UBS Research: Valuation and Accounting http://clientportal.ibb.ubs.com/portal/index.jsp?page=eqrschvaluationandaccounting UBS Research: Valuation and Accounting en Copyright (C) UBS 2010. All rights reserved. eMarketing@ubs.com eMarketing@ubs.com Wed, 3 Feb 2010 Wed, 10 Feb 2010 60 http://clientportal.ibb.ubs.com/portal/index.jsp?page=eqrschrss http://research.ibb.ubs.com:80/images/logo.gif UBS http://www.ubs.com 160 44 <![CDATA[Valuation & Accounting Watch "EV Multiples: SABMiller and Molson Coors"]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72620|native|public Regions
  • Global


Companies
  • BAY.L British Airways

  • VOWG.DE Volkswagen

  • CARLb.CO Carlsberg

  • SXS.L Spectris

  • ACCP.PA Accor

  • HEIN.AS Heineken

  • PHG.AS Philips

  • RR.L Rolls-Royce

  • UPM1V.HE UPM

  • STERV.HE Stora Enso

  • TKAG.F ThyssenKrupp

  • SAB.L SABMiller

  • DPWGn.DE Deutsche Post

  • ABI.BR Anheuser-Busch InBev

  • IBLA.MC Iberia

  • BT.L BT Group

  • ORTEq.L Orascom Telecom

  • ISPA.AS ArcelorMittal

  • SRS.MI Saras

  • TAP.N Molson Coors


Subjects
  • Market Strategy / Comment

  • Morning Note

]]> Dennis Jullens BAY.L VOWG.DE CARLb.CO SXS.L ACCP.PA HEIN.AS PHG.AS RR.L UPM1V.HE STERV.HE TKAG.F SAB.L DPWGn.DE ABI.BR IBLA.MC BT.L ORTEq.L ISPA.AS SRS.MI TAP.N http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72620|native|public|20100203150200 Wed, 3 Feb 2010 <![CDATA[Valuation & Accounting Briefing "Replacing IAS 39 but not yet in Europe"]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer69978|native|public Regions
  • Global


Subjects
  • Market Strategy / Comment

  • Morning Note

]]> Dennis Jullens http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer69978|native|public|20091120102007 Fri, 20 Nov 2009 <![CDATA[Valuation & Accounting Briefing "Impact of IAS 39 on European banks" 17-Sep-2009]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer66984|native|public Regions
  • Global


Subjects
  • Market Strategy / Comment

  • Morning Note

]]> Dennis Jullens http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer66984|native|public|20090917094500 Thu, 17 Sep 2009 <![CDATA[Valuation & Accounting Briefing "Initial thoughts on IAS 39 proposals"]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer65234|native|public Regions
  • Global


Subjects
  • Market Strategy / Comment

  • Morning Note

]]> Dennis Jullens http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer65234|native|public|20090806092456 Thu, 6 Aug 2009 <![CDATA[After The M&A Wave "Waiting for impairments" 02-May-2008 Jullens]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer43633|native|public Regions
  • Global


]]> Dennis Jullens http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer43633|native|public|20080502110700 Fri, 2 May 2008 <![CDATA[Footnotes on Enterprise Value "Slicing the pizza" 24-Apr-2008 Jullens]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer43082|native|public Regions
  • Global


]]> Dennis Jullens http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer43082|native|public|20080424081000 Thu, 24 Apr 2008 <![CDATA[Pensions in Europe "Earnings benefit as pension funding improves" 05-Jul-2007]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer29069|native|public Regions
  • Global


]]> Dennis Jullens http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer29069|native|public|20070705114600 Thu, 5 Jul 2007 <![CDATA[S&P 500 Pension Situation Update "Deficit Nearly Gone, Risk Remains" 19-Apr-2007]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez41426|native|public Regions
  • Global

  • Americas


]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez41426|native|public|20070419080700 Thu, 19 Apr 2007 <![CDATA[S&P 500 Pension Situation Update "Deficit Nearly Gone, Risk Remains" 19-Apr-2007]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez41422|native|public Regions
  • Global

  • Americas


Subjects
  • Market Strategy / Comment

  • Morning Note

]]> David Bianco http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez41422|native|public|20070419063300 Thu, 19 Apr 2007 <![CDATA[Financial Reporting for Investors "Performance measurement for equity ..."]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer25232|native|public Regions
  • Global


]]> Dennis Jullens http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer25232|native|public|20070416130800 Mon, 16 Apr 2007 <![CDATA[European Morning Meeting Highlights 16-Apr-2007]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer25266|native|public Regions
  • Belgium

