3QCY2012 Result Update | Pharma

November 9, 2012

Abbott India
Performance Highlights
Y/E December (` cr) Net sales EBITDA EBITDA margin (%) Adjusted PAT 3QCY2012 3QCY2011 % chg (yoy) 417 55 13.2 38 406 63 15.6 44 2.6 (13.0) (237) (12.1) 2QCY2012 % chg (qoq) 412 44 10.8 30 1.2 23.9 242 29.8

ACCUMULATE
CMP Target Price
Investment Period
Stock Info Sector Market Cap (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others Abs. (%) Sensex ABBOTINDIA 3m (1.2) 1yr 75.0 5.3 2.3 17.5 3yr 78.1 Pharmaceuticals 3,264 0.4 176 / 292 1,667 10 16,155 4,866 ABOT.BO BOOT IN

`1,460 `1,590
12 Months

Source: Company, Angel Research

For 3QCY2012, Abbott India Ltd. (AIL) reported a marginal top line growth of 2.6% yoy to `417cr from `406cr in 3QCY2011. EBITDA margin contracted by 237bp yoy to 13.2% from 15.6% in 3QCY2011 on account of higher raw material cost and employee expenses; however on a sequential basis EBITDA margin expanded by 242bp owing to qoq decline in other expenses. Consequently, net profit grew by 29.8% sequentially but declined by 12.1% yoy to `38cr during the quarter. Synergy with SPIL and focus on advertisement &employee expenses to aid growth: AILs merger with Solvay Pharma (SPIL) in CY2011, has provided AIL a widened product portfolio, thus giving it access to untapped therapeutic segments. In addition, the companys continuing focus on advertisement and employee cost, which witnessed a CAGR of 45.7% and 34.7%, respectively, over CY2006-11, would aid in revenue growth going forward. Outlook and valuation: We expect AIL to post a 12.6% CAGR in revenue to `1,833cr over CY2011-13E. While EBITDA margin is expected to expand by 183bp from 10.0% in CY2011 to 11.8% in CY2013E resulting from reduced expenses post amalgamation due to complimentary nature of businesses of the merged entities (AIL and SPIL). Hence, we expect the companys net profit to witness a 12.5% CAGR over CY2011-13E to `152cr. At the CMP, the stock is trading at a PE of 21.4x its CY2013E earnings and EV/sales of 1.5x for CY2013E. Considering higher valuations, we recommend a Accumulate rating on the stock.

(4.3) (15.8)

12.2 247.5

Key financials
Y/E December (` cr) Net Sales % chg Net Profit % chg EBITDA margin (%) EPS (`) P/E (x) P/BV (x) RoE (%) RoIC (%) EV/Sales (x) EV/EBITDA (x)
Source: Company, Angel Research

CY2010 990 30.1 61 (21.4) 7.0 44.6 53.5 10.7 21.2 54.4 3.1 44.3

CY2011 1,446 46.0 120 97.2 10.0 56.7 27.1 6.0 28.3 63.7 2.1 20.9

CY2012E 1,602 10.8 116 (3.5) 10.4 54.7 28.1 5.3 20.0 52.1 1.8 17.4

CY2013E 1,833 14.4 152 31.2 11.8 71.7 21.4 4.5 22.7 69.5 1.5 13.0

Shareen Batatawala
+91- 22- 3935 7800 Ext: 6849 shareen.batatawala@angelbroking.com

Please refer to important disclosures at the end of this report

Abbott India | 3QCY2012 Result Update

Exhibit 1: 3QCY2012 performance

Y/E December (` cr) Net Sales Net raw material (% of Sales) Staff Costs (% of Sales) Other Expenses (% of Sales) Total Expenditure Operating Profit EBITDA margin (%) Interest Depreciation Other Income PBT (% of Sales) Tax (% of PBT) Reported PAT PATM Equity capital (cr) EPS (`)
Source: Company, Angel Research

