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AUDKt.BR RTL LX .
EUROPEAN MEDIA
EQUITY RESEARCH S
March 8, 2013 Relative rating Remains Target price Reduced from 80.00 Closing price March 7, 2013 Potential upside
Neutral
EUR 65.00 EUR 59.26 +9.7%
Research analysts European Media William Mairs, CFA - NIplc william.mairs@nomura.com +44 20 7102 4823 Ajay Agrawal ajay.agrawal@nomura.com +44 20 7102 9171 Matthew Walker - NIplc matthew.walker@nomura.com +44 20 7102 4459 Kunal Gulati, CFA kunal.gulati@nomura.com +44 20 7102 3845
Revenue (m) PTP (m) EPS DPS P/E (x) EV/EBITDA (x) Dividend Yield (%)
See Appendix A-1 for analyst certification, important disclosures and the status of non-US analysts.
Key company data: See page 2 for company data and detailed price/index chart.
Nomura | RTL
March 8, 2013
Income statement m
Year end Dec Revenues EBITDA EBITA PTP Net income Recurring EPS EPS growth DPS 2012A 6042.8 1265.0 1078.0 968.0 697.0 4.54 -0.9% 10.50 2013E 6053.1 1204.2 1020.8 1025.8 642.8 4.18 -7.8% 3.14 2014E 6208.5 1245.8 1059.7 1065.7 668.6 4.35 4.0% 3.26 2015E 6383.0 1291.0 1102.1 1109.1 696.9 4.54 4.2% 3.40
Performance
Year end:12-2012 Absolute % Rel. Sector % 1m -14 -18 3m -22 -29 12m -21 -43
Market data
Market Cap (m) Shares Outstanding (m) Dividend Yield (current yr.) 9172.74 154.8 17.72
Valuation
Year end Dec P/E Dividend yield FCF yield (FCF/mkt cap) EV/EBITDA EV/EBITA EV/Sales 2012A 13.3x 17.5% 9.1% 7.0x 8.3x 1.5x 2013E 14.4x 5.2% 9.0% 8.3x 9.8x 1.6x 2014E 13.8x 5.4% 9.3% 7.6x 9.0x 1.5x 2015E 13.3x 5.7% 9.8% 7.1x 8.3x 1.4x
Financial summary
Five Yr. EPS CAGR (%) Return on Equity FY12 (%) Current BVPS Net Debt (m current) N/A 13.7 N/A 1050.05
Key ratios
Source: Thomson Reuters, Nomura research
Year end Dec Revenue growth Operating margin Adj net debt/EBITDA Adj net debt/equity ROCE
Source: Company data, Nomura estimates Closing price from Datastream06 March 2013
Nomura | RTL
March 8, 2013
Bertelsmann to sell down to refocus investor attention on RTL Bertelsmann announced on 31 January that it would be seeking to partially sell down its stake in RTL from 92.3% to 75% to fund Bertelsmanns growth strategy in other areas. At current prices, the 17.3% stake would be equivalent to a EUR1.6bn stake, with a sale into the market the most likely option (Reuters 21 February). This would transform RTL from an investment perspective, in our view, as it would substantially increase its free float and liquidity. Following the potential placing (the FT indicated in February 2013 that it may take place April/May this year), there will be two large-scale investable public German TV companies in RTL and ProSieben. Given the refocus of attention on RTL, we have completed a review of the underlying business. Key investments attractions and risks We summarise below the key RTL investment attractions, management strategy for future growth and the key business risks in our view. Key attractions RTL is by far the largest European free-to-air (FTA) broadcaster within Europe, with FY12 revenues of EUR6bn, followed by Mediaset at EUR3.9bn, ITV at EUR2.7bn and ProSieben with EUR2.4bn. As a result, RTL is the only European FTA broadcaster with strong geographic diversification given its exposure to Germany, France, North America (via Fremantle), the Netherlands, Belgium and Eastern Europe, among others. RTL is either the first or second main broadcaster within eight European countries. Such a strong position is crucial for driving premium prices amongst advertisers. FremantleMedia is the worlds leading TV entertainment production business (ahead of producers such as Endemol and ITV Studios). Fremantle also provides RTL exposure to the North American and UK markets. RTLs online business has a strong position, with 6.9bn online video views in 2012, and in FY12 saw organic revenue up 20% to EUR200m. Business strategy RTL has a three-pillared strategy to drive future growth: 1) Broadcast RTL aims to strengthen its existing channels while growing nonadvertising revenue from its TV platform (such as HD revenues). RTL also aims to continue its expansion in high-growth markets (it is present in India) with local JV partnerships being the preferred approach. Content Investment within the Fremantle business will help the content business to build future brands, not only on TV but also through multiple platforms. Digital The divisions strong growth will continue through the expansion of its VOD platform across multiple devices while also developing its online brands.
