Daily Stock Opinions and Ratings

Opinions

David Driscoll Fortis NV FORSY-NL DON'T BUY Jul 04, 2008

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.

David Driscoll

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BUY

Even with the big run it has had, it is still fair value.

TOP PICK

Yields about 4.5%. Insurance as well as banking in Europe and China. Likes the long term prospects.

BUY

A Belgian bank/insurance company. Dividend yield of about 3.6% and interest rates are about 3.4%, so you are getting the same yield with the prospect of capital appreciation.

BUY

Under a new management team and is extremely well done. Shares have come off, because they are attempting a takeover, but is well worth it at this level. dividend is 5.3.

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.

BUY

(Euronext Brussels and Euronext Amsterdam exchanges.) Likes the company. Yields 5.47%. Very cheap at 8 X forward earnings.

BUY

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.

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.

COMMENT

Involved with the Royal Bank of Scotland in the ABN-Amro deal and took over the retail business in the Netherlands. They have to integrate this, which is a longer-term process and could hold back the stock. If they meet all their targets they will do well over a longer period of time.

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David Driscoll Fortis NV FORSY-NL DON'T BUY Jul 04, 2008

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