3QCY12 412 237 57.5 53 12.9 77 18.8 367 44 10.8 0 4 5.7 46 11.2 17 36.1 30 30 7.2

3QCY11 358 206 57.6 44 12.2 82 22.9 332 26 7.3 0 3 5.3 28 7.9 11 39.3 17 17 4.8

yoy chg (%) 14.9 14.7 21.1 (5.7) 10.5 70.6 353bp 23.1 7.0 64.0 50.7 72.6 72.6

2QCY12 376 222 59.1 49 13.1 75 19.9 347 29 7.8 0 6 5.3 29 7.6 12 41.9 17 (10) 27 4.4

qoq chg (%) 9.5 6.6 7.4 3.3 6.0 51.6 300bp (33.3) 7.2 60.9 38.7 76.9 9.0

1HCY12 788 474 60.1 103 13.0 152 19.3 729 59 7.5 0 10 11 60 7.7 29 47.6 32 (10) 42 4.0

1HCY11 601 361 60.1 73 12.1 132 22.0 566 35 5.8 0 6 8 37 6.2 14 38.4 23 23 3.8

% chg 31.1 31.2 41.2 15.3 28.7 70.4 173bp 71.4 30.9 12.6 100.1 37.2 82.3

Exhibit 2: Actual vs. estimates (3QCY2012)

(` cr) Total Income EBIDTA EBIDTA margin (%) Adjusted PAT
Source: Company, Angel Research

Actual 412 44 10.8 30

Estimate 410 39 9.6 32

Var (%) 0.4 13.1 122bp (7.3)

Operating costs decline post amalgamation- EBITDA margin expands

For 2QCY2012, AIL reported a revenue at `412cr inline with our estimate of `410cr and 14.9% higher on a yoy basis. Operating cost witnessed a decline during the quarter which led to expansion of EBITDA margin by 353bp yoy to 10.8% from 7.3% in 2QCY2011. However, net profit came in at `30cr in 2QCY2012, 7.3% lower than our estimate of `32cr on account of lower than expected other income.

November 9, 2012

Abbott India | 3QCY2012 Result Update

Investment rationale
Synergies with SPIL to improve the business model
Expanded Product portfolio to drive revenue
Post merger of AIL with SPIL, AIL has gained leadership position in the gastroenterology segment with addition of Duphalac, Creon and Udiliv from SPIL to its existing portfolio of Digene, Cremaffin and Ganaton. In addition, the company got access to the womens health segment with products such as Duphaston, Duvadilan, Pro-9, Life and B-crip post-merger. Moreover, AILs CNS portfolio strengthened with the addition of SPILs Vertin, a market leader in the vertigo segment in India. These additional products coupled with the existing pharmaceutical brands such as Digene, Cremaffin, Brufen, Thyronorm, Zolfresh and Pediasure would be the revenue drivers for the company.

Better product mix leads to improved EBITDA margin

The companys net raw-material cost as a percent of sales has started witnessing a downtrend to ~58% level since 2QCY2011 prior to which it was more than 60%levels. We expect the raw material cost (as percentage of sales) to stabilize in the higher 50s on account of change in business mix for the combined entity. This is expected to result in expansion of EBITDA margin by 332bp from 10.0% in CY2011 to 13.3% in CY2013E.

Exhibit 3: Raw material cost declining post merger

300 250 200 61.7 60.4 57.8 56.3 58.6 59.1 57.5 64.3 66 63 60 58.2 57 54 51

Exhibit 4: Raw material cost shrinks on new product mix

1,200 1,000 800
(%)
(` cr)

68.3 66.3 65.4

70 66 62 58.7 57.5
1,057

(` cr)

150 100

157

168

158

209

229

234

222

237

243

50 0

400
455 504 647 848 936

58 56.1 54 50

200 0

3QCY10

4QCY10

1QCY11

2QCY11

3QCY11

4QCY11

1QCY12

2QCY12

3QCY12

CY2008

CY2009

CY2010

CY2011

CY2012E

CY2013E

Net raw material (LHS)

% of net sales (RHS)

Net raw material cost (LHS)

% of net sales (RHS)

Source: Company, Angel Research (post 2QCY2011 numbers include merger of SPIL)

Source: Company, Angel Research (CY2011-CY2013E are post merger numbers)

Strong balance sheet

AIL is a debt-free company with cash reserves of `259cr as of December 2011, and RoE and RoIC of 28.3% and 63.7%, respectively, for CY2011. We expect the cash to increase to `470cr by CY2013E end, with RoE and RoIC would at 24.4% and 80.1%, respectively, for CY2013E. Due to high cash reserves in the books, we believe there is a potential that the company may go for delisting.

