Alpha Finance | HELEX 3Q 2011 Company Results | 2011 Nov 7
Unsurprising set of results, helped by ATE's SCI
Neutral recommendation stands
We will revise downwards our estimates despite the incorporation of some minimal one of items, since our FY12 ADT assumption of €105m seems optimistic (Y-t-D average at €90m, but Sep @ €59.3m and Oct @ €49.8m). While market's reaction may be considered as optimistic discounting daily volumes around €65-70m for FY12e, we don't see any positive catalyst ahead that could reverse the downward trend in volumes during Q4. While volatility on the shares should continue, following the unpredictable so far newsflow on the Greek Debt problem, we stick to our Neutral rating.
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