2)
3)
Key risks Advertising accounts for 57% of group revenue, which leaves RTL exposed to the cyclical advertising market. We think Fremantle may need to invest further in its business to replace hit shows such as X-Factor, Idols and Talent. There are longer-term structural concerns over the impact from online/VOD and the disintermediation of the core TV business.
Nomura | RTL
March 8, 2013
Advertising reliant, although geographically diversified Figure 1 highlights group reported revenue splits. In Figure 2, we look at an adjusted group revenue by taking only 49% of M6 revenue (RTL has a 49% stake in M6 but fully consolidates this as it has control over the board). Advertising accounts for about 57% of group revenues (largely TV advertising, 4% from radio advertising); however, unlike the majority of other broadcasters, RTLs advertising revenue is diversified across several geographies (mainly Germany, France, the Netherlands and Spain but also smaller stakes in Hungary and Croatia). Figure 3 highlights the levels of advertising exposure amongst the broadcasters, with each company (other than RTL) largely having 100% of advertising revenue from its domestic market. Within the broadcasting space, advertising exposure to Northern Europe has outperformed, which we believe is set to continue. In Germany, TV continues to gain share from print, which has helped drive solid growth for both ProSiebens and RTLs German operations (we forecast 1% FY13 revenue growth for ProSiebens German Speaking division and for RTLs German operations). However, the French advertising market continues to struggle with structural pressure (significant channel expansion driving further competition within FTA), combined with a poor macro cyclical backdrop, and we recently downgraded our M6 FY13 advertising forecast to -6.5% from -4%. Italy and Spain have shown even sharper declines, with Antena3 (RTL has a 21% stake) indicating the Spanish TV ad market is down c.15% for 1Q13. Dutch TV also remains weak, with the ad market down -5.4% in FY12. Given the diverging advertising trends within Europe, we see only 36% of adjusted group revenues being derived from a robust TV ad market (Germany), while c.30% of revenues are derived from the more challenged French, Dutch and Eastern European markets.
Other segments 5%
Other segments 5%
Fremantle 28% Fremantle 32% Groupe M6 22% Groupe M6 (49% stake) 12%
Source: Company data, Nomura estimates. Note we take 49% of M6 group revenue
Nomura | RTL
March 8, 2013
3%
NAR
Non-NAR Rev
Note: For Prosieben, we look at continuing operations. Source: Company data, Nomura estimates
Figure 4 highlights the EBITA split between the different regions. RTL Germany, which benefits from strong margins (c.30%), accounts for a disproportionate amount of EBITA (54%), which is driven by lower Fremantle margins (c.8%) and weaker margins amongst its other division (e.g., M6 reported 15% EBITA margins due to margin dilution from its nonbroadcasting activities and challenged ad market).
Fig. 4: RTL EBITA 2013E split
RTL Belgium 4% RTL Nederland 9% French radio 3%
Groupe M6 17%
Strong short- and long-term growth potential for German TV Management stated on its earnings call that January and February are slightly up for both RTL and the German advertising market. This tone is in line with commentary from ProSieben, which stated that 2013 German TV advertising has had a healthy start. We forecast 1% FY13 revenue growth for RTLs German business (as well as for ProSiebens German Speaking division), which is the highest amongst the European broadcasters under our coverage.
