To: zbyslaw owczarczyk who wrote (3249 ) 4/30/2001 7:19:39 PM From: zbyslaw owczarczyk Read Replies (1) | Respond to of 3891 CFSB on Alcatel:fr.biz.yahoo.com Monday April 30 2001, 18h30 Alcatel: always gravitational, potential at one year of 40% Recommendation To buy Go back to recommendation... 30/04/2001 Run of recommendation... 34.10 Author Ian Burgess Establishment CSFB Alcatel has just published results of the 1st quarter of good invoice taking into account the difficult context which currently surrounds the equipment suppliers télécoms. Such is the opinion of Douglas Smith, Ian Burgess and Jason Hirst, the analysts who follow the value at Swiss Credit First Boston. Alcatel is one of the leaders in the field of the equipment télécoms and the Internet. In addition, the group is the world number one of the transmission and the access to high flow. The analysts estimate that the good performance of the group is in particular to put on the account of its geographical positioning which makes it less vulnerable than its competitors to the deceleration of the American economy (47% of the sales are carried out in Europe, 11% in Asia and 23% in the United States). They report in addition that the French equipment supplier intends to record a growth of his sales ranging between 5% and 15% for the whole of the year with a clear improvement of the margins in second part of exercise. According to them, the group watch can be a little too ambitious and they prefer to adopt a more careful attitude by revising with the fall their own estimates. In spite of this adjustment, they consider that the title remains always very gravitational at the current levels even if they do not identify short-term catalysts. On the whole, they thus remain with the purchase on the value which would have, according to them, to appreciate itself of 40% at horizon one year. Following this publication, the engineering and design department of SCE initiated the cover of the value with a recommendation of purchase and an objective of courses of 40 euros. On the level of the other engineering and design departments which followed already the value, one can note that WestLB Panmure maintained its recommendation ' surperformance', that Wargny remained with the purchase just like Commerzbank whose objective of courses is established to 80 euros. Fortis Securities is also positive on the file with an objective in twelve months of 57 euros. George Quentin Copyright (c) 2001 Concerto and Associés The comments presented by Concerto and Associated constitute a selection of information available on the site www.selectbourse.com