Monthly Archives: December 2011

Hornbach Q3 update

Just right before Christmas, Hornbach Baumarkt issued its Q3 report.

Hornbach again showed an outstanding quarter:

As well as substantially boosting its sales, Germany’s fourth-largest DIY group also achieved disproportionate earnings growth in the first nine months of the 2011/2012 financial year (March 1 to November 30, 2011). While the Hornbach Group increased its ninemonth sales by 6.6 percent to Euro 2,581.9 million, operating earnings (EBIT) for the same period grew by 12.8 percent to Euro 191.2 million. The DIY megastores with garden centers in Germany were once again the key growth driver. With cumulative like-for-like sales growth of 6.0 percent, these continued to outperform their sector by a clear margin.

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It’s bazooka time: 489 bn EUR draw dawn on 3 year ECB facility, second bazooka still in store

8 days ago, I commented on the ECB announcement which in my opinion was totally misinterpreted by the market:

My summary was as follows:

Summary: In my opinion, the market severely under estimates the potential impact of the announced measures. For many banks this will be the lifeline to survive the next few years and potentially even Governements could gain a „back door access“ to the ECB. I am not saying that banks are a „buy“ right now, but this should take a lot of stress outof the EUR banking system.
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