Investment summary

The group’s trading update outlines an improved H211 performance and full-year trading broadly aligned to market expectations. We have nevertheless made a further adjustment to our figures to bring them in line following the trim we made to our sector estimates in December. The uncertainty that beset Empresaria in 2011 with regard to the German labour laws is clearing and we would expect to hear a fuller appraisal of the ongoing group strategy with the prelims in March; the first under newly-appointed CEO, Joost Kreulen. The shares remain at a deep discount.

Last updated on 19/01/2012

Industry outlook

Share prices in the sector have come back heavily as confidence in the European economic environment has deteriorated. The emphasis from the larger players in their Q3 trading outlook statements has been on the stronger prospects from developing markets, in the face of more difficult trading in the UK and in parts of Europe, together with tougher H2 comparatives.

Last updated on 09/12/2011