  • Switzerland

  • Germany

  • Denmark

  • Spain

  • Europe Including UK

  • Europe Ex. UK

  • Finland

  • France

  • United Kingdom

  • Global

  • Greece

  • Italy

  • Netherlands

  • Russia

  • EMEA Emerging

  • Nordic

  • UBSW EMEA

  • Emerging Markets


Sectors
  • Belgian Pharmaceuticals

  • Swiss Pharmaceuticals

  • German Pharmaceuticals

  • Danish Pharmaceuticals

  • Spanish Pharmaceuticals

  • European Banks

  • European Pharmaceuticals

  • European Steel

  • European Ex. UK Banks

  • European Ex. UK Pharmaceuticals

  • European Ex. UK Steel

  • French Pharmaceuticals

  • British Pharmaceuticals

  • Global Banks

  • Global Pharmaceuticals

  • Global Electric Utilities

  • Global Oil Companies, Secondary

  • Global Real Estate

  • Global Steel

  • Greek Steel

  • Netherlands Banks

  • Russian Electric Utilities

  • Russian Oil Companies, Secondary

  • Russian Real Estate

  • Swiss Retailers, Specialty

  • British Restaurants

  • Italian Clothing & Fabrics

  • EMEA Emerging Electric Utilities

  • EMEA Emerging Oil Companies, Secondary

  • EMEA Emerging Real Estate

  • European Clothing & Fabrics

  • European Retailers, Specialty

  • European Restaurants

  • European Ex. UK Clothing & Fabrics

  • European Ex. UK Retailers, Specialty

  • Global Chemicals, Commodity

  • Global Clothing & Fabrics

  • Global Retailers, Specialty

  • Global Restaurants

  • Belgian Healthcare

  • Swiss Consumer, Cyclical

  • Swiss Healthcare

  • Swiss Retail

  • German Healthcare

  • Danish Healthcare

  • EMEA Emerging Energy

  • EMEA Emerging Financial

  • EMEA Emerging Utilities

  • Spanish Healthcare

  • European Basic Materials

  • European Consumer, Cyclical

  • European Leisure Goods & Services

  • European Financial

  • European Healthcare

  • European Mining & Metals

  • European Retail

  • European Textiles & Apparel

  • European Ex. UK Basic Materials

  • European Ex. UK Consumer, Cyclical

  • European Ex. UK Financial

  • European Ex. UK Healthcare

  • European Ex. UK Mining & Metals

  • European Ex. UK Retail

  • European Ex. UK Textiles & Apparel

  • French Healthcare

  • British Consumer, Cyclical

  • British Leisure Goods & Services

  • British Healthcare

  • Global Basic Materials

  • Global Consumer, Cyclical

  • Global Energy

  • Global Leisure Goods & Services

  • Global Financial

  • Global Healthcare

  • Global Mining & Metals

  • Global Retail

  • Global Textiles & Apparel

  • Global Utilities

  • Greek Basic Materials

  • Greek Mining & Metals

  • Italian Consumer, Cyclical

  • Italian Textiles & Apparel

  • Netherlands Financial

  • Russian Energy

  • Russian Financial

  • Russian Utilities

  • EMEA Emerging Financial Services

  • European Basic Resources

  • European Cyclical Goods & Services

  • European Ex. UK Basic Resources

  • European Ex. UK Cyclical Goods & Services

  • British Cyclical Goods & Services

  • Global Basic Resources

  • Global Cyclical Goods & Services

  • Global Financial Services

  • Greek Basic Resources

  • Italian Cyclical Goods & Services

  • Russian Financial Services

  • Netherlands Banks, Ex-S&L

  • European Banks, Ex-S&L

  • European Ex. UK Banks, Ex-S&L

  • Nordic Pharmaceuticals

  • Nordic Healthcare

  • Global Banks, Ex-S&L

  • Global Emerging Electric Utilities

  • Global Emerging Energy

  • Global Emerging Financial

  • Global Emerging Financial Services

  • Global Emerging Oil Companies, Secondary

  • Global Emerging Real Estate

  • Global Emerging Utilities

  • UBS Key Calls - Europe


Companies