Nomura | RTL
March 8, 2013
1999A 2000A 2001A 2002A 2003A 2004A 2005A 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013E RTL Germany revenues 1,404 1,715 1,713 1,700 RTL German Rev Growth -- 22.2% -0.1% -0.8% Pro7 German speaking revenues Pro7 German speaking rev growth
Source: Company data, Nomura estimates
1,865 1,813 1,844 9.7% -2.8% 1.7% 1,572 1,606 1,811 2.1% 5.6%
1,966 2,020 1,732 1,892 1,912 1,982 0.9% 2.7% -14.2% 9.2% 1.1% 3.7% 1,900 1,736 1,698 1,863 1,903 1,910 1.8% -8.6% -2.2% 9.7% 4.0% 0.3%
1999A 2000A 2001A 2002A 2003A 2004A 2005A 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013E RTL Germany EBITA 198 285 232 244 257 261 240 297 329 414 366 551 529 581 566 RTL Germany EBITA Margin 14.1% 16.6% 13.5% 14.4% 13.8% 14.4% 13.0% 15.2% 16.7% 20.5% 21.1% 29.1% 27.7% 29.3% 28.3% Pro7 German speaking EBITDA 299 379 429 484 407 458 631 658 660 653 Pro7 German speaking EBITDA margin 18.6% 20.9% 23.0% 25.5% 23.4% 27.0% 33.8% 34.5% 34.6% 33.8%
Source: Company data, Nomura estimates
From a longer-term perspective, we believe RTL is well placed to benefit from the structural advertising shift within Germany as advertising spend moves from the overly penetrated print market (print accounts for 49% of ad spend in Germany vs. 35% in Western Europe) to the underpenetrated TV sector (22% of ad spend in Germany vs 29% in Western Europe). Furthermore, RTL continues to command a strong audience share of close to 34% (including RTL II which RTL has a 36% stake).
Sat 1
Pro7
Pro7 Group
Others
Note: This chart excludes RTL II from the RTL group of channels. Source: AGF in Zusammenarbeit mit GfK / pc#tv/TV Scope / ProSiebenSat.1 TV Deutschland Audience Research
Fremantle is a world leader in content, but margins under pressure While broadcasters such as ITV and ProSieben continue to develop their respective studio businesses to diversify away from cyclical advertising, RTL already has an established and global leading content business through FremantleMedia. Fremantle, which accounts for c.30% of group revenue, has a leading market presence within key markets such as the UK, US and wider Europe, with a strong presence in more than 40 other countries; it is responsible for key shows such as X-Factor, Got Talent, Idol and Take Me Out. As Figure 8 indicates, Fremantles revenue development has been volatile. This is partly due to the lumpiness of studio commissions, but it has also been affected by FX and
Nomura | RTL
March 8, 2013
acquisitions. While FY12 posted 20% revenue growth, half of this growth was owing to FX and US content recharges (at zero margin, which helped push down margins to 8.1% for FY12). Management commented on its recent earnings call that given a challenging economic climate, there is continued pressure from broadcasters on both volumes and margins. As a result, we forecast low revenue growth (3%) with stable margins.
-6.6% -11.0%
EV/EBITDA RTL ProSieben* ITV Mediaset Mediaset Espana Antena3 M6 TF1 Median (ex RTL)
*Remove dividend from P for ProSieben. Source: Nomura estimates
Nomura | RTL
March 8, 2013
Asset Mediengruppe RTL Deutschland Groupe M6 FremantleMedia RTL Nederland RTL Belgium French radio Total Net Cash/(Debt) Associates - AtresMedia (Antena3) - Others Total Equity Value Equity Value per share
Source: Nomura estimates
Stake 100% 49% 100% 100% 66% 100% Add: Add: Add:
RTL Val 5658.0 756.8 1705.7 762.6 224.7 193.2 9,301 35 218 221 9,775 64
We set our TP in line with our DCF, and we reiterate our Neutral rating, given no clear upside on current valuation metrics, challenged non-German TV businesses and Fremantle margins under pressure.
