Deutsche Bank
Deutsche Bank
Coordinates: 50°6′50″N 8°40′7″E / 50.11389°N 8.66861°E / 50.11389; 8.66861...
believe demand gas head high natural oil products strong
We believe demand could be very strong for oil products as we head into winter, because of high natural gas prices.
although avoidance benefits cash changes company cost provide
Although these changes may provide significant cost avoidance benefits to the company in the future, they don't meaningfully change the near-term cash picture.
although believe bring deal door left open politely satellite
Although Thales politely left the door open to a subsequent deal with EADS, which could bring Thales to its satellite business, we believe this is unlikely.
activity banking declining due lower principal private reason securities
In our private banking division, declining securities revenues due to lower activity in the U.S.A. was the principal reason for lower profits.
economy economy-and-economics global high impact major oil prices
High oil prices and their impact on the global economy are a major risk.
balance demand expect extremely fact low major natural needed oil pressure snow stocks
By first snow we expect extremely low stocks of heating oil and natural gas, with major pressure on refineries that need to (have maintenance). The fact is, some demand destruction is needed to balance this market.
control costs earnings good grab gross margin material mix needs operating possible product revenue seen shifted since small towards
This will grab attention, particularly since having seen very good control of operating costs by SAP. This needs clarification since small shifts in gross margin are material to earnings -- it is possible the mix of product revenue has shifted towards reselling during the quarter.
believe close discount percent price target
We believe the 21 percent discount to our target price should close through 2006.
based company cost forward generally given material materials quarter raw surprising visibility
The raw material cost in the quarter is surprising given that the company generally has six-month visibility on raw materials based on forward purchases.
actual evident export growth note order recent
It is important to note that the divergence between actual export growth and export order growth has become increasingly evident in recent months.
buy capable clarity group impossible months present stock structure within
We feel it is impossible to present a Buy recommendation on a stock which is capable of being declared insolvent within two months and for which we have no clarity on the prospective group structure and strategy.
account china demand economies global growth oil proportion remain showing signs states strong total united
With the U.S. and global economies still showing strong signs of resilience, expectations for oil demand growth in 2006 and 2007 remain robust. The United States and China account for a substantial proportion of the total world oil growth in 2006 and 2007.
aggressive believe evaluation levels likely near present price recent share
We believe the company's share price is likely to consolidate near present levels as it absorbs its recent aggressive evaluation rating.
conduct events finding involving isolated number question small systems took
The events in question took place over two years ago and were isolated instances involving a small number of individuals. There is no finding of deliberately wrongful conduct or of systems failures.