Performance Recap
September 15, 2010
Key changes:
-We reintroduced Burberry
-LVMH: we upgraded our valuation target to €109-112
-ABI: we upgraded our valuation target to €50-52
-PPR, ABF and Burberry almost reached our target.
*Price 09/15/10**Since Rec date***2 months
| Rec.Date | Price | Price* | Perf** | Perf*** | Valuation | Upside | |
| Nestle | 04/22/09 | 37,5 | 53,1 | +41.6 | -0.5 | 59-62 | +16.8 |
| ABInbev | 05/09/09 | 24,8 | 43,3 | +74.5 | +3.3 | 50-52 | +20.0 |
| Heineken | 06/11/09 | 24,9 | 37,5 | +50.6 | +2.2 | 42-44 | +17.3 |
| Puma | 11/10/09 | 231 | 222,5 | -3.7 | -2.3 | 260-275 | +23.5 |
| PPR | 11/18/09 | 82,0 | 115,7 | +41.1 | +14.7 | 115-120 | +3.7 |
| ABF | 01/14/10 | 860 | 1064 | +23.7 | +0.8 | 1100-1130 | +6.2 |
| P&G | 01/29/10 | 61,7 | 61,1 | -1.0 | -2.2 | 73-75 | +22.7 |
| LVMH | 02/08/10 | 74,9 | 101,2 | +35.1 | +11.2 | 109-112 | +10.7 |
| Tiffany | 03/22/10 | 46,9 | 43,8 | -6.6 | +8.7 | 54-55 | +25.5 |
| Richemont | 05/31/10 | 37,8 | 43,8 | +15.8 | +10.6 | 46-48 | +9.6 |
| Burberry | 07/16/10 | 812 | 906 | +11.5 | +11.5 | 900-920 | +1.5 |
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