November 9, 2012

(%)

600

Abbott India | 3QCY2012 Result Update

Financials
Exhibit 5: Change in estimates
Y/E December Net sales (` cr) EBITDA margin (%) EPS (`)
Source: Angel Research

Earlier estimates CY2012E 1,602 10.4 54.7 CY2013E 1,833 11.8 71.7

Revised estimates CY2012E 1,629 11.8 60.8 CY2013E 1,886 13.3 79.5

% chg CY2012E 1.7 137 11.1 CY2013E 2.9 149 10.9

Long term revenue drivers in place

With exposure to new therapeutic segments and planned entry into the nutrition segment, we believe the revenue drivers are in place. Moreover, continued focus on advertisement (increased from 2.6% as percentage of sales in CY2006 to 6.1% in CY2011) and employee spend (7.4% as percentage of sales in CY2006 to 11.6% in CY2011) which form a critical part of the pharmaceutical industry would facilitate medium to long term revenue growth. We expect the revenue to post a 14.2% CAGR over CY2011-13E to `1,885cr in CY2013E.

Exhibit 4: Continued focus on advertisement and employee spend to drive revenue growth
100 80 60 2.6 40 20 13.44 0 CY2006 CY2007 CY2008 CY2009 CY2010 CY2011 Advertisement cost (LHS) % of net sales (RHS) 14 20 2.4 24 49 88 5.1 6.1 7 6 5 180 160 140 120 9.5 SPIL 9 8.0 7.4 8 7 38 CY2006 47 CY2007 63 CY2008 78 CY2009 111 CY2010 168 6 CY2011 Employee expense (LHS) % of net sales (RHS) 10.3 10.9 11 10 11.6 12

(` cr)

SPIL

(%)

3 2 1 0

80 60 40 20 0

Source: Company, Angel Research

Exhibit 5: Revenue growth to moderate

2,000 46.0 1,600 1,200 30.1 40 30 20 12.0 400 14.3 12.7 15.7 10 0 CY2008 CY2009 CY2010 CY2011 CY2012E CY2013E Revenue (LHS)
Source: Company, Angel Research

50

(` cr)

800

1,446

1,629

0 Revenue growth (RHS)

November 9, 2012

1,886

666

761

990

(%)

(%)

3.1

(` cr)

3.1

100

Abbott India | 3QCY2012 Result Update

EBITDA margin to improve gradually

Better product mix post merger has led to decline in net raw material cost (as percentage of net sales). We expect this to lead to gradual expansion in EBITDA margin by 332bp over CY2011-13E from 10.0% in CY2011 to 13.3% in CY2013E. Modest revenue growth and expansion of EBITDA margin is expected to result in 18.5% CAGR in net profit over CY2011-13E to `1,885cr in CY2013E.

Exhibit 6: EBITDA margin to expand

300 11.4 250 200 10.0 7.0 12.8 11.8 13.3 14 12 10

Exhibit 7: Profit margin to recover in CY2013E

180 150 120 9.1 10.2 11 10 8.3 7.9 9.0 9

(` cr)

(%)

6 100 50 76 0 CY2008 CY2009 CY2010 CY2011 CY2012E CY2013E EBITDA (LHS) EBITDA margin (RHS) 97 69 144 192 250 4 2 0

60 30 61 0 CY2008 CY2009 CY2010 PAT (LHS) CY2011 CY2012E CY2013E PAT margin (RHS) 78 61 6.2 120 129 169

7 6 5

Source: Company, Angel Research

Source: Company, Angel Research

Outlook and valuation

We have revised our revenue and earnings estimates upwards for CY2012E and CY2013E due to evident improvement in EBITDA margin sequentially. At current levels, the stock is trading at PE of 18.4x its CY2013E earnings and P/B of 4.1x for CY2013E. Due to a recent fall in price, we have upgraded our recommendation to Accumulate with a target price of `1,590 based on a target PE of 20x for CY2013E.

Exhibit 8: One-year forward PE band

2,000 1,600 1,200

Exhibit 9: One-year forward EV/Sales band

4,000 3,500 3,000

EV (` cr)

2,500 2,000 1,500 1,000 500 0 Nov-07 EV Nov-08 1.6x Nov-09 1.2x Nov-10 0.8x Nov-11 Nov-12 0.4x

(`)

800 400 0 Nov-08 Price

Nov-09 10x

Nov-10 15x

Nov-11 20c

Nov-12 25x

Source: Company, Angel Research

Source: Company, Angel Research

November 9, 2012

(%)

150

(` cr)

