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KPN Telecom (Accumulate) America Movil bids for 28% of KPN<br />
Lagardère (Hold) Small Internet acquisition<br />
LANXESS (Hold) Q1/12 results preview<br />
Luxottica (Accumulate) Q1 12 results: outstanding<br />
Metso (Accumulate) Notes from our meeting with CFO Nikunen<br />
Munich Re (Hold) Strong Q1 results in line with expectations<br />
Nokia (Buy) Google infringed upon Oracle‟s Java copyrights<br />
Sampo (Accumulate) Q1 better than expected<br />
Solvay (Hold) Strong set of 1Q12 results, ahead of expectations<br />
TeliaSonera (Accumulate) Raises stake in TEO LT<br />
Zurich Financial Services (Accumulate) Q1 12 preview<br />
SMALL & MID CAPS COMPANY NEWS<br />
Aareal Bank (Hold) Slightly weaker Q1 results ahead (10.5.2012)<br />
Agennix (Buy) Q1‟12 preview<br />
Agfa-Gevaert (Accumulate) Preview 1Q12 - The traditional Pre-Drupa dip?<br />
Arcadis (Buy) Large contract win EC Harris<br />
Astaldi (Buy) Sound results notwithstanding harsh winter<br />
Augusta Technologie <strong>AG</strong> (Buy) 1Q12 preview<br />
Banimmo (Accumulate) Built to suit and new tenant<br />
BB BIOTECH (Buy) Another major clinical success in portfolio<br />
BCP (Buy) 1Q12 results - Net profit of EUR 40.8m supported by liability management operations. ROE at 4.5%.<br />
Bekaert (Hold) We anticipate a very weak 1Q12 trading update<br />
BPI (Buy) Angolan company Santoro increases its stake to 19.43% from 9.99% of BPI capital<br />
comdirect (Hold) Solid April trading figures<br />
Credem (Accumulate) Disposal of depositary bank<br />
CSM (Buy) Valuing all the parts<br />
Deceuninck (Hold) 1Q12 trading update: sales better than assumed<br />
Epigenomics <strong>AG</strong> (Buy) Q1‟12 preview<br />
Fcc (Buy) Contract in US<br />
Finmeccanica (Accumulate) The US‟ Air Force likely to keep its C-27Js and possibly sel them to the ANG<br />
Gildemeister (Buy) Strong 1Q results and there is more to come – Buy!<br />
Hes Beheer (Buy) A coal fired growth engine – part II<br />
<strong>Hypoport</strong> <strong>AG</strong> (Hold) Q1 results expectations, downgrade to Hold<br />
Indra Sistemas (Buy) 1Q‟12 results preview.<br />
Intervest Offices & Warehouses (Accumulate) Good 1Q12 results: from Hold to Accumulate<br />
Intervest Retail (Hold) Unsurprising 1Q12 results<br />
Italcementi (Hold) Cost inflation expected to weigh on 2012 results<br />
KTG Agrar (Accumulate) Weak FY 11 results; biogas expansion and Frenzel weigh<br />
Lassila & Tikanoja (Accumulate) Lassila & Tikanoja to sell its 50% cut in Recoil<br />
Piaggio (Buy) We expect Q1 to disappoint, good tidings from now on<br />
Produced & Distributed by the Members of ESN (see last page of this report)<br />
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