• Save
2011 Expectations for the Belgian ICT Sector
Upcoming SlideShare
Loading in...5
×
 

2011 Expectations for the Belgian ICT Sector

on

  • 2,293 views

 

Statistics

Views

Total Views
2,293
Views on SlideShare
2,290
Embed Views
3

Actions

Likes
1
Downloads
0
Comments
0

2 Embeds 3

http://twitter.com 2
http://www.twylah.com 1

Accessibility

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

2011 Expectations for the Belgian ICT Sector 2011 Expectations for the Belgian ICT Sector Presentation Transcript

  • Agoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Agoria