90

Abbott India | 3QCY2012 Result Update

Exhibit 8: Relative valuation

Sales (` cr) Glaxo AIL Aventis Pfizer Novartis Wyeth Astrazeneca
Source: Company

OPM (%) 22.8 11.1 21.1 17.4 20.6 33.1 17.8

PAT (` cr) 645 89 207 176 153 111 62

EPS (`) 76.2 41.8 89.8 59.0 47.9 49.0 24.6

RoE (%) 31.0 17.6 18.7 14.1 19.5 24.1 28.3

PE (x) 25.7 34.3 25.3 18.6 13.2 17.3 63.3

P/B (x) 8.0 6.0 4.7 2.6 2.6 4.2 17.9

EV/Sales (x) 6.2 1.9 3.7 2.2 2.5 2.9 7.0

EV/EBITDA (x) 27.0 17.1 17.5 12.7 12.3 8.6 39.1

2397 1455 1276 1083 792 555 550

Key concerns
Shift of focus to the unlisted subsidiary
Abbott Laboratories, USA, bought the healthcare solution business from Piramal Healthcare Ltd. (PHL) for a consideration of US$3.8bn, which was transferred to the unlisted subsidiary, Abbott Healthcare Pvt. Ltd (AHPL). The transfer included manufacturing facilities at Baddi, Himachal Pradesh; rights to approximately 350 brands and trademarks; and ~5,000 employees relating to its domestic formulations business. Since the unlisted subsidiary is 100% owned with extended portfolio from Piramals healthcare business, there is a possibility that the parent company shifts its focus to the unlisted entity. Also, the merger would limit listed AILs access to untapped therapeutic segments where PHL already exists.

Impact of the new drug pricing policy

The New Pharmaceutical Pricing Policy (NPPP) draft note released by Department of Pharmaceutical in 2011 is set to replace the Drug Policy of 1994. This new policy is based on the revised National List of Essential Medicines (NLEM) released in 2011, which includes 348 drugs instead of 74 drugs previously. In its recommendation to the Cabinet, the GoM, headed by Agriculture Minister Sharad Pawar, would recommend retail prices of 348 essential drugs be capped at the weighted average price of brands that have more than one per cent market share. AIL currently has ~40% of its drugs under price control. Hence change in drug pricing policy would impact the companys top-line

Company Background
AIL is a 50.44% subsidiary of Abbott Capital India Ltd., UK, which is a subsidiary of Abbott Laboratories, USA. In CY2011, the company merged with Solvay Pharma (SPIL), which was acquired by the parent company in CY2010. Post merger, AIL strengthened its distribution network to 35 distribution points (from 18), and caters to 4,500 stockists and 1,50,000 retailers. AILs employee count increased from 1,747 in CY2010 to 2,425 in CY2011. The company caters to a wide range of therapeutic segments like Gastroenterology, Womens health, CNS, Metabolics, Pain management, Anaesthesia, Neonatology, Vitamins, etc.

November 9, 2012

Abbott India | 3QCY2012 Result Update

Profit & Loss Statement

Y/E December (` cr) Gross sales Less: Excise duty Net Sales Other operating income Total operating income % chg Net Raw Materials Other Mfg costs Personnel Other Total Expenditure EBITDA % chg (EBITDA margin) Depreciation EBIT % chg (% of Net Sales) Interest & other charges Other Income (% of sales) PBT % chg Tax (% of PBT) PAT (reported) Extraordinary (Exp)/Inc. ADJ. PAT % chg (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg CY2009 767 6 761 761 14.3 504 5 62 92 664 97 28.7 12.8 9 88 28.6 11.6 0 29 3.8 117 28.4 40 34.0 78 (0) 78 28.3 10.2 56.7 56.8 28.3 CY2010 996 6 990 990 30.1 647 7 111 155 920 69 (28.6) 7.0 11 58 (34.1) 5.9 0 36 3.6 94 (34.0) 33 35.3 61 (0) 61 (21.4) 6.2 44.6 44.6 (21.4) CY2011 1,464 18 1,446 1,446 46.0 848 8 167 278 1,302 144 107.3 10.0 15 129 121.5 8.9 0 51 3.5 180 121.6 60 33.2 120 120 97.2 8.3 56.7 56.7 26.9 CY2012E 1,650 21 1,629 1,629 12.7 936 10 217 274 1,437 192 33.7 11.8 20 173 34.0 10.6 23 1.4 196 34.1 67 34.0 129 129 7.2 7.9 60.8 60.8 7.2 CY2013E 1,909 23 1,886 1,886 15.7 1,057 12 245 321 1,635 250 30.1 13.3 23 228 31.8 12.1 28 1.5 256 31.8 87 34.0 169 169 30.9 9.0 79.5 79.5 30.9

November 9, 2012

Abbott India | 3QCY2012 Result Update

Balance Sheet
Y/E December (` cr) SOURCES OF FUNDS Equity Share Capital Reserves& Surplus Shareholders Funds Total Loans Deferred Tax Liability (net)
Other Long Term Liabilities Long Term Provisions

