Mark Swartzberg
Mark Swartzberg
address appear benefit brazil concerned outlook remain results structural year
We remain concerned about the company's long-term outlook and management's preparedness to address the challenges. Still, built-in expectations or valuation appear to be low, and 2006 should benefit from the structural elimination of Brazil and a year of disappointing results in 2005.
assessment beat below cash company consensus estimates expect fair flow free meet power shares upgrade
Our upgrade is prompted by an assessment of free cash flow power that concludes the shares are below fair value. We expect the company to consistently meet or beat consensus EPS estimates in 2006.
excessive looks
looks excessive for the right to own a loss-making, share-losing business.
evidence improving key looking profit revenue seeing turn
We're seeing revenue stabilization in most key markets. We're looking for evidence that that stabilization can turn into improving profit trends.