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investometer®


                     Calibration of Public Research 22.10.2009
A2A                      0                   Azimut                  +3
Aareal Bank              -1                  Azkoyen                 -3
ABB                      -3                  BAE Systems             +2
Abengoa                  -4                  Banca Generali          +2
Abertis                 +4                   Banco Pastor            -4
Accell                   0                   Banco Popolare          +3
Acciona                 +6.5                 Banco Popular           +6
Accor                   +5                   Banco Sabadell          +1
Acerinox                 -2                  Banco Santander         -2
ACS                     +5                   Banesto                 -2
Adidas                   0                   BANKINTER               -3
ADP                      -3                  Barclays                +5
Advanced                                     Barco                   -3
VisionTech              +3                   Barron de Ley           +5
Aegon                   +6                   Bayer SE                +2
Aer Lingus              +4                   BBVA                    -4
Agfa-Gevaert            +3                   BCP                     +1
AHOLD                   +2                   Beiersdorf               0
Air Liquide             +2                   Benetton                -2
AKBANK                   -1                  BES                     +3
Allianz                  0                   Beta Syst. Software     +6
Allied Irish Banks      +5                   Bic                     -2
ALM Brand                -3                  Biesse                  +3
Alpha Bank              +5                   Bilfinger Berger        +7
Alstom                  +3.5                 Bincbank                +5
Alten                   +5                   Biogaia                 +5
Altri SGPS              +5.1                 Biotest                 +2
Amargenbanken            -9                  Bjorn Borg               0
Amplifon                +5                   BMW                     -4
Analytik Jena           +2                   BNP Paribas             +4
Anheuser-Busch           -3                  Bollore                 +4
Antena 3TV               -6                  Boskalis                 0
Arcadis                 +5                   Bourbon                 +4
Arcelormittal           +6                   Bouygues                +1
Arseus                  +3                   BP                      +2
Aryzta                  +5                   BPI                     +3
ASM International        0                   British Land            -6
Astra Zeneca             0                   Brunel                  +3
Atlantia                +3                   Bulgari                 +2
Autogrill               +3                   Caltagirone Editore     +2
AXA                      2                   Campari                  0



  enquiries@investometer.org                                www.investometer.com
investometer®


Campofrio            +7           Drägerwerk              -2
Cargotec             +7           Dragon Oil              +5
Carlsberg            +5           Draka                   -1
Carrefour            +6           DSM                      0
Celesio              +5           Duro Felguera           +6
Cenit AG System.     +5           E.ON                     0
CEPSA                +3           EADS                    +5
Cermaq               +5           EBRO Puleva             -1
CGG Veritas          +4           EDF                      0
Cintra               0            EDP                    +6.8
Citicon              +5           EDP Renova.             +6
CMB                  0            Elisa                   +2
CNP/NPM              0            Elringklinger            0
Coca Cola            0            Emak                     0
Coca Cola Hellenic   -2           Enagas                   0
Commerzbank          -6           ENCE                    +6
Conergy              -6           Endesa                  -4
Cramo                -6           Enel SPA               +1.5
Credit Agricole      -4           Eni                     +1
CRH                  +3           Ericsson               +1.5
Crucell              -1           Escada                  +2
CSM                  +2           Essilor Int.             0
D.Logistics          +5           Europac                 +3
d’Amico Int.Ship     0            Fastweb                 +3
DAB Bank             +5           FCC                     +5
Daimler AG           +6           Ferrovial               +7
Danieli              +3           Fiat                   +1.5
Danone               +4           Finmeccanica            +6
Delhaize             +1           FondiariaSai            -2
Demag Cranes         +5           Fornix BioSciences      +4
Deutsche Bank        -4           Fortis                  -3
Deutsche Boerse      +4           France Telecom          +6
Deutsche EuroShop    +4           Fraport                 +1
Deutsche Forfait     +1           Freenet                 +3
Deutsche Post        -6           Fresenius               -2
Deutsche Telekom     +1           Fresenius Med.Care      +6
Dexia                -6           Fuchs Petrolub          +1
Diageo               +5           Fugro                    0
D'Ieteren            +4           Fyffes                  +2
DnB Norway           +7           Galapagos               +6
Docdata              +5           Galp Energia            +4
Douglas Hldg         -1           Gamesa                  +5



 enquiries@investometer.org                      www.investometer.com
investometer®


