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Slow motion train wreck – German demographics | Print |
Written by Tim du Toit   
Friday, 26 February 2010

 

The German Federal Statistical Office in November last year reminded us once again of the the dreadful state of German (and Western Europe's) demographics in its report “Every seventh person will be 80 or more years old in 2060”.


Demographics is is one of the few variable that can be used with 100% certainty when making projections.

Sadly, even that has not motivated politicians to tackle its serious implications for Western Europe's state welfare system, apart from minor tinkering around the edges.

At present Germany has a population of 82 million which will, in the worse case scenario, decline by just over 20% to 65 million over the next 50 years.

The annual excess of deaths over births, will more than triple by 2060 (2008: 162,000, 2060: 527,000).

This may not sound like a lot but but 17 million people is more than the total population of the Netherlands and slightly less than that of Chile. (Source Wikipedia)

And that in a country that produces just over 6% of world nominal GDP in 2008. (The USA produced 23.7%) (Source: Wikipedia)


This however is not the worse of it.

With the welfare system already straining to meet its obligations the age dependency rate is nearly going to double by 2060, with the number of people aged 65 and over increase substantially after 2020.

The age dependency rate is calculated as follows: (No of people 65 years and over) / (100 people of working age)

Today in Germany 34 people aged 65 and over are supported by 100 people working (aged between 20 and 65 years). In 2030, this number will increase to 53 and in 2060 to 67.

That means in 2060 the welfare of 67 people will have to be supported by 100 working people with the system currently straining with just 34.

Thank goodness I will be long buried in 2060 and will not then be looking at any state benefits!

 

Graphically it looks like this:

People aged 65 and older for every 100 people working



 

The numbers will look slightly better if one assumes a retirement age of 67 with the a ratio of 43 in 2030 and 56 in 2060, from 29 today.

But its all looks quite grim.

 

It will be interesting to see how the debate in Germany develops as it is basically the interests of generations against each other.

The only problem being that the retired is a powerful voting block, directly effected and is good at organisation whereas for the young the problem lies in the distant future and they are not as well organised.

The only problem is changes need to be made now before the train hits the wall.

 

Take a look at this fascinating interactive graphic showing the ageing of the German population in slow motion.

Interactive German Demographics 2009 to 2060

 




    

 

 


 Tim du Toit is the editor of Eurosharelab. Kindly note that this blog is published for information purposes and is not investment advice. Please refer to our disclaimer.

To subscribe to our weekly newsletter and receive a 11 page free report - Enhanced Checklist for Investors, click here  |  Follow me on Twitter

The Eurosharelab Blog is published by Serendipity Ventures (UG) haftungsbeschraenkt a limited liability company incorporated in Germany. Our address is Von-Eicken-Str. 13A, 22529, Hamburg, Germany. Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it


 

 
Management bails out of Cadbury's - Sells Euro 24.36m | Print |
Written by Tim du Toit   
Thursday, 18 February 2010

 

Cadbury's management is not waiting to see what plans Kraft may have for them once the takeover is finalised.

According to inside-analytics.com / Roundup for the largest European Directors' Dealings for the reporting week from 7 to 14-February-2010 Cadbury's management has sold shares worth Euro 24.36 million


Here are the transactions:


CADBURY PLC
Insider: Stitzer, Todd
Insider Relation: CEO
Transaction Date: 8-February-2010
Transaction Volume: 13.096 mln eur
Notes: London
Amount of shares sold: 1,363,520
Average selling price: 9.60 eur
Last Price vs. selling price: +0.85%

CADBURY PLC
Insider: Udow, Henry A

Insider Relation: Management Team / Committee
Transaction Date: 9-February-2010
Transaction Volume: 5.292 mln eur
Notes: London
Amount of shares sold: 553,431
Average selling price: 9.56 eur
Last Price vs. selling price: +1.30%

CADBURY PLC
Insider: Reckitt, Mark

Insider Relation: Management Team / Committee
Transaction Date: 9 - 10-February-2010
Transaction Volume: 3.246 mln eur
Notes: London
Amount of shares sold: 337,533
Average selling price: 9.62 eur
Last Price vs. selling price: +0.71%

CADBURY PLC
Insider: Bond, Trevor

Insider Relation: Management Team / Committee
Transaction Date: 10-February-2010
Transaction Volume: 2.722 mln eur
Notes: London
Amount of shares sold: 282,775
Average selling price: 9.63 eur
Last Price vs. selling price: +0.61%


If you look at the Cadbury's share price its not hard to understand why they are selling.



Source: Bigcharts.com



 Tim du Toit is the editor ofEurosharelab. Kindly note that this blog is published for information purposes and is not investment advice. Please refer to our disclaimer.

To subscribe to our weekly newsletter and receive a 11 page free report - Enhanced Checklist for Investors, click here  |  Follow me on Twitter

The Eurosharelab Blog is published by Serendipity Ventures (UG) haftungsbeschraenkt a limited liability company incorporated in Germany. Our address is Von-Eicken-Str. 13A, 22529, Hamburg, Germany. Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it


 

 
Would you let your brother declare bankruptcy - Greece in the EU | Print |
Written by Tim du Toit   
Monday, 08 February 2010

 
Imagine your are a family of seven brothers and sisters.  You're all married out of the house and living lives on your own. 