Nomura | RTL
March 8, 2013
Year End 31 Dec (EUR Million) Revenues Mediengruppe RTL Deutschland Groupe M6 FremantleMedia RTL Nederland RTL Belgium French radio Other segments Eliminations Total Sales % Growth Other Operating Income Total Consolidated Revenues % Growth Cost of Goods and Services EBITDA (After Prog. Rights Amortisation) % Growth % Margin Depreciation and Amortisation EBITA Mediengruppe RTL Deutschland Groupe M6 FremantleMedia RTL Nederland RTL Belgium French radio Other segments EBITA (Including Associates) % Growth % Margin Fair value adjustments Impairment of goodwill Gain/loss sale of subsidiaries EBIT % Growth % Margin Net Interests Other Financial Results Adjusted PTP (Excl. G'dwill & Excep'als) % Growth % Margin Pre-Tax Profit % Growth % Margin Taxes Minority Interests Basic Net Income % Growth % Margin Adjusted Net Inc. (Excl. G'dwill & Excep'als) % Growth % Margin Diluted Basic EPS () Diluted Adjusted EPS () % Growth DPS ()
Source: Company data, Nomura estimates
2010A
2011A
2012A
2013E
2014E
2015E
1,912 1,421 1,429 491 216 184 330 -218 5,765 3.1% 40 5,805 2.8% -4,493 1,312 0.4% 22.6% -178
1,982 1,387 1,711 431 210 180 304 -207 5,998 4.0% 45 6,043 4.1% -4,778 1,265 -3.6% 20.9% -187
2,002 1,350 1,762 431 202 175 298 -211 6,008 0.2% 45 6,053 0.2% -4,849 1,204 -4.8% 19.9% -183
2,042 1,390 1,833 440 200 174 299 -215 6,162 2.6% 46 6,208 2.6% -4,963 1,246 3.5% 20.1% -186
2,083 1,432 1,906 453 205 173 304 -220 6,335 2.8% 48 6,383 2.8% -5,092 1,291 3.6% 20.2% -189
529 249 143 134 46 30 3 1,111 47.1% 19.7% -11 -52 -7 1,041 104.8% 18.4% 10 4 1,121 50.8% 19.9% 1,055 103.6% 18.7% -268 -119 611 197.8% 10.8% 738 63.2% 13.1% 3.98 4.80 63.2% 5.00 1,134 2.1% 19.5% -13 -6 107 1,222 17.4% 21.0% -2 -27 1,132 1.0% 19.5% 1,193 13.1% 20.5% -302 -99 696 13.9% 12.0% 704 -4.6% 12.1% 4.53 4.58 -4.6% 5.10
581 224 138 97 45 30 -37 1,078 -4.9% 17.8% -8 -82 -9 979 -19.9% 16.2% -10 -1 1,068 -5.6% 17.7% 968 -18.8% 16.0% -277 -93 597 -14.2% 9.9% 697 -0.9% 11.5% 3.89 4.54 -0.9% 10.50
566 180 142 95 43 28 -33 1,021 -5.3% 16.9% 0 0 0 1,021 4.3% 16.9% 5 0 1,026 -3.9% 16.9% 1,026 6.0% 16.9% -287 -96 643 7.7% 10.6% 643 -7.8% 10.6% 4.18 4.18 -7.8% 3.14
580 181 164 94 41 27 -28 1,060 3.8% 17.1% 0 0 0 1,060 3.8% 17.1% 6 0 1,066 3.9% 17.2% 1,066 3.9% 17.2% -298 -99 669 4.0% 10.8% 669 4.0% 10.8% 4.35 4.35 4.0% 3.26
595 181 187 97 41 27 -26 1,102 4.0% 17.3% 0 0 0 1,102 4.0% 17.3% 7 0 1,109 4.1% 17.4% 1,109 4.1% 17.4% -311 -102 697 4.2% 10.9% 697 4.2% 10.9% 4.54 4.54 4.2% 3.40
Nomura | RTL
March 8, 2013
Year End 31 Dec (EUR Million) Pre Tax Profit D&A Value Adj., Impairment & Provisions Share based payments Net Result on Disposals Net Interests Incl. Share of Associates Use of provisions Change in Working Capital Income Tax Paid Other Movements Operating Cash Flow Acquisitions of Programme and Sport Rights Subsidiaries and JVs Other Investments & Fin. Assets Other Int. & Tangible Assets Current Deposit with Shareholder Proceeds from Sale of T and IT assets Disposal of Subsids and JV (net of cash) Sale of Other investments and financial assets Interest received Investing Cash Flow Dividends Equity Issuance Debt Issuance/(Paydown) Financing Cash Flow Change in Cash Net Cash/(Debt)
Source: Company data, Nomura estimates
2010A 1,055 196 134 5 32 -29 -62 148 -293 -57 1,130 -96 -30 -18 -131 -254 19 112 403 22 27 -721 0 6 -715 442 1,437
2011A 1,193 175 232 6 -116 19 -79 -1 -287 -99 1,044 -79 -134 -38 -120 206 22 -6 29 18 -102 -902 0 -174 -1,076 -134 1,238
2012A 968 185 200 7 -33 83 -113 -44 -325 -1 925 -103 -8 -48 -90 162 27 -2 33 13 -16 -880 0 -85 -965 -56 1,050
2013E 1,026 183 50 5 0 45 -30 1 -269 0 1,014 -109 -25 -35 -95 100 0 0 0 16 -148 -1,732 0 0 -1,732 -865 35
2014E 1,066 186 50 9 0 50 -30 8 -280 0 1,058 -115 -25 -36 -97 100 0 0 0 18 -155 -537 0 0 -537 366 521
2015E 1,109 189 50 9 0 55 -30 9 -293 0 1,098 -121 -25 -37 -100 100 0 0 0 20 -163 -557 0 0 -557 378 899
Year End 31 Dec (EUR Million) Tangible + Other Intangible Fixed Assets Goodwill Programme And Sport Rights Investment In Associated Companies Loans And Other Financial Assets Deferred Tax Assets + Income Tax Receivable Receivables + Other Inventories Cash, Cash Equivalent, Securities Total Assets Shareholders Equity Minority Financial Debt Current Tax Liabilities And Deferred Tax Provisions Payables Total Liabilities And Shareholders' Equity Net Cash/(Debt)
