a limited period of time, the analysts are allowed to rate
    the stocks as Rating Suspended (RS) or Not Rated (NR), as explained below.
    Meaning of each recommendation or rating:
    • Buy: the stock is expected to generate total return of over 20% during the next
    12 months time horizon
    • Accumulate: the stock is expected to generate total return of 10% to 20%
    during the next 12 months time horizon
    • Hold: the stock is expected to generate total return of 0% to 10% during the
    next 12 months time horizon.
    • Reduce: the stock is expected to generate total return of 0% to -10% during the
    next 12 months time horizon
    • Sell: the stock is expected to generate total return under -10% during the next
    12 months time horizon
    • Rating Suspended: the rating is suspended due to a capital operation (takeover bid, SPO, …) where the issuer of the document (a partner of ESN) or a
    related party of the issuer is or could be involved or to a change of analyst
    covering the stock
    • Not Rated: there is no rating for a company being floated (IPO) by the issuer of
    the document (a partner of ESN) or a related party of the issuer
    SNS Securities Ratings Breakdown
    Buy
    41%
    Accumulate
    19%
    Hold
    36%
    Reduce
    4%
    History of ESN Recommendation System
    Since 18 October 2004, the Members of ESN are using an Absolute Recommendation System
    (before was a Relative Rec. System) to rate any single stock under coverage.
    Since 4 August 2008, the ESN Rec. System has been amended as follow.
    • Time horizon changed to 12 months (it was 6 months)
    • Recommendations Total Return Range changed as below:
    BEFORE
    -15% 0% 5% 15%
  10. Balimoney 1 juni 2012 09:28
    Recommendation history for POSTNL
    Date Recommendation Target price Price at change date
    19-Mar-12 Buy 5.85 4.71
    20-Feb-12 Accumulate 5.60 4.96
    19-Jan-12 Accumulate 4.50 3.17
    2-Dec-11 Accumulate 3.00 2.47
    16-Jun-11 Buy 9.00 6.09
    4-May-10 Hold 24.50 22.18
    8-Dec-09 Hold 22.00 20.91
    7-Dec-09 Hold 19.50 20.33
    9-Nov-09 Hold 19.00 19.48
    3-Nov-09 Hold 19.50 18.04
    Source: Factset & ESN, price data adjusted for stock splits.
    This chart shows SNS Securities continuing coverage of this stock; the current analyst may or may not have covered it over the entire period. Current analyst:
    Gert Steens (since 16/04/2008)
    -5
    0
    5
    10
    15
    20
    25
    May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12
    Buy Accumulate Hold Reduce Sell Not rated
    Price history Target price historyPostNL
    Page 9
    This report has been prepared by Gert S
  11. Balimoney 1 juni 2012 09:29
    This report has been prepared by Gert Steens
    Changes in Recommendation
    Date Previous Recommendation New Recommendation
    19-03-2012 Accumulate Buy
    02-12-2011 Buy Accumulate
    12-08-2011 Hold Buy
    12-08-2011 Buy Hold
    16-06-2011 Hold Buy
    This report has been prepared by SNS Securities Research, which is part of SNS Securities N.V., a subsidiary of SNS
    Bank N.V. SNS Bank belongs to SNS REAAL Groep N.V.
    SNS Securities is registered with AFM, the Dutch Authority for the Financial Markets.
    Analyst certification
    The analyst or analysts who prepared this report hereby certifies or certify that (1) the views expressed in this report
    accurately reflect his, her or their personal views about all of the subject companies and securities in this report and (2)
    no part of his, her or their compensation was, is or will be directly or indirectly related to the specific recommendations or
    views expressed in this report. The analyst or analysts responsible for preparing this research report receives
    compensation that is based upon various factors including the profitability of SNS Securities, which includes investment
    banking activities.
    Methodology
    Our forecasts regarding the company's profit and loss account, balance sheet and/or cash flow statement are based on
    subjective views of relevant future company specific developments and market developments. Important variables are
    among others expected market growth, company's strategy and competitive position. In addition, company guidance is
    taken into account. Price targets and opinions in this report are based on a combination of discounted cash flow analysis,
    peer group analysis and/or historical valuation analysis, whereas the previously mentioned forecasts are used as input for
    these analyses. In addition industrial knowledge, company specific elements and/or market technical elements could play
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    SNS Securities’ policy is to update research reports as it deems appropriate, based on developments with the subject
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  12. [verwijderd] 1 juni 2012 09:29
    POSTNL NL0009739416 2,724 (0,07%) Terug naar Index AEXMARKET TALK: PostNL koersdoel omlaag naar EUR3,25 - Rabo
    Publicatiedatum: 31-05-2012 15:11
    AMSTERDAM (Dow Jones)--Rabobank heeft het koersdoel op PostNL (PNL.AE) verlaagd naar euro3,25 van euro3,75. Rabo geeft aan dat de voorgestelde wijzigingen aan het pensioenstelsel lijken te lijden tot een hogere dekkingsgraad voor het pensioenfonds van de postbezorger. De exacte impact is nog afhankelijk van de onderhandelingen, maar Rabo verwacht dat de met de herstelbetalingen samenhangende kasstromen van PostNL zullen verminderen. Rabo hanteert een hold-advies. Omstreeks 15.05 uur noteert het aandeel 2,6% hoger op euro2,80, terwijl de AEX vlak noteert. (EVG)

