soms goed schreef op 20 januari 2013 12:10:
Dow Jones Global Indexes | Global Stock Markets
Investors in Dutch parcel-delivery company TNT Express had a tough start to the week when United Parcel Service pulled its 5.2 billion euro ($7 billion) yearlong bid for the company, causing TNT shares to plunge 41% by Monday's market close.
The good news is that it could now be an opportune time to buy TNT stock (ticker: TNTE.Netherlands). With the UPS (UPS) takeover premium gone, investors are left wondering what TNT will do next. Some fund managers and analysts say the company could do quite a lot.
Says Daniel Pasini, a portfolio manager with London-based ACPI Investment Managers: "The market in Europe will continue to be challenging, but given [TNT's] exposure to Asia Pacific and Brazil, the overall market situation, long term, is not too bad."
He views TNT stock as undervalued and expects it to trade near its pre-UPS-bid level for now. "Once operations in emerging markets start to turn around, upside should be more meaningful." he adds.
Several other analysts share Pasini's view. Some were penning upgrades even before the dust settled on UPS's surprise withdrawal, born of delays due to European regulators' antitrust concerns.
TNT CAN NOW IMPLEMENT a strategic plan it put on hold nearly a year ago when UPS made its approach. To show it can survive independently, TNT promises to refocus on its core European business. It also plans to review its operations in emerging markets, such as China and Brazil, part of an expansion plan that had upset some shareholders.
Third-quarter operating income rose in TNT's Asia-Pacific region, despite faltering demand in some countries there. Its Brazilian business remains in the red, but isn't an obvious disposal candidate. Analysts say TNT's leading 20% market share in Brazil means that earnings eventually could be strong there.
The Dutch company sold its Indian business a couple of months before UPS made its bid. But shareholders had wanted more. They had been putting TNT under pressure to make strategic changes or consider being sold months before the UPS bid.
The resumed strategy includes €150 million in cost cuts by 2013. This has led Rabobank analyst Philip Scholte to raise his rating on the stock to Buy from Hold, even though he cut his price target, from €9.50 to €6.00. The stock has been trading below €6. His rationale: "We believe this huge savings target can provide ample compensation for a weak European economy
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