Source: Company data, Nomura estimates
2010A 589 2,708 1,037 358 271 476 2,547 841 8,827 5,016 584 188 157 319 2,563 8,827 1,437
2011A 550 2,671 1,046 356 249 418 2,195 701 8,186 4,653 497 53 156 354 2,473 8,186 1,238
2012A 548 2,679 1,030 251 239 463 2,038 649 7,897 4,365 492 29 141 395 2,475 7,897 1,050
2013E 459 2,704 1,056 251 274 463 2,038 649 7,894 3,497 492 894 141 395 2,476 7,894 35
2014E 370 2,729 1,086 251 310 463 2,038 1,015 8,263 3,858 492 894 141 395 2,483 8,263 521
2015E 282 2,754 1,120 251 347 463 2,038 1,393 8,648 4,235 492 894 141 395 2,492 8,648 899
10
Nomura | RTL
March 8, 2013
Appendix A-1
Analyst Certification
I, William Mairs, hereby certify (1) that the views expressed in this Research report accurately reflect my personal views about any or all of the subject securities or issuers referred to in this Research report, (2) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this Research report and (3) no part of my compensation is tied to any specific investment banking transactions performed by Nomura Securities International, Inc., Nomura International plc or any other Nomura Group company.
For explanation of ratings refer to the stock rating keys located after chart(s)
Valuation Methodology Our DCF-based target price of EUR 65.00 assumes a WACC of 9.5% and terminal growth rate of 3.5%. Our cash flows are discounted from 2030 and discounted back to 2013. The benchmark index for this stock is Dow Jones STOXX 600 Media. Risks that may impede the achievement of the target price The company derived the majority of its revenues from several European advertising markets, a very cyclical source of turnover. The company has a dominant shareholder, Bertelsmann, with more than 90% ownership, whose interest might be different from those of minority shareholders.
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Nomura | RTL
March 8, 2013
Important Disclosures
Online availability of research and conflict-of-interest disclosures
Nomura research is available on www.nomuranow.com/research, Bloomberg, Capital IQ, Factset, MarkitHub, Reuters and ThomsonOne. Important disclosures may be read at http://go.nomuranow.com/research/globalresearchportal/pages/disclosures/disclosures.aspx or requested from Nomura Securities International, Inc., on 1-877-865-5752. If you have any difficulties with the website, please email grpsupport@nomura.com for help. The analysts responsible for preparing this report have received compensation based upon various factors including the firm's total revenues, a portion of which is generated by Investment Banking activities. Unless otherwise noted, the non-US analysts listed at the front of this report are not registered/qualified as research analysts under FINRA/NYSE rules, may not be associated persons of NSI, and may not be subject to FINRA Rule 2711 and NYSE Rule 472 restrictions on communications with covered companies, public appearances, and trading securities held by a research analyst account. Nomura Global Financial Products Inc. (NGFP) Nomura Derivative Products Inc. (NDPI) and Nomura International plc. (NIplc) are registered with the Commodities Futures Trading Commission and the National Futures Association (NFA) as swap dealers. NGFP, NDPI, and NIplc are generally engaged in the trading of swaps and other derivative products, any of which may be the subject of this report. Any authors named in this report are research analysts unless otherwise indicated. Industry Specialists identified in some Nomura International plc research reports are employees within the Firm who are responsible for the sales and trading effort in the sector for which they have coverage. Industry Specialists do not contribute in any manner to the content of research reports in which their names appear. Marketing Analysts identified in some Nomura research reports are research analysts employed by Nomura International plc who are primarily responsible for marketing Nomuras Equity Research product in the sector for which they have coverage. Marketing Analysts may also contribute to research reports in which their names appear and publish research on their sector.