Gas Natural              +3             Kerry Group            +7
GBK Beteiligungen        +5             KPN Telecom            +4
GDF Suez                +4.5            KUKA                   -1
Gemalto                  +6             Lagardere Gpe           0
Generali                 0              LBI International AB   +5
GFT Tech.                +6             LDC                    +6
Gildemeister             -4             Leoni                  +2
Gimv                     -2             Leroy Seafood Grp      +2
Glanbia                  +5             Lloyds Banking Grp     -7
GN Store Nord            +3             Loewe                  +5
Goldenport Hold Inc      0              Logica                 -2
Greencore                -1             Lufthansa               0
Hannover Re              +3             LVMH                   +5
Heidelberger Druck       +5             MAN                    -1.5
Heineken                 +1             Manitou                -6
Hellenic Carriers Ltd    +4             Mapfre                 +4
Hellenic Exchanges       +1             Marine Harvest         -2
Henkel                   0              Marr                    0
Hennes & Mauritz         +4             Mediaset               +1
HKScan                   +5             Mediobanca              0
HSBC                     -1             Medion                 +6
IBA                      +2             Merck                  -3
IBE                      +6             Metka                  +4
Iberdrola                +5             Michelin               +3
Iberdrola                               Milano
Renovables              +2.3            Assicurazioni          +2
Iliad                    +5             MLP                    -1
Ima                      0              Mobistar               +3
Imtech                   +2             Morphosys              +5
Inditex                  +7             Mota Engil             +3
Indra Sistemas           +4             Munich Re              +2
ING GRP                  -3             Mytilineos             +5
InnoConcepts             0              Natra                  +6
Integralis AG            0              Nedap                   0
Intesa Sanpaolo          -3             Neste Oil               0
Irish Life & Perm        +3             Nestle                 +1
IVG Immobilien AG        +5             Neurosearch            +3
Jazztel                 +6.5            Nexus                  +7
Jumbo                   +3.25           NH Hoteles              0
Jyske Bank               +6             NKT                    +3
KBC Group                -6             Nokia                  +3
Kendrion                 +3             Nordea                 -5




  enquiries@investometer.org                         www.investometer.com
investometer®


Novartis               0             Rolls Royce             -6
Novozymes              0             Roth & Rau               0
OPAP                  +3.5           Roularta                 0
Opera Software        +5             Royal Bank Scotland     -4
Oreal                 +5             Royal Caribbean         +4
Origin Ent.           +7             Royal Dutch Shell      +2.5
OTE Hellenic                         RWE                     +3
Telcom                +1             Ryanair                 +3
Paddy Power           +5             Sabaf                   -2
Parmalat               0             Sacyr Valleh.           -3.9
PEAB                   -3            Safilo                  -6
Pernod Ricard         +1             Safran                   0
Petroleum Geo Sces     -5            SAFT                    +6
Peugeot SA            +7             Saint Gobain            +6
Pfleiderer             -8            Saipem                  -3
Philips Electronics    -4            Sandvik                 -2
Pharming Grp           -6            Sanofi-Aventis         +5.6
Phoenix Solar          0             SAP                    +1.6
Piagio                +4             Schneider Electric
Pierre et Vacances     -5            SA                      -2
Pirelli               +6             Seadrill                +1
Porsche               +5             Seat PG                  0
Portucel              +5             SEB                     -3
Postbank               -8            Sechilienne             +4
Prisa                  -3            Sevan Marine            +4
Prosafe               +5             Seven Principles AG      0
Prysmian               -1            SIAS                    +6
Public Power Corp     +5             Siemens                  0
Publicis              +2.5           Smurfit Kappa           +4
Puma                   -5            Société Générale        -1
Randstadt             +3             Software AG             +6
RCF Grp               +7             Sol Melia               +6
Real Dolmen            -2            Solar-Fabrik            -6
Realia                +7             Solaria                 -6
Red Electrica         +5             Solarworld              +2
Remy Cointreau         0             Solon                   -8
REN                   +5.5           Spar Nord               +2
Repsol                 0             Sponda                  +7
Rheinmetall           +6             ST Microlectronics       0
Rhoen-Klinikum        +6             Standard Chartered       0
Ringkjobing Land.     +8             StatoilHydro             0
Roche                 +5             Stora Enso              +3




  enquiries@investometer.org                        www.investometer.com
investometer®


Stern Groep           0                         Transgene             +6
Suez Environnement    +3                        Tubacex               -2
Sunways               -1                        Tui                   -2
Svenska                                         Tullow Oil           +2.9
Handelsban.           -1                        Umicore                0
Swedbank              -3                        UniCredit SPA         -5
Swedish Match         +4                        Unilever              -2.6
Sydbank               +6                        Unipol                 0
Technip               0                         United Internet        0
Telecinco             -6                        UPM-Kymmene           +4
Telecom Italia        +4                        Vallourec             +5
Telefonica            +5                        Van Lanschot          +4
Telegraaf Media Grp   -1                        Veolia environ.       +4
Téléperformance       0                         Vestjysk Bank         +5
Tenaris               +2                        Vidrala               +6
Terna                 +6                        Vinci                 +7
Tgs-Nopec             +2                        Viscofan              +5
Tomra Systems         +5                        Vivendi               +3
ThyssenKrupp          -3                        Vodafone              +5
Tiscali               -6                        Volkswagen AG         -7
TNT                   +6                        Vossloh               +7
Tom Tom               +1                        Zardoya Otis          -3
Topdanmark            0                         Zeltia                -2
Total                 +7