 You are financially conservative but your brothers and sisters all to more or less a degree, think only of today and have steadily over a period of 20 years or more built up debt as their spending always somehow turns out to be more than their income.

As this has been happening you have, at family gatherings, warned them to be more conservative with their finances and to save more.  This has fallen on deaf as they have continued their spendthrift ways.

They all enjoyed their lifestyle more than the need to bring their finances in order by reducing debt, never mind even to start saving.

One day due to factors beyond everybody's control the economy went into a severe economic recession.

Luckily everybody in your family still has their jobs but because banks are becoming more conservative and employment is rising they are reviewing their credit arrangements and some of the members and your family have gotten letters saying that they have to pay back some of their credit card debt is well some of their revolving credit facilities.

Needless to say everybody is very stressed, working feverishly on plans to lower expenses, but for some, the ones that have built up the most debt, the situation looks exceedingly grim.

Late one night around 10 p.m. you receive a call from your brother, the one that's been the most spendthrift during all this time, sounding very distressed. He explains his financial situation and at the end says that you've got to help him because if you don't his only alternative is to declare bankruptcy.

In the conversation your brother mentions that this whole situation is not of his doing but it's all because of the banks being unfair. Additionally he says that this whole situation was triggered by the economic recession which he could not have foreseen.

What shocked you most from the conversation was the amount of your brothers' debt. It was a lot more than any amount he causally mentioned when you tried to convince him to be more financially conservative.

As the situation for him looks exceedingly hopeless and he becomes more distressed he says that you have to help him or if not, you will be responsible for him declaring bankruptcy.

Even though you've been conservative with your finances you know that if you help your brother the future of you and your children will be severely impacted. Your children will have to go to a state university and will have to work to pay their tuition and you and your wife will have to give up your dream of owning a little cottage at the coast, something you were planning on buying as soon as the children leave the house.

What do you do?

The situation is not far fetched as this is exactly what is playing out in the European Union at the moment.

You are in the position of Germany and Greece is the brother that phoned late at night.

Greece is trying to put the blame on its financial situation on anybody outside of itself.  The normal whipping boys like hedge funds and other speculators are immediately brought into the picture. 

While everybody tries to avoid any blame, another Euro 40 billion of previously unknown debt is discovered.

As investors holding Greek debt become more nervous nobody in Greece is addressing the problems and taking concrete action as for example Ireland has done.

In the meantime you are getting calls from other brothers and sisters in the form of Portugal and Spain which is also coming under increased stress from their banks.

But everybody is still spending as if there's no tomorrow, without any adjustment to their lifestyle.

What are the options going forward?

  • Your indebted brother can declare bankruptcy or Greece can withdraw from the European Union.  Take the new Drachma as currency and interest rates and debt servicing costs will go through the roof
  • You can help your brother or Greece can continue asking and get a bailout from the European Union, which will probably only be able to come from Germany as the only economies are not in a position to do so
  • You can, when seeing the possibility of also having to help your two sisters as well leave the family to their own devices or Germany can decide seeing that the situation with Portugal and Spain may be no different to that of Greece in the near future, withdraw from the European Union establishes the new Deutschmark and decides to go it alone in stead of being dragged down with all your spendthrift brothers and sisters


What is most likely to happen?

It will most likely be a muddle through.  The European Union on will promise some aid to Greece which will calm the situation somewhat but not enough for Greece to continue going on as it has.

Greece will make some adjustments, not enough to correct the situation but enough to move the problem on to future governments and future generations.

What I don't understand is the perception that if there is no bailout of Greece it will be bad for the Euro.

Why do European countries have to have similar borrowing costs and similar credit ratings? All the states in the USA do not.

Why can't a country in the European Union default on its debt?  Bondholders surely know that countries have different credit ratings and thus have different probabilities of defaulting on their debt.  If an investor wants to hold debt in Greece get a higher interest rate he should also be willing to take the risk of possible default.

You cannot expect to lend Greece money at a higher interest rate and expect Germany, which is more credit worthy and borrows at lower interest rates, to assist Greece if it gets into difficulties.

A major advantage of the European Central bank is that the decision-making process is so dispersed that even if politicians wanted to influence, for example a decision to print money, is difficult for them to do so within a short time frame and the long discussions periods usually leads to nothing happening at all.

That is probably why the European central bank has provided cheap credit to banks through their refinancing operations but they haven't started printing money by getting into the business of quantitative easing like the US and the UK have done.

I do not think that the Euro will be substantially impacted by the situation in Greece even if Portugal and Spain also comes to the party.

What I really hope does not happen is that Greece is bailed out along with Portugal and Spain by Germany the only country that is really in a position to do so. Not that Germany does not have problems of its own.


Why should you as the only person in your family that has been financially conservative be punished because your brothers and sisters have not been?

What kind of incentive will that create within the European Union?

Spend like there is no tomorrow and you will be bailed out?

