Opinions Arthur Heinmaa
Fortis NVFORSY-NLBUYNov 23, 2006
Even with the big run it has had, it is still fair value.
Arthur HeinmaaOwned
$0.00
Stock price when the opinion was issued
insurance
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DON'T BUY
Has heartburn from its ABN Amro acquisition last June. Had another $2 billion write-down on CDO exposure and also had to sell assets to appease regulators. Scrapped the dividend and paid stock instead. This will create a huge dilution and earnings will probably be flat for the next couple of years. He sold his holdings.
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COMMENT
PAST TOP PICK
(A Top Pick June 22/07. Down 40%.) Belgian bank. Started buying more shares when the dividend was increased about 3 weeks ago. Still a Buy.
David DriscollOwned
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BUY
(Euronext Brussels and Euronext Amsterdam exchanges.) Likes the company. Yields 5.47%. Very cheap at 8 X forward earnings.
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TOP PICK
(Not available on North American exchanges.) Bank and insurance companies in Europe. 5.25% dividend yield. PE ratio is about 10 X earnings. Very deep value play.
David DriscollOwned
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TOP PICK
Yields about 4.5%. Insurance as well as banking in Europe and China. Likes the long term prospects.
David DriscollOwned
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TOP PICK
Belgium bank. The leading dental health insurer in North America and insurance in Asia/Europe. Yielding 5%.
David DriscollOwned
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PAST TOP PICK
(A Top Pick Aug 3/05. Up 32%.) Still likes. Dividends have been growing almost 20% a year. Yield of about 4.5%. Still likes and would recommend it as a buy.
David DriscollOwned
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TOP PICK
Starting to grow out in eastern Europe where the big growth is occurring. The euro has been rising faster against the US$ than the Cnd$. A nice natural way to hedge your portfolio. 4% dividend.
David DriscollOwned
insurance