  • UCB.BR UCB

  • ROG.VX Roche

  • NESN.VX Nestlé

  • CFR.VX Richemont

  • BAYGn.F Bayer

  • NOVOb.CO Novo Nordisk

  • ACX.MC Acerinox

  • BBVA.MC BBVA

  • POP.MC Banco Popular

  • SAN.MC Santander

  • OUT1V.HE Outokumpu

  • ISP.MI Intesa SanPaolo

  • SBRY.L Sainsbury J

  • SSABa.ST SSAB

  • TSCO.L Tesco

  • MRCG.DE Merck KGaA

  • NOVN.VX Novartis

  • LKOHyq.L Lukoil

  • TATNxq.L Tatneft

  • GMKN.RTS Norilsk Nickel

  • GAZPq.L Gazprom

  • AZN.L AstraZeneca

  • SASY.PA Sanofi-Aventis

  • GSK.L GlaxoSmithKline

  • LUN.CO Lundbeck

  • CHMFq.L Severstal

  • SBER.RTS Sberbank

  • TRNF_p.RTS Transneft

  • MKS.L Marks & Spencer

  • MAB.L Mitchells & Butlers

  • SABE.MC Banco de Sabadell

  • MTL.N Mechel

  • NVTKq.L Novatek

  • HK1q.L Evraz

  • TNBPI.RTS TNK-BP Holding

  • PJPq.L X5 Retail Group

  • SID.AT Sidenor

  • MGNTq.L Magnit

  • KKGByq.L Kazkommertsbank

  • HSBKq.L Halyk Savings Bank

  • MDMB_p.RTS MDM Bank


Subjects
  • Change in Recommendation

  • Company Update

  • Initiating Coverage

  • Market Strategy / Comment

  • Morning Note

]]> Alain du Brusle UCB.BR ROG.VX NESN.VX CFR.VX BAYGn.F NOVOb.CO ACX.MC BBVA.MC POP.MC SAN.MC OUT1V.HE ISP.MI SBRY.L SSABa.ST TSCO.L MRCG.DE NOVN.VX LKOHyq.L TATNxq.L GMKN.RTS GAZPq.L AZN.L SASY.PA GSK.L LUN.CO CHMFq.L SBER.RTS TRNF_p.RTS MKS.L MAB.L SABE.MC MTL.N NVTKq.L HK1q.L TNBPI.RTS PJPq.L SID.AT MGNTq.L KKGByq.L HSBKq.L MDMB_p.RTS http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer25266|native|public|20070416041041 Mon, 16 Apr 2007 <![CDATA[Convertibles Accounting Change: Stay Tuned "EPS Impact under Further ..."]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez40018|native|public Regions
  • Global

  • Americas


Subjects
  • Market Strategy / Comment

  • Morning Note

]]> Zhen Deng http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez40018|native|public|20070315224715 Thu, 15 Mar 2007 <![CDATA[Possible Change to Convertibles Accounting "An End to Favorable EPS Treatment?"]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez39907|native|public Regions
  • Global

  • Americas

  • United States

  • North America


Subjects
  • Industry Overview

  • Morning Note

]]> Zhen Deng http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez39907|native|public|20070313081200 Tue, 13 Mar 2007 <![CDATA[Value Creation Analysis Model "VCAM Studies: Market-Implied EPS Growth"]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez39555|native|public Regions
  • Global

  • Americas

  • United States

  • North America


Subjects
  • Market Strategy / Comment

  • Morning Note

]]> Austin H. Burkett, CFA http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez39555|native|public|20070305164700 Mon, 5 Mar 2007 <![CDATA[Convertible Securities Analysis "Convertibles and S&P Earnings" Bianco]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez39397|native|public Regions
  • Global

  • Americas


]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez39397|native|public|20070301081600 Thu, 1 Mar 2007 <![CDATA[UBS Value Creation Analysis Model "VCAM Studies: Market-Implied EPS Growth"]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez37351|native|public Regions
  • Global

  • Americas

  • United States

  • North America


Subjects
  • Market Strategy / Comment

  • Morning Note

]]> Austin H. Burkett, CFA http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez37351|native|public|20070205184300 Mon, 5 Feb 2007 <![CDATA[European Morning Meeting Highlights 01-Feb-2007]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer20851|native|public Regions
  • Germany

