Opinions
David Driscoll
Fortis NV
FORSY-NL
BUY
Dec 06, 2007
Basically went down because of the takeover on the rights issue. 7% yield. With the ABN acquisition, they get the Dutch operations, which will be very good for them. Very limited sub prime exposure. A tremendous buying opportunity.
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Stock price when the opinion was issued
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COMMENT
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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