Although the short-term outlook is clouded, we are confident that BESI's earnings will rebound in 2002. The shares are too cheap now at 0.9x sales and have lagged sector peers in a remarkable way. We see substantial upside in the shares in coming months. We raised our rating to Outperform. Van der Moolen releases first quarter results tomorrow, before trading.
Consensus is less conservative.
We reiterate our Outperform recommendation.