德国交通运输行业研究报告2009年3月

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Executive Summary – Where to put the money 5
A first appetizer to whet your appetite 5
Upgrading the sub-sector to buy (Neutral) – why transport stocks? 6
Too much cash on hand? Most likely we face the same problem 7
Our Favorites 8
Key Equity stories in a nutshell 9
TOP-DOWN: 10
ISM tells us go for it – although it needs some further stabilization 10
What about the inventory cycle? 11
A touch more than Voodoo? Finally money supply will feed through into global trade
volumes 13
Some key factors to watch in an upswing scenario besides valuation 16
Valuation 18
Multiples 18
Modeling 19
Company Overview 23
Deutsche Post 24
Fraport 32
Kühne + Nagel 37
TNT N.V. 44

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关键词：行业研究报告 交通运输行业 研究报告 交通运输 行业研究 研究报告 行业 德国 交通运输

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