CY2009 14 258 272 2 274 107 58 49 0 339 176 17 102 44 114 225 274

CY2010 14 292 305 0 306 118 69 50 1 403 189 20 129 65 148 255 306

CY2011 21 523 544 (6) 11 549 192 112 80 1 31 678 259 27 255 133 5 241 438 549

CY2012E 21 608 629 (6) 11 634 221 132 89 1 31 710 363 30 199 112 5 197 513 634

CY2013E 21 732 754 (6) 11 759 254 154 99 1 31 834 470 35 193 129 6 206 627 759

Total Liabilities APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Goodwill Investments Long term loans and adv. Current Assets Cash Loans & Advances Inventory Debtors Other current assets Current liabilities Net Current Assets Mis. Exp. not written off Total Assets

November 9, 2012

Abbott India | 3QCY2012 Result Update

Cash Flow Statement

Y/E December (` cr) Profit before tax Depreciation Change in Working Capital Other income Direct taxes paid Others Cash Flow from Operations (Inc.)/Dec. in Fixed Assets (Inc.)/Dec. in Investments (Inc.)/Dec. in L.T.Loans & advances Deposits having maturity more than 3m Other income Others Cash Flow from Investing Issue of Equity Inc./(Dec.) in loans Dividend Paid (Incl. Tax) Others Cash Flow from Financing CY2009 CY2010 CY2011 CY2012E CY2013E 117 9 (37) (29) (40) 17 37 (6) 29 (25) (2) (1) (27) 5 (23) 94 11 (18) (36) (33) 27 46 (12) 10 36 (40) (6) (27) (0) (27) 180 15 (112) (51) (60) 52 24 (74) (31) 32 51 59 37 8 (42) (8) (42) 196 20 29 (23) (67) 155 (29) 23 (6) (44) (44) 256 23 (7) (28) (87) 156 (33) 28 (5) (44) (44)

Cash acquired on amalgamation Inc./(Dec.) in Cash Opening Cash balances Closing Cash balances

146 17 164

12 164 176

13 176 189

51 70 189 259

104 259 363

November 9, 2012

Abbott India | 3QCY2012 Result Update

Key Ratios
Y/E December (` cr) Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV / Total Assets Per Share Data (`) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value Dupont Analysis EBIT margin Tax retention ratio Asset turnover (x) ROIC (Post-tax) Cost of Debt (Post Tax) Leverage (x) Operating ROE Returns (%) ROCE (Pre-tax) Angel ROIC (Pre-tax) ROE Turnover ratios (x) Asset Turnover Inventory / Sales (days) Receivables (days) Payables (days) WC (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Interest Coverage (0.6) (1.8) 441.5 (0.6) (2.7) 1,455.1 (0.5) (1.8) 4,297.9 (0.6) (1.9) (0.6) (1.9) 7.4 47 18 66 15 8.8 43 20 52 21 9.3 48 25 54 31 7.9 51 25 50 37 8.0 38 25 46 30 35.4 112.2 31.5 20.1 54.4 21.2 30.2 63.7 28.3 29.2 60.6 22.0 32.7 80.1 24.4 11.6 0.7 3.0 23.3 34.8 (0.7) 70.7 5.9 0.6 3.4 13.0 (0.6) 8.9 0.7 3.4 20.2 (0.5) 10.6 0.7 6.0 42.3 (0.5) 12.1 0.7 6.6 52.4 (0.6) 56.7 56.8 63.4 17.0 198.6 44.6 44.6 52.9 17.0 223.3 56.7 56.6 63.7 17.0 256.1 60.8 60.8 70.0 18.0 296.0 79.5 79.5 90.1 18.0 354.6 40.0 63.4 11.4 1.1 3.8 30.1 10.7 50.8 52.9 10.2 1.1 2.9 42.0 9.5 25.8 63.7 5.7 1.1 2.0 19.8 5.2 24.0 20.9 4.9 1.2 1.7 14.2 4.3 18.4 16.2 4.1 1.2 1.4 10.5 3.5 CY2009 CY2010 CY2011 CY2012E CY2013E

November 9, 2012

10

Abbott India | 3QCY2012 Result Update

Research Team Tel: 022 - 39357800

E-mail: research@angelbroking.com

Website: www.angelbroking.com

DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investment positions in the stocks recommended in this report.

Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered

Abbott India No No No No

Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors

Ratings (Returns):

Buy (> 15%) Reduce (-5% to 15%)

Accumulate (5% to 15%) Sell (< -15%)

Neutral (-5 to 5%)

November 9, 2012

11