It is the same convoluted reasoning which makes people ask for debt forgiveness to the most indebted African countries. Why should the debts of these countries be forgiven and countries that have been conservative and not borrowed so much be punished as their debts are not forgiven?

What do you think every country in Africa thinks now? Borrow as much as possible because only then can you receive debt forgiveness.

Hard as it may be this is not the kind of incentive you want to create in your family. Your children deserve the education you have been saving for the same as you deserve the little cottage at the coast.



Further reading:

Europe needs to show it has a crisis endgame

G7 tries to ease fears over Greek contagion

Greece and the eurozone: Halcyon no more

Spain’s economy

Should Germany bail out Club Med or leave the euro altogether?

Funds flee Greece as Germany warns of "fatal" eurozone crisis

Bill Gross: Beware the Ring of Fire

View of the Day: Greece not the only word

ECB begins to turn off the liquidity tap

Greece tests the limit of sovereign debt as it grinds towards slump


 Tim du Toit is the editor ofEurosharelab. Kindly note that this blog is published for information purposes and is not investment advice. Please refer to our disclaimer.

To subscribe to our weekly newsletter and receive a 11 page free report - Enhanced Checklist for Investors, click here  |  Follow me on Twitter

The Eurosharelab Blog is published by Serendipity Ventures (UG) haftungsbeschraenkt a limited liability company incorporated in Germany. Our address is Von-Eicken-Str. 13A, 22529, Hamburg, Germany. Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it


  

 
Germany's serious 2009 recession | Print |
Written by Tim du Toit   
Friday, 22 January 2010


The German economy shrank in 2009 for the first time in six years, with the 5.0% decline in the price-adjusted gross domestic product (GDP) being the largest World War II.

What was striking in 2009 is that both exports and capital formation in machinery and equipment slumped heavily.

The largest forces pulling GDP down was:

  • The balance of exports and imports made a negative 3.4% contribution much larger than the minus 0.3% in 2008.
  • Gross fixed capital formation in machinery and equipment was down 20.0% compared to 2008


The only positive contribution to GDP in 2009 was made by final consumption expenditure by households (up 0.4%) and government final consumption expenditure up 2.7%.

This 5% lower GDP was produced with an average 40.2 million workers only 37,000 people or 0.1% less than a year earlier.

That just shows how many workers were under-utilised or on the government assisted short work program.



Source: Preliminary German Federal Statistics Office release


 Tim du Toit is the editor of Eurosharelab. Kindly note that this blog is published for information purposes and is not investment advice. Please refer to our disclaimer.

To subscribe to our weekly newsletter and receive a 11 page free report - Enhanced Checklist for Investors, click here  |  Follow me on Twitter

The Eurosharelab Blog is published by Serendipity Ventures (UG) haftungsbeschraenkt a limited liability company incorporated in Germany. Our address is Von-Eicken-Str. 13A, 22529, Hamburg, Germany. Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it


  

 
EU unemployment catches up with the USA highest since Aug 1998 | Print |
Written by Tim du Toit   
Monday, 18 January 2010

 

On Jan 8 Eurostat confirmed that unemployment in Europe does not look any better than in the USA.

 

The euro area* unemployment rate was 10.0% in November 2009, compared with 9.9% in October 2009 . It was 8.0% in November 2008.

For the euro area this is the highest rate since August 1998.

 


The EU27** unemployment rate reached 9.5% in November 2009, compared with 9.4% in October 2009 . It was 7.5% in November 2008.

For the EU 27 this is the highest rate since the start of the series (January 2000).

 


Compared to a year ago, all member countries recorded an increase in their unemployment rate.

The smallest increases were recorded in Germany (7.1% to 7.6%), Luxembourg (5.2% to 6.0%) and Malta (6.2% to 7.0%).


The highest increases were in Latvia (10.2% to 22.3%), Estonia (6.5% to 15.2% between the third quarters of 2008 and 2009) and Lithuania (6.4% to 14.6% between the third quarters of 2008 and 2009).


Graphically it looks like this:

 

Source: Eurostat

 

This is most probably the most optimistic measure of unemployment as a laundry list of social programs are keeping the numbers low.


For example the German government-funded short-time working program, known in German as Kurzarbeit with more than a million participants as September 2009.


I a not sure what is keeping the numbers so low in Holland and Austria. Especially Austria with its strong links with eastern Europe?


Does anybody have any ideas?



Definitions:
* The euro area (EA16) consists of Belgium, Germany, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

** The EU27  includes Belgium  (BE), Bulgaria  (BG), the Czech Republic (CZ), Denmark (DK), Germany (DE), Estonia (EE), Ireland (IE), Greece (EL), Spain (ES), France (FR), Italy (IT), Cyprus (CY), Latvia (LV), Lithuania (LT), Luxembourg (LU), Hungary (HU), Malta (MT), the Netherlands (NL), Austria (AT), Poland  (PL), Portugal  (PT), Romania (RO), Slovenia (SI), Slovakia (SK), Finland (FI), Sweden (SE) and the United Kingdom (UK).


 Tim du Toit is the editor of Eurosharelab. Kindly note that this blog is published for information purposes and is not investment advice. Please refer to our disclaimer.

