world news - 26.03.2003
DENMARK: Danske Equities Downgrades Danish Brdr. Hartmann to «Sell» After 2002 Report
The brokerage was disappointed from the company's outlook for 2003. Danske Equities reduced its earnings per share (EPS) estimate for Brdr. Hartmann for 2003 by 32 pct to 8.8 Danish crowns ($1.3/1.2 euro). The brokerage cut its EPS forecast for the company by 49 pct to 9.6 crowns ($1.4/1.3 euro) for 2004. [Editor's note: Brdr. Hartmann forecast a net profit of between 30 mln crowns ($4.3 mln/4.0 mln euro) and 35 mln crowns ($5.0 mln/4.7 mln euro) and an operating profit of between 80 mln crowns ($11.4 mln/10.8 mln euro) and 90 mln crowns ($12.9 mln/12.1 mln euro) for 2003.]
Danish banking group Danske Bank's brokerage arm Danske Equities has downgraded its recommendation on the shares of Danish moulded-fibre packaging maker Brdr. Hartmann to "sell" from "buy" after the release of the company's financial statement for 2002 on March 19, 2003.
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