    Dow Jones Nieuwsdienst: +31-20-5715200; amsterdam@dowjones.com

    (c) 2012 Dow Jones & Company, Inc.
  13. [verwijderd] 1 juni 2012 09:32
    SNS Securities herhaalt het koopadvies voor PostNL
    vrijdag 1 juni 2012 - 08:52u - Advies opvolgen met een turbo oplossing?

    Het koopadvies van woensdag 30 mei 2012 wordt herhaald. Dit vorige advies heeft geresulteerd in een rendement van -0,95%.
    Fonds: PostNL Guru: SNS Securities
    Advies: Kopen Status: Actief
    Koersdoel: € 5,85 Score: 0,00%
    Startkoers: € 2,72 Huidige koers: € 2,70
    Verw. rendement: 114,92% 1 juni 2012 - 09:16u
  14. Balimoney 1 juni 2012 09:45
    quote:

    TOWIU schreef op 1 juni 2012 09:19:

    Bali, mooi stukje, goed gevonden!

    Geeft precies aan wat ik hier al weken schrijf, het PNL pensioenprobleem
    kan wel eens grotendeels overwaaid zijn tegen het eind van het jaar!
    Laat onze forum analisten/pensioen experts (waartoe ik mezelf absoluut niet reken) er maar even aan ruiken en hun mening geven. Sorry voor een paar onleesbare sheets, mocht iemand de PDF willen hebben dan hoor ik het wel.
  15. [verwijderd] 1 juni 2012 09:48
    Wat me vanmorgen weer opvalt is dat de koers weer tegen een enorme weerstand aan staat te hikken.

    Compleet onlogisch, ben benieuwd of het vandaag dan wel uit mag breken,
    of dat weer een zelfde koersverloop krijgen te zien net zoals alle voorgaande keren, fors volume omhoog, met een laag volume weer terug!
  19. bart1805 1 juni 2012 09:56
    quote:

    Balimoney schreef op 1 juni 2012 09:52:

    BART, tijd om te kopen! LOL
    Vanochtend al gedaan. Verhaal SNS is in lijn met wat hier de afgelopen dagen is geschreven: voorstellen schelen fors tav de top up payments, hebben geen effect op de IAS regels. Inschatting van SNS over de dekking is te hoog omdat in de huidige dekking al gerekend is met bijstortingen die PostNl weigert om te betalen.
  20. [verwijderd] 1 juni 2012 09:57
    quote:

    Balimoney schreef op 1 juni 2012 09:49:

    Volgens mij begint de locomotief te ronken...
    Kijk eens naar dat volume!
    Dat klopt Bali, maar dit hebben we de laatste weken al velen malen meer
    gezien.
    Met zwaar geschut omhoog daarna word het systematisch weer terug gezet.

    Zie grafiek van gisteren, verwacht vanavond weer hetzelfde plaatje van deze dag!

    Koers wordt zwaar gemanipuleerd, gezien dat dit maar blijft aanhouden maakt de kans op een overname alleen maar groter, kan niet lang meer duren, dit zien profs ook overduidelijk.
    Bijlage:
453 Posts
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