To subscribe to our weekly newsletter, click here  |  Follow me on Twitter

The Eurosharelab Blog is published by Serendipity Ventures (UG) haftungsbeschränkt a limited liability company incorporated in Germany. Our address is Von-Eicken-Str. 13A, 22529, Hamburg, Germany. Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it


   

 
Watch Japan implode | Print |
Written by Tim du Toit   
Wednesday, 13 January 2010

 

Things that cannot go on usually go on for a lot longer than you thought they would.

There are always quite a lot of these situations happening for example

  • The overgenerous pension systems in Europe that still has to deal with unfavourable demographics

  • the outrageous deficits governments are running without any plan to cut back on expenses

  • leveraged cyclical companies having outperformed well funded low debt companies with a solid business in the current recovery


At the moment the media has ignored probably the biggest situation that cannot go on as it has.


It is the perilous over leveraged situation in Japan and a catalyst to bring the system down may be the appointment of free spending finance minister recently.


According to the International Monetary FundJapan's gross public debt will reach 227% of GDP this year. This has been caused by deficits spending, mainly stimulus related, over a number of years.


Japan has been able to ring up this unbelievable amount of debt because of the super low interest rates.   It has been able to borrow money at less than 1%.  This has led to the interest expense on government debt decreasing since 2005 despite of the outstanding debt increasing at a steady rate.


This low rate of borrowing looks like it may come to an end soon.


The main reason for this being the ageing Japanese population.


The Japanese government has been able to finance itself cheaply because of the high Japanese savings rate and price deflation. As the population ages and savings rate decreases and the natural buyer of government bonds disappear. The current savings rate in Japan for example is below 2%, lower than that of the USA.


Also the Japanese state pension fund became a net seller of Japanese government bonds last year.


What this all means is that Japan will have to find investors outside of Japan to refinance its existing debt, as well and as take on increased debt as deficit spending continues.


Good luck. I think they are unlikely to find anyone at the current low interest rate of, for example 1.3% for 10 years.


That means that interest rate will have to go up but, with debt nearly at 230% of GDP any interest rate increase of even 1%  will completely rip apart Japanese public finances.


Japan will be an interesting case study of much data developed economy with the ageing demographic profile takes on before it implodes.


I hope that politicians in the USA, Europe and the UK are watching.


Further Reading:

Japan braves bond markets with high-risk plans, talks down the yen
Bond jitters as Japan launches yet another stimulus plan
Dismount Fujii
Global bear rally will deflate as Japan leads world in sovereign bond crisis
Japan, deflating


 Tim du Toit is the editor of Eurosharelab. Kindly note that this blog is published for information purposes and is not investment advice. Please refer to our disclaimer.

To subscribe to our weekly newsletter, click here  |  Follow me on Twitter

The Eurosharelab Blog is published by Serendipity Ventures (UG) haftungsbeschränkt a limited liability company incorporated in Germany. Our address is Von-Eicken-Str. 13A, 22529, Hamburg, Germany. Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it


   

 
Predictions and outlooks for 2010 | Print |
Written by Tim du Toit   
Saturday, 09 January 2010

 

I came across this great list of outlooks for 2010 from various analysts, gurus, hedge funds and investors.

I hope it helps you with your investments this year.

 

 

Remember to keep the incentives of the various parties in mind when reading their predictions.

 

Thanks to Barry Barry Ritholtz from The Big Picture for bringing it to my attention


 Tim du Toit is the editor of Eurosharelab. Kindly note that this blog is published for information purposes and is not investment advice. Please refer to our disclaimer.

To subscribe to our weekly newsletter, click here  |  Follow me on Twitter

The Eurosharelab Blog is published by Serendipity Ventures (UG) haftungsbeschränkt a limited liability company incorporated in Germany. Our address is Von-Eicken-Str. 13A, 22529, Hamburg, Germany. Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it


   

 
The tanker ship market about to collapse? | Print |
Written by Tim du Toit   
Wednesday, 30 December 2009



Businessweek published an interesting article on the tanker shipping market titled:

Tanker Glut Signals 25% Drop as 26-Mile Queue Overwhelms Demand

The article mentions two sources of the oversupply of tanker ships that are going to overwhelm demand:

  1. The tankers that have been used as storage by commodity traders this year and
  2. Deliveries from shipyards with the largest ever order book of tanker ships


The use of tankers to store commodities as mentioned in the point one will not reoccur as the storage trade is only profitable so long as the spread between energy contracts exceeds ship rental, insurance and financing costs.

For example:
A year ago, the spread between the first and sixth Brent crude-oil contracts was 23 percent. Now, it’s 4 percent.

These are the arguments that tanker rates will drop.

On the side of arguments for rising tanker rates are:

  1. Unprofitable tanker rates may encourage owners to scrap more ships.
  2. A global ban on single-hulled tankers is scheduled to be phased in from next year, potentially further shrinking vessel supply. Single-hulled supertankers account for about 17 percent of the total fleet, according to Lloyd’s Register-Fairplay data. This will result in a decline int he world tanker fleet so supporting charter rates.


If world demand remains sluggish so will the demand for oil, which I think is the most probable scenario

I will thus not be betting rising tanker charter rates.

