欧洲电力设备行业研究报告2009年4月

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Contents
Investment summary 4
1. Share performances and valuations 6
Share performances: no half measures 6
Valuation: clearly below the historical averages 7
2. Pockets of growth will be scarce in 2009 9
A difficult economic climate... 9
... but sectors are unequally affected 10
3. Margin resilience will be key 12
Pricing pressures will be almost universal 12
Cost structure: the heart of the matter 13
4. Cash under the cosh 16
Hard to generate cash 16
Focus on balance sheet preservation 17
Risks for goodwill and bank covenants 18
5. Ingenico and ADB Group: the best bets 19
6. Company profiles 20
ADB Group 21
Well positioned to continue to grow! 21
ARM Holdings 25
A truly defensive profile 25
CSR 29
Strengthened profile, but an H1 09 which is still delicate 29
Elmos 33
Still zero visibility 33
Gemalto 37
Still solid, but dimmer visibility 37
Ingénico 41
2009: an ambitious but credible scenario 41
Melexis 45
Management’s scenario takes some believing 45
Parrot 49
Equipped to weather the storm 49
Soitec 53
Valuation at a low, but no trigger 53
Thomson 57
Thomson’s fate now lies in the hands of its creditors 57

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