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BAGS AND SPANISH MARKETS. RESULTS 1 º T 2010.

The first comment posted on the company dates from 3/12/2008. Little time ago released the results of the first quarter of 2009.

The information presented indicates that the company managed to grow all relevant quantities, ie revenue, EBITDA and Net Income. It is worth noting
:

1) EBITDA of 53 million Euros, an increase of almost 10% over the same quarter of 2009.

2) Net income of 36 million / Euro, with growth above 7% over the same quarter of 2009. Considering

capitalization at the close of yesterday 5 / 5, this means that the company trades at a PER of about 9.4 times.

recruitment Moreover, despite competition that exists today, is steadily and continuously improving over 2009.

These results are in line with what has been said in previous reviews and therefore still seem to me entirely valid and value the opinions I have been making several comments from the above date.

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INVESTMENT BANKS. DESERVE WHAT CREDIBILITY?. ALSTOM

Curious, you know what I think about while I think about the goals they set prices the analysts, especially if they are both investment banks.

Today I see a comment that speaks for itself. The owner's comment is telling: "BUY" means "selling" GOLDMAN IN THE WORLD. I think

article is interesting and highlights the double standards that seems to be used.

Curious, I will not say so because we can not test ... but if you read my comment, in more than one occasion I said that I have the nose when talking about buying is that they are trying to find a time to go and what happens when they hand over a business qualification.

Here is the link if you want to read the full story.

http://www.marketwatch.com/story/buy-means-sell-in-goldmans-world-2010-05-01

It appears that as more than one occasion I have said, the management risk is personal and not transferable. Think about it.

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Cont. INDITEX

Alstom is a global leader in the 2 types of markets where it operates. The company manufactures power generators and railway transport equipment (locomotives, wagons, etc.) while performing turnkey installations.

Its fiscal year ends on 31 / 3 and their accounts closed last year known and therefore the 31/03/2009, you can obtain the following information regarding its capitalization at 04/01/2010:

• 13,748 Capitalization of Mill / Euros.
• EBITDA in the vicinity of the 1882 mill / Euros.
• PER of just over 12.
• Market the company pays for the equivalent 7.3 times EBITDA and 8.7 times their operating cash flows (without taking into account changes in working capital).

We must also consider that despite substantially reduced new orders in the pipeline over the past year, still has contracts in excess of 2 years of activity.

Other information:

The company spent a period of difficulties in recent years and need the help of French government and banks to get ahead. In recent years bills have improved year after year.

is currently not a debtor company and enjoys tango sound from a financial standpoint. One

their larger competitors, is the German giant Siemens, SPAIN is a major competitor in the market for rail transport company CAF.

With this information it is questionable whether there is an appropriate investment option and therefore with sufficient margin. If we consider only the financial information, it looks like it is, operates in a sector that will continue to grow especially in emerging countries, is a leading global market and holds the data value if we 2009 as representative. This is any price in the vicinity of 46 which now trading (if less the better), should present a cost-effective. However we consider that it is a history of management and continued benefits, before deciding where to invest the balance in our portfolio.

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VALUATION, VALUATION (Cont. 2)

In September 2009 started the comments about this company. Last few dates presented 2009 results and update them based on the study.

From the results, it is worth noting the following: • EBITDA 2374

Mill / Euros. • 1314 Net
Mill / Euros.
• Cash flow from operations 2321 Mill / Euros. Considering

capitalization to 18 / 3 or whatever it is the same as 48.25 Euros per share, we have the following ratios:

- EV / EBITDA 11.7 times.
- PER 21.1. First

indicate that the figures have surprised me positively, have nothing more to do my first comment where estimated lower values \u200b\u200bin all cases. Noted, however, that in the case of cash flows, estimated fundamental parameter in my assessments must take into account that 300 million are the result of improved working capital and complicated that I think could be improved again recurrently; reason that it would take 2021 mill / Euros. Taking these into account is trading at 13.7 times the flows generated.

Based on these results I've been reading the price rise goals and recommendations for various home purchase and analysis of investment banks. Specifically GOLDMAN now fixed its price target at 63. You know what I think about other comments.

In 2009 the company started activity in 343 new stores.

Despite these numbers, I still think the same, at current prices is best not to be, I believe that there is sufficient margin. Furthermore if you read my previous comments, I indicated that would not surprise me to see the company trade at prices around 50 Euros (saying this simply because the ability to generate cash and grow ratios based on historical average), but we obfuscate growth rates of 10% is not perpetual. Today there are more interesting options.

As always stated, this is not a recommendation INDITEX sale but rather an assessment of the margin that we have to recoup an investment in INDITEX the prices of 50 Euros to the trades today.