If you want to take a look at some companies in the tanker market here are a few candidates:

  • Clarkson Plc, the world’s largest shipbroker.
  • Frontline oil-tanker owner
  • Overseas Shipholding Group oil-tanker owner

 Tim du Toit is the editor of Eurosharelab. Kindly note that this blog is published for information purposes and is not investment advice. Please refer to our disclaimer.

To subscribe to our weekly newsletter, click here  |  Follow me on Twitter

The Eurosharelab Blog is published by Serendipity Ventures (UG) haftungsbeschränkt a limited liability company incorporated in Germany. Our address is Von-Eicken-Str. 13A, 22529, Hamburg, Germany. Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it


  

 
Remarkable European insider dealings for the week of 16 Nov 2009 | Print |
Written by Tim du Toit   
Monday, 23 November 2009

 

I have focused on transactions made by individuals eliminating company transactions.

I hope you find the list a valuable idea generator of companies to investigate further.

Worth noting is the EUR 3.956 million non-executive purchase of shares in the German based doll manufacturer ZAPF CREATION AG

 

Largest Directors' Purchases:

 

ASSICURAZIONI GENERALI SPA

Insider

Caltagirone, Francesco Gaetano

Insider Relation

Independent Director

Transaction Date

12 - 19-November-2009

Transaction Volume

8.518 mln eur

Notes

Italian regulated market

Amount of shares bought

475000

Average buying price

17.93 eur

Last Price vs. buying price

-2.92%

Assicurazioni Generali SpA is an Italy-based Company engaged in the insurance and financial products market. The Company acts as the parent to the Generali Group (the Group).

The Group operates in all branches of insurance, from mass risks, such as motor vehicle third-party liability insurance, to sophisticated covers for the industrial sector, and simple household insurance to the complex needs of large multinationals. Its product offerings also include a range of financial services and asset management.

 

VEDANTA RESOURCES

Insider

Agarwal, Anil K

Insider Relation

Chairman

Transaction Date

18/11/09

Transaction Volume

6.861 mln eur

Notes

London

Amount of shares bought

250000

Average buying price

27.44 eur

Last Price vs. buying price

-4.32%

Vedanta Resources plc is United Kingdom-based company. The Company is the parent company of a diversified metals and mining companies. The Company is organized in five segments: aluminium, copper, zinc, iron ore and others.

 

ZAPF CREATION AG

Insider

Larian, Isaac

Insider Relation

Non-Executive Director

Transaction Date

16/11/09

Transaction Volume

3.956 mln eur

Notes

private transaction, OTC

Amount of shares bought

3955789

Average buying price

1.00 eur

Last Price vs. buying price

20.00%

Zapf Creation AG (Zapf) is a Germany-based producer of play, functional and mini dolls, as well as accessories. The Company's products are targeted at girls between the ages of three and eight.

 

FAGERHULT AB

Insider

Douglas, Eric

Insider Relation

Director

Transaction Date

16/11/09

Transaction Volume

3.738 mln eur

Notes

private transaction, OTC, estimated price

Amount of shares bought

300000

Average buying price

12.46 eur

Last Price vs. buying price

-0.84%

Fagerhult AB is a Swedish company engaged in the development, manufacturing and sale lighting systems.

 

NATIONAL EXPRESS GROUP PLC

Insider

Cosmen, Jorge

Insider Relation

Deputy Chairman

Transaction Date

19/11/09

Transaction Volume

1.914 mln eur

Notes

LSE

Amount of shares bought

501823

Average buying price

3.81 eur

Last Price vs. buying price

6.98%

National Express Group PLC is the holding company of the National Express Group of companies. Its subsidiary companies provide mass passenger transport services in the United Kingdom and overseas.

The Company’s segments comprise: UK Bus; UK Coach; UK Trains; North American Bus; European Coach and Bus, and Central functions.

 

IMPLENIA AG

Insider

Name not disclosed

Insider Relation

Executive Director/Executive Committee

Transaction Date

13/11/09

Transaction Volume

1.656 mln eur

Notes

private transaction, Switzerland

Amount of shares bought

100000

Average buying price

16.56 eur

Last Price vs. buying price

10.50%

Implenia AG is a Switzerland-based company, operating in the engineering and construction sectors. It divides its activity into four main divisions.

The Real Estate division provides is structured into two segments: Project Development, and General Contracting and Services that includes such activities as general project planning, general contractor activities in the construction sector, coordination, engineering, planning projects in the property sector, and facility management.

 

Largest Directors' Sales:


TECNICAS REUNIDAS

Insider

Llado Fernandez-Urrutia, Jose

Insider Relation

Executive Chairman

Transaction Date

16/11/09

Transaction Volume

138.902 mln eur

Notes

private placement, OTC

Amount of shares sold

3912720

Average selling price

35.50 eur

Last Price vs. selling price

1.94%

Tecnicas Reunidas SA is a Spain-based company involved in the engineering and construction of industrial plants.

It is structured into three business areas: Oil Gas, Power, and Infrastructure and Industries.