                           22-10-09 consensus         ……
                           15-10-09 consensus         ……
                           15-09-09 consensus         ……
                           04-09-09 consensus         ……




  enquiries@investometer.org                                 www.investometer.com

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Pierre Boulle, Investometer Calibration Of Public Research 22 10 2009 375 Stocks

  • 1. investometer® Calibration of Public Research 22.10.2009 A2A 0 Azimut +3 Aareal Bank -1 Azkoyen -3 ABB -3 BAE Systems +2 Abengoa -4 Banca Generali +2 Abertis +4 Banco Pastor -4 Accell 0 Banco Popolare +3 Acciona +6.5 Banco Popular +6 Accor +5 Banco Sabadell +1 Acerinox -2 Banco Santander -2 ACS +5 Banesto -2 Adidas 0 BANKINTER -3 ADP -3 Barclays +5 Advanced Barco -3 VisionTech +3 Barron de Ley +5 Aegon +6 Bayer SE +2 Aer Lingus +4 BBVA -4 Agfa-Gevaert +3 BCP +1 AHOLD +2 Beiersdorf 0 Air Liquide +2 Benetton -2 AKBANK -1 BES +3 Allianz 0 Beta Syst. Software +6 Allied Irish Banks +5 Bic -2 ALM Brand -3 Biesse +3 Alpha Bank +5 Bilfinger Berger +7 Alstom +3.5 Bincbank +5 Alten +5 Biogaia +5 Altri SGPS +5.1 Biotest +2 Amargenbanken -9 Bjorn Borg 0 Amplifon +5 BMW -4 Analytik Jena +2 BNP Paribas +4 Anheuser-Busch -3 Bollore +4 Antena 3TV -6 Boskalis 0 Arcadis +5 Bourbon +4 Arcelormittal +6 Bouygues +1 Arseus +3 BP +2 Aryzta +5 BPI +3 ASM International 0 British Land -6 Astra Zeneca 0 Brunel +3 Atlantia +3 Bulgari +2 Autogrill +3 Caltagirone Editore +2 AXA 2 Campari 0 enquiries@investometer.org www.investometer.com
  • 2. investometer® Campofrio +7 Drägerwerk -2 Cargotec +7 Dragon Oil +5 Carlsberg +5 Draka -1 Carrefour +6 DSM 0 Celesio +5 Duro Felguera +6 Cenit AG System. +5 E.ON 0 CEPSA +3 EADS +5 Cermaq +5 EBRO Puleva -1 CGG Veritas +4 EDF 0 Cintra 0 EDP +6.8 Citicon +5 EDP Renova. +6 CMB 0 Elisa +2 CNP/NPM 0 Elringklinger 0 Coca Cola 0 Emak 0 Coca Cola Hellenic -2 Enagas 0 Commerzbank -6 ENCE +6 Conergy -6 Endesa -4 Cramo -6 Enel SPA +1.5 Credit Agricole -4 Eni +1 CRH +3 Ericsson +1.5 Crucell -1 Escada +2 CSM +2 Essilor Int. 0 D.Logistics +5 Europac +3 d’Amico Int.Ship 0 Fastweb +3 DAB Bank +5 FCC +5 Daimler AG +6 Ferrovial +7 Danieli +3 Fiat +1.5 Danone +4 Finmeccanica +6 Delhaize +1 FondiariaSai -2 Demag Cranes +5 Fornix BioSciences +4 Deutsche Bank -4 Fortis -3 Deutsche Boerse +4 France Telecom +6 Deutsche EuroShop +4 Fraport +1 Deutsche Forfait +1 Freenet +3 Deutsche Post -6 Fresenius -2 Deutsche Telekom +1 Fresenius Med.Care +6 Dexia -6 Fuchs Petrolub +1 Diageo +5 Fugro 0 D'Ieteren +4 Fyffes +2 DnB Norway +7 Galapagos +6 Docdata +5 Galp Energia +4 Douglas Hldg -1 Gamesa +5 enquiries@investometer.org www.investometer.com