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The rating system is a relative system indicating expected performance against a specific benchmark identified for each individual stock. Analysts may also indicate absolute upside to target price defined as (fair value - current price)/current price, subject to limited management discretion. In most cases, the fair value will equal the analyst's assessment of the current intrinsic fair value of the stock using an appropriate valuation methodology such as discounted cash flow or multiple analysis, etc. STOCKS A rating of 'Buy', indicates that the analyst expects the stock to outperform the Benchmark over the next 12 months. A rating of 'Neutral', indicates that the analyst expects the stock to perform in line with the Benchmark over the next 12 months. A rating of 'Reduce', indicates that the analyst expects the stock to underperform the Benchmark over the next 12 months. A rating of 'Suspended', indicates that the rating, target price and estimates have been suspended temporarily to comply with applicable regulations and/or firm policies in certain circumstances including, but not limited to, when Nomura is acting in an advisory capacity in a merger or strategic transaction involving the company. Benchmarks are as follows: United States/Europe: please see valuation methodologies for explanations of relevant benchmarks for stocks, which can be accessed at: http://go.nomuranow.com/research/globalresearchportal/pages/disclosures/disclosures.aspx; Global Emerging Markets (ex-Asia): MSCI Emerging Markets ex-Asia, unless otherwise stated in the valuation methodology. SECTORS A 'Bullish' stance, indicates that the analyst expects the sector to outperform the Benchmark during the next 12 months. A 'Neutral' stance, indicates that the analyst expects the sector to perform in line with the Benchmark during the next 12 months. A 'Bearish' stance, indicates that the analyst expects the sector to underperform the Benchmark during the next 12 months. Benchmarks are as follows: United States: S&P 500; Europe: Dow Jones STOXX 600; Global Emerging Markets (ex-Asia): MSCI Emerging Markets ex-Asia.
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STOCKS Stock recommendations are based on absolute valuation upside (downside), which is defined as (Target Price - Current Price) / Current Price, subject to limited management discretion. In most cases, the Target Price will equal the analyst's 12-month intrinsic valuation of the stock, based on an appropriate valuation methodology such as discounted cash flow, multiple analysis, etc. A 'Buy' recommendation indicates that potential upside is 15% or more. A 'Neutral' recommendation indicates that potential upside is less than 15% or downside is less than 5%. A 'Reduce' recommendation indicates that potential downside is 5% or more. A rating of 'Suspended' indicates that the rating and target price have been suspended temporarily to comply with applicable regulations and/or firm policies in certain circumstances including when Nomura is acting in an advisory capacity in a merger or strategic transaction involving the subject company. Securities and/or companies that are labelled as 'Not rated' or shown as 'No rating' are not in regular research coverage of the Nomura entity identified in the top banner. Investors should not expect continuing or additional information from Nomura relating to such securities and/or companies. SECTORS A 'Bullish' rating means most stocks in the sector have (or the weighted average recommendation of the stocks under coverage is) a positive absolute recommendation. A 'Neutral' rating means most stocks in the sector have (or the weighted average recommendation of the stocks under coverage is) a neutral absolute recommendation. A 'Bearish' rating means most stocks in the sector have (or the weighted average recommendation of the stocks under coverage is) a negative absolute recommendation.
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Nomura | RTL
March 8, 2013
Target Price
A Target Price, if discussed, reflects in part the analyst's estimates for the company's earnings. The achievement of any target price may be impeded by general market and macroeconomic trends, and by other risks related to the company or the market, and may not occur if the company's earnings differ from estimates.
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Nomura | RTL
March 8, 2013
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