 

XING AG

Insider

Hinrichs, Lars

Insider Relation

Non-Executive Director

Transaction Date

17/11/09

Transaction Volume

48.291 mln eur

Notes

private transaction, OTC

Amount of shares sold

1323041

Average selling price

36.50 eur

Last Price vs. selling price

-11.53%

XING AG is a Germany-based company engaged in the provision and maintenance of online business communication services. It provides the Internet platform xing.com aimed at business professionals, offering discovery capability and contact management tools.

 

ENKA INSAAT VE SANAYI AS

Insider

Gülçelik, Sevda

Insider Relation

Shareholder

Transaction Date

9 - 28-October-2009

Transaction Volume

13.738 mln eur

Notes

Istanbul

Amount of shares sold

5000000

Average selling price

2.75 eur

Last Price vs. selling price

-5.04%

Enka Insaat ve Sanayi A.S. is a Turkey-based construction company active in the manufacturing and trade, energy, retail, and real estate sectors.

It is the parent company of Enka Group, which is comprised of 41 local and international subsidiaries engaged in a variety of activities, including the construction of power plants, motorways, bridges, tunnels, petrochemical plants, pipelines, business and cultural centers, housing complexes, shopping malls, hospitals, airports, harbors and industrial plants.

 

SCHRODERS PLC

Insider

Dobson, Michael

Insider Relation

CEO

Transaction Date

16 - 17-November-2009

Transaction Volume

11.426 mln eur

Notes

tax related, London

Amount of shares sold

1067997

Average selling price

10.70 eur

Last Price vs. selling price

1.52%

Schroders plc is an asset management company. The Company’s segments include Asset Management, Private Banking, Private Equity and Group.

Asset Management comprises investment management, including advisory services, property, life company business and alternative assets.

Private Banking includes investment management and banking services provided to high-net-worth individuals and certain smaller institutions. Private Equity comprises the Company’s investments in private equity, venture and buy-out funds and related vehicles.

 

TEMENOS GROUP AG

Insider

Name not disclosed

Insider Relation

Executive Director/Executive Committee

Transaction Date

11/11/09

Transaction Volume

6.271 mln eur

Notes

private transaction, Switzerland

Amount of shares sold

363031

Average selling price

17.27 eur

Last Price vs. selling price

-5.17%

Temenos Group AG is a Switzerland-based provider of banking software systems in the Retail, Corporate and Correspondent, universal, Private, Islamic as well as Microfinance and Community banking markets.

 

EXPERIAN PLC

Insider

Robert, Donald

Insider Relation

CEO

Transaction Date

18/11/09

Transaction Volume

4.645 mln eur

Notes

LSE

Amount of shares sold

700000

Average selling price

6.64 eur

Last Price vs. selling price

-3.87%

Experian PLC (Experian) is an information services company. Experian provides information, analytical tools and marketing services to organisations worldwide, ranging from small start-up businesses to multinational corporations. The Company provides organizations and individuals with information and analysis to help them make decisions.

 

COREM PROPERTY GROUP AB

Insider

Selin, Erik

Insider Relation

Director

Transaction Date

11/11/09

Transaction Volume

4.631 mln eur

Notes

Stockholm, estimated price

Amount of shares sold

1050000

Average selling price

4.41 eur

Last Price vs. selling price

-1.75%

Corem Property Group AB, formerly Biolight International AB, is a Sweden-based company that owns and manages properties in the central and southern Sweden and Denmark.

The Company directly and indirectly (through its subsidiaries) acquires, owns, manages, develops and sells real estate.

Corem Property Group AB offers mainly industrial, warehouse, logistics and commercial properties located in Helsingborg, Lund and Malmo in Sweden and in Copenhagen, Denmark.

 

 

The above information is an extract of the of the Weekly Top 10 European Insider Transactions as published byinside-analytics.com.

The Top 10 statistics exclude transactions by issuers (share buybacks), parent companies, subsidiaries and affiliated companies.

This message is automatically generated by 2iQ Research GmbH, Frankfurt, Germany. 2iQ does not take any responsibility for the accuracy, completeness of this data. For terms of use please check: http://www.inside-analytics.com/terms.html.

For disclaimer and terms of use please have a look at:http://www.inside-analytics.com/terms.html

In this post I summarise the largest insider transactions of companies in Europe.


 Tim du Toit is the editor of Eurosharelab. Kindly note that this blog is published for information purposes and is not investment advice. Please refer to our disclaimer.

To subscribe to our weekly newsletter, click here  |  Follow me on Twitter

The Eurosharelab Blog is published by Serendipity Ventures (UG) haftungsbeschränkt a limited liability company incorporated in Germany. Our address is Von-Eicken-Str. 13A, 22529, Hamburg, Germany. Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it


  

 
Remarkable European insider dealings for the week of 9 Nov 2009 | Print |
Written by Tim du Toit   
Wednesday, 18 November 2009

 

In this post I summarise the largest insider transactions of companies in Europe. 

I have focused on transactions made by individuals eliminating company transactions.

I hope you find the list a valuable idea generator of companies to investigate further.

 

Worth noting are the substantial insider purchases at ATHRIS HOLDINGS AG of over EUR 7 million this week. This is on top of EUR 5.65 million since September 28. Something to investigate further.