  • 3. investometer® Gas Natural +3 Kerry Group +7 GBK Beteiligungen +5 KPN Telecom +4 GDF Suez +4.5 KUKA -1 Gemalto +6 Lagardere Gpe 0 Generali 0 LBI International AB +5 GFT Tech. +6 LDC +6 Gildemeister -4 Leoni +2 Gimv -2 Leroy Seafood Grp +2 Glanbia +5 Lloyds Banking Grp -7 GN Store Nord +3 Loewe +5 Goldenport Hold Inc 0 Logica -2 Greencore -1 Lufthansa 0 Hannover Re +3 LVMH +5 Heidelberger Druck +5 MAN -1.5 Heineken +1 Manitou -6 Hellenic Carriers Ltd +4 Mapfre +4 Hellenic Exchanges +1 Marine Harvest -2 Henkel 0 Marr 0 Hennes & Mauritz +4 Mediaset +1 HKScan +5 Mediobanca 0 HSBC -1 Medion +6 IBA +2 Merck -3 IBE +6 Metka +4 Iberdrola +5 Michelin +3 Iberdrola Milano Renovables +2.3 Assicurazioni +2 Iliad +5 MLP -1 Ima 0 Mobistar +3 Imtech +2 Morphosys +5 Inditex +7 Mota Engil +3 Indra Sistemas +4 Munich Re +2 ING GRP -3 Mytilineos +5 InnoConcepts 0 Natra +6 Integralis AG 0 Nedap 0 Intesa Sanpaolo -3 Neste Oil 0 Irish Life & Perm +3 Nestle +1 IVG Immobilien AG +5 Neurosearch +3 Jazztel +6.5 Nexus +7 Jumbo +3.25 NH Hoteles 0 Jyske Bank +6 NKT +3 KBC Group -6 Nokia +3 Kendrion +3 Nordea -5 enquiries@investometer.org www.investometer.com
  • 4. investometer® Novartis 0 Rolls Royce -6 Novozymes 0 Roth & Rau 0 OPAP +3.5 Roularta 0 Opera Software +5 Royal Bank Scotland -4 Oreal +5 Royal Caribbean +4 Origin Ent. +7 Royal Dutch Shell +2.5 OTE Hellenic RWE +3 Telcom +1 Ryanair +3 Paddy Power +5 Sabaf -2 Parmalat 0 Sacyr Valleh. -3.9 PEAB -3 Safilo -6 Pernod Ricard +1 Safran 0 Petroleum Geo Sces -5 SAFT +6 Peugeot SA +7 Saint Gobain +6 Pfleiderer -8 Saipem -3 Philips Electronics -4 Sandvik -2 Pharming Grp -6 Sanofi-Aventis +5.6 Phoenix Solar 0 SAP +1.6 Piagio +4 Schneider Electric Pierre et Vacances -5 SA -2 Pirelli +6 Seadrill +1 Porsche +5 Seat PG 0 Portucel +5 SEB -3 Postbank -8 Sechilienne +4 Prisa -3 Sevan Marine +4 Prosafe +5 Seven Principles AG 0 Prysmian -1 SIAS +6 Public Power Corp +5 Siemens 0 Publicis +2.5 Smurfit Kappa +4 Puma -5 Société Générale -1 Randstadt +3 Software AG +6 RCF Grp +7 Sol Melia +6 Real Dolmen -2 Solar-Fabrik -6 Realia +7 Solaria -6 Red Electrica +5 Solarworld +2 Remy Cointreau 0 Solon -8 REN +5.5 Spar Nord +2 Repsol 0 Sponda +7 Rheinmetall +6 ST Microlectronics 0 Rhoen-Klinikum +6 Standard Chartered 0 Ringkjobing Land. +8 StatoilHydro 0 Roche +5 Stora Enso +3 enquiries@investometer.org www.investometer.com
  • 5. investometer® Stern Groep 0 Transgene +6 Suez Environnement +3 Tubacex -2 Sunways -1 Tui -2 Svenska Tullow Oil +2.9 Handelsban. -1 Umicore 0 Swedbank -3 UniCredit SPA -5 Swedish Match +4 Unilever -2.6 Sydbank +6 Unipol 0 Technip 0 United Internet 0 Telecinco -6 UPM-Kymmene +4 Telecom Italia +4 Vallourec +5 Telefonica +5 Van Lanschot +4 Telegraaf Media Grp -1 Veolia environ. +4 Téléperformance 0 Vestjysk Bank +5 Tenaris +2 Vidrala +6 Terna +6 Vinci +7 Tgs-Nopec +2 Viscofan +5 Tomra Systems +5 Vivendi +3 ThyssenKrupp -3 Vodafone +5 Tiscali -6 Volkswagen AG -7 TNT +6 Vossloh +7 Tom Tom +1 Zardoya Otis -3 Topdanmark 0 Zeltia -2 Total +7 22-10-09 consensus …… 15-10-09 consensus …… 15-09-09 consensus …… 04-09-09 consensus …… enquiries@investometer.org www.investometer.com