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Written by Tim du Toit
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Friday, 26 February 2010 |
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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:
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Written by Tim du Toit
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Thursday, 18 February 2010 |
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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:
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Written by Tim du Toit
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Monday, 08 February 2010 |
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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:
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Written by Tim du Toit
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Friday, 22 January 2010 |
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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:
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Written by Tim du Toit
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Monday, 18 January 2010 |
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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:
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Written by Tim du Toit
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Wednesday, 13 January 2010 |
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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
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The overgenerous pension systems in Europe that still has to deal with unfavourable demographics
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the outrageous deficits governments are running without any plan to cut back on expenses
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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:
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Written by Tim du Toit
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Saturday, 09 January 2010 |
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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.
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:
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Written by Tim du Toit
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Wednesday, 30 December 2009 |
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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:
- The tankers that have been used as storage by commodity traders this year and
- 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:
- Unprofitable tanker rates may encourage owners to scrap more ships.
- 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:
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Written by Tim du Toit
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Monday, 23 November 2009 |
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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
|
|
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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