Deutsche Bank
Deutsche Bank
Coordinates: 50°6′50″N 8°40′7″E / 50.11389°N 8.66861°E / 50.11389; 8.66861...
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.
business emerging expect fight form hard higher lower maintain margins markets pay price proportion share
We expect the emerging markets to form a higher proportion of Ericsson's business in 2006 and Ericsson will have to fight hard in these markets and pay the price of lower margins to maintain its market share lead.
massive period
There would be a massive period of uncertainty.
buying clearly directors five million month past positive pounds shares spent total
Five of the directors have spent a total of 1.1 million pounds buying shares in the past month ... so they clearly feel some positive things are happening.
clear demand evidence sales
Sales show no clear evidence of demand destruction.
barrel barrels clearly doubles per price proven recent strategic
At $41.29 per proven barrel and $111 per 1,000 barrels a day production, the price more than doubles recent deals. Clearly this is a strategic move.
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.
again against capital flows fortuitous gold leg moving price prove providing trends
We find that capital flows trends are once again moving against the dollar, which could prove fortuitous in providing yet another leg to this gold price rally.
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.
price profits share strong
Take profits after a very strong share price run.
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.