  • Denmark

  • Spain

  • Europe Including UK

  • Europe Ex. UK

  • Finland

  • France

  • United Kingdom

  • Global

  • Italy

  • Netherlands

  • Poland

  • EMEA Emerging

  • Nordic

  • UBSW EMEA

  • Emerging Markets

  • CE Europe

  • Americas

  • Chile

  • Latin America

  • Latin America Emerging


Sectors
  • German Diversified Financial

  • Danish Pharmaceuticals

  • European Pharmaceuticals

  • European Diversified Financial

  • European Industrial, Diversified

  • European Oil Companies, Major

  • European Oil Companies, Secondary

  • European Ex. UK Pharmaceuticals

  • European Ex. UK Diversified Financial

  • European Ex. UK Oil Companies, Major

  • British Diversified Financial

  • British Oil Companies, Secondary

  • Global Airlines

  • Global Pharmaceuticals

  • Global Diversified Financial

  • Global Oil Companies, Secondary

  • German Retailers, Specialty

  • British Insurance, Property & Casualty

  • Netherlands Industrial Services

  • European Industrial Services

  • European Insurance, Property & Casualty

  • European Retailers, Specialty

  • European Ex. UK Industrial Services

  • European Ex. UK Retailers, Specialty

  • Global Industrial Services

  • Global Insurance, Property & Casualty

  • Global Retailers, Specialty

  • German Consumer, Cyclical

  • German Financial

  • German Retail

  • Danish Healthcare

  • European Consumer, Cyclical

  • European Energy

  • European Financial

  • European Healthcare

  • European Industrial

  • European Insurance

  • European Retail

  • European General Industrial Services

  • European Ex. UK Consumer, Cyclical

  • European Ex. UK Energy

  • European Ex. UK Financial

  • European Ex. UK Healthcare

  • European Ex. UK Industrial

  • European Ex. UK Retail

  • European Ex. UK General Industrial Services

  • British Energy

  • British Financial

  • British Insurance

  • Global Consumer, Cyclical

  • Global Energy

  • Global Financial

  • Global Healthcare

  • Global Industrial

  • Global Insurance

  • Global Retail

  • Global General Industrial Services

  • Netherlands Industrial

  • Netherlands General Industrial Services

  • German Financial Services

  • European Financial Services

  • European Industrial Goods & Services

  • European Ex. UK Financial Services

  • European Ex. UK Industrial Goods & Services

  • British Financial Services

  • Global Cyclical Goods & Services

  • Global Financial Services

  • Global Industrial Goods & Services

  • Netherlands Industrial Goods & Services

  • Nordic Pharmaceuticals

  • Nordic Healthcare

  • Global Emerging Airlines

  • Global Emerging Cyclical Goods & Services

  • Global Emerging Consumer, Cyclical

  • Chilean Airlines

  • Latin American Airlines

  • Chilean Consumer, Cyclical

  • Latin American Consumer, Cyclical

  • Chilean Cyclical Goods & Services

  • Latin American Cyclical Goods & Services

  • Latin America Emerging Airlines

  • Latin America Emerging Cyclical Goods & Services

  • Latin America Emerging Consumer, Cyclical


Companies
  • KCOGn.DE Klöckner

  • NOVOb.CO Novo Nordisk

  • BBVA.MC BBVA

  • VIV.PA Vivendi

  • IPGI.MI Impregilo

  • KGF.L Kingfisher

  • BREP.WA BRE

  • BSY.L BSkyB

  • TLW.L Tullow

  • AML.L Amlin

  • HDDG.DE Heidelberger Druck.

  • FUM1V.HE Fortum

  • TPSA.WA TP

  • NEXS.PA Nexans

  • MWDP.PA Wendel

  • BVIC.L Britvic

  • SRS.MI Saras


Subjects
  • Change in Recommendation

  • Company Update

  • Market Strategy / Comment

  • Operating Results

  • Morning Note

]]> Daniel Kerven KCOGn.DE NOVOb.CO BBVA.MC VIV.PA IPGI.MI KGF.L BREP.WA BSY.L TLW.L AML.L HDDG.DE FUM1V.HE TPSA.WA NEXS.PA MWDP.PA BVIC.L SRS.MI http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer20851|native|public|20070201040221 Thu, 1 Feb 2007 <![CDATA[Demystifying Corporate Tax Accounting "Key Corporate Tax Analysis Issues"]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez35019|native|public Regions
  • Global

  • Americas


]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez35019|native|public|20070116074100 Tue, 16 Jan 2007 <![CDATA[Valuation and Accounting "Stock Options: Beyond Expensing or Dating" Deng]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez33743|native|public Regions
  • Global

  • Americas


Subjects
  • Market Strategy / Comment

  • Morning Note

]]> Zhen Deng http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez33743|native|public|20061221173420 Thu, 21 Dec 2006 <![CDATA[Footnotes Compendium 2006]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer17036|native|public Regions
  • Europe Including UK

  • Global


Subjects
  • Industry Overview

]]> Dennis Jullens http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer17036|native|public|20061218132500 Mon, 18 Dec 2006