 

Largest Directors' Purchases:

 

HURTIGRUTEN GROUP ASA

Insider

Periscopus AS

Insider Relation

Main shareholder

Transaction Date

13/11/09

Transaction Volume

30.084 mln eur

Notes

private transaction, Oslo, estimated price

Amount of shares bought

84056035

Average buying price

0.36 eur

Last Price vs. buying price

33.75%

Hurtigruten ASA, formerly Hurtigruten Group ASA, is a Norway-based company engaged in the marine transportation services. The Company provides services within two business areas, Hurtigruten and Explorer Products

 

FIAT SPA

Insider

GIOVANNI AGNELLI & C. SAPA

Insider Relation

Main shareholder

Transaction Date

07/10/09

Transaction Volume

11.128 mln eur

Notes

Italian regulated market

Amount of shares bought

1978629

Average buying price

5.62 eur

Last Price vs. buying price

22.42%

Fiat SpA is principally engaged in the manufacture and distribution of automobiles, agricultural and construction equipment, and commercial vehicles, in addition to components for those products.

 

ATHRIS HOLDINGS AG

Insider

Name not disclosed

Insider Relation

Non-Executive member of the Board of Directors

Transaction Date

5 - 10-November-2009

Transaction Volume

4.883 mln eur

Notes

Switzerland

Amount of shares bought

7023

Average buying price

695.31 eur

Last Price vs. buying price

0.12%

Athris Holding AG (Athris) is a Switzerland-based investment company, which was created as a spin-off entity from Jelmoli Holding Ltd. Athris focuses mainly on long-term direct investments in companies with growth potential, which it intends to develop further to enhance their value.

 

ASSICURAZIONI GENERALI SPA

Insider

Caltagirone, Francesco Gaetano

Insider Relation

Independent Director

Transaction Date

10-September - 9-November-2009

Transaction Volume

4.416 mln eur

Notes

Italian regulated market

Amount of shares bought

250000

Average buying price

17.67 eur

Last Price vs. buying price

1.84%

Assicurazioni Generali SpA is an Italy-based Company engaged in the insurance and financial products market. The Company acts as the parent to the Generali Group (the Group).

The Group operates in all branches of insurance, from mass risks, such as motor vehicle third-party liability insurance, to sophisticated covers for the industrial sector, and simple household insurance to the complex needs of large multinationals.

 

ATHRIS HOLDINGS AG

Insider

Name not disclosed

Insider Relation

Non-Executive member of the Board of Directors

Transaction Date

5 - 11-November-2009

Transaction Volume

2.333 mln eur

Notes

Switzerland

Amount of shares bought

16781

Average buying price

139.01 eur

Last Price vs. buying price

0.54%

Athris Holding AG (Athris) is a Switzerland-based investment company, which was created as a spin-off entity from Jelmoli Holding Ltd. Athris focuses mainly on long-term direct investments in companies with growth potential, which it intends to develop further to enhance their value.

 

NATRACEUTICAL SA

Insider

Moreno Tarazona, Manuel

Insider Relation

Director

Transaction Date

05/11/09

Transaction Volume

1.520 mln eur

Notes

private transaction, Block Trade

Amount of shares bought

3453834

Average buying price

0.44 eur

Last Price vs. buying price

-1.14%

Natraceutical SA is a Spanish holding company engaged in the production of nutritional supplements, as well as in the research and development of functional and biotechnological ingredients for the food, pharmaceutical and cosmetic industries.

 

KOMPLETT ASA

Insider

Hagen, Stein Erik

Insider Relation

Director

Transaction Date

10/11/09

Transaction Volume

1.490 mln eur

Notes

Oslo

Amount of shares bought

283800

Average buying price

5.25 eur

Last Price vs. buying price

3.05%

Komplett ASA is a Norway-based company engaged in the Internet retailing of principally computer products and other consumer electronics.

The Company operates through 11 web shops, including, Komplett.no, MPX.no, inWarehouse.se, Komplett.se and Komplett.dk, among others.

 

Largest Directors' Sales:

 

SGS LTD

Insider

Family von Finck

Insider Relation

Family

Transaction Date

11/11/09

Transaction Volume

247.140 mln eur

Notes

private transaction, OTC

Amount of shares sold

294000

Average selling price

840.61 eur

Last Price vs. selling price

1.72%

SGS Ltd is an inspection, verification, testing and certification company. The Company operates in 10 business segments operating across 10 geographical regions.

 

ALPHA BANK SA

Insider

Kostopoulos, Ioannis

Insider Relation

Chairman

Transaction Date

09/11/09

Transaction Volume

56.794 mln eur

Notes

private placement, ATHEX

Amount of shares sold

4896000

Average selling price

11.60 eur

Last Price vs. selling price

-6.72%

Alpha Bank A.E. is a Greek banking and financial services group. It offers a range of services, including retail, small and medium-sized enterprise and corporate banking, credit cards, asset management, investment and private banking, insurance, brokerage, leasing, factoring, venture capital, real estate, and information and consultancy services.

 

GREAT EASTERN ENERGY CORP

Insider

Modi, Yogendra Kumar

Insider Relation

Executive Chairman

Transaction Date

12/11/09

Transaction Volume

32.014 mln eur

Notes

private transaction, London

Amount of shares sold

7200000

Average selling price

4.45 eur

Last Price vs. selling price

5.17%

Great Eastern Energy Corporation Limited (GEECL) is engaged in the exploration, development, distribution and marketing of coal bed methane (CBM) in India.

The Company also supplies compressed natural gas (CNG) to automobiles through outlets of Indian Oil Corporation, with whom it has a franchise agreement and through its own outlets, as well.

 

ALEO SOLAR AG

Insider

Eriksen, Dipl.-Ing. Marius

Insider Relation

Chairman

Transaction Date

03/11/09

Transaction Volume

25.812 mln eur

Notes

offering, OTC

Amount of shares sold

2868000

Average selling price

9.00 eur

Last Price vs. selling price

4.44%

aleo solar AG is a Germany-based parent company of aloe solar group, operating in the photovoltaic sector. The Company is operational in one business segment, solar modules.

It develops and manufactures solar modules using mono- and multicrystalline solar cells, for the German and international photovoltaic market, as well as it sells other equipment for solar modules (merchandise).

 

FONCIERE DES REGIONS - GFR

Insider

PREDICA S.A.

Insider Relation

Legal Person / Director

Transaction Date

8-October - 11-November-2009

Transaction Volume

17.777 mln eur

Notes

Paris

Amount of shares sold

230874

Average selling price

77.00 eur

Last Price vs. selling price

-4.80%

Fonciere des Regions SA is a France-based real-estate company with a diversified portfolio of real estate assets, 68% of which is comprised of office premises in France and Italy.

The Company leases property to manufacturers and service companies.

 

PERMASTEELISA SPA

Insider

Mafessanti, Lucio

Insider Relation

Executive Director

Transaction Date

30/10/09

Transaction Volume

15.775 mln eur

Notes

Merger, OTC

Amount of shares sold

1213452

Average selling price

13.00 eur

Last Price vs. selling price

-0.38%

Permasteelisa SpA is an Italy-based company engaged in the design, manufacture and installation of architectural components, as well as curtain walls, partition walls.

The Company’s activity is divided into four sectors: architectonic envelopes (curtain walls), internal walls and partitions, internal fitting for shops and offices, and industrial doors.

 

GLOBAL TENDER BARGERS ASA

Insider

Blystad, Arne

Insider Relation

Beneficial Owner

Transaction Date

11/11/09

Transaction Volume

15.116 mln eur

Notes

private transaction, Oslo

Amount of shares sold

21100000

Average selling price

0.72 eur

Last Price vs. selling price

-26.49%

Global Tender Barges ASA (GTB), formerly Global Geo Services ASA, is a Norway-based company focusing on drilling services offered to energy companies.

In 2008 the Company resolved to spin off the majority of the Group’s seismic business to Spectrum ASA, which was listed as a separate company on Oslo Stock Exchange. In 2008, the Company entered the drilling industry.

 

GLOBAL TENDER BARGERS ASA

Insider

Stray Spetalen, Oystein

Insider Relation

Director

Transaction Date

11/11/09

Transaction Volume

15.116 mln eur

Notes

private transaction, OTC

Amount of shares sold

21100000

Average selling price

0.72 eur

Last Price vs. selling price

-26.49%

Global Tender Barges ASA (GTB), formerly Global Geo Services ASA, is a Norway-based company focusing on drilling services offered to energy companies.

In 2008 the Company resolved to spin off the majority of the Group’s seismic business to Spectrum ASA, which was listed as a separate company on Oslo Stock Exchange. In 2008, the Company entered the drilling industry.

 

CAM FINANZIARIA SPA

Insider

Tronchetti Provera, Marco

Insider Relation

Chairman

Transaction Date

05/11/09

Transaction Volume

12.226 mln eur

Notes

private transaction, OTC

Amount of shares sold

12869191

Average selling price

0.95 eur

Last Price vs. selling price

-66.53%

Cam Finanziaria SpA (Camfin) is an Italy-based holding company investing primarily in three sectors: energy and environment, investment management and real estate.

 

The above information is an extract of the of the Weekly Top 10 European Insider Transactions as published byinside-analytics.com.

The Top 10 statistics exclude transactions by issuers (share buybacks), parent companies, subsidiaries and affiliated companies.

This message is automatically generated by 2iQ Research GmbH, Frankfurt, Germany. 2iQ does not take any responsibility for the accuracy, completeness of this data. For terms of use please check: http://www.inside-analytics.com/terms.html.

For disclaimer and terms of use please have a look at:http://www.inside-analytics.com/terms.html


 Tim du Toit is the editor of Eurosharelab. Kindly note that this blog is published for information purposes and is not investment advice. Please refer to our disclaimer.

To subscribe to our weekly newsletter, click here  |  Follow me on Twitter

The Eurosharelab Blog is published by Serendipity Ventures (UG) haftungsbeschränkt a limited liability company incorporated in Germany. Our address is Von-Eicken-Str. 13A, 22529, Hamburg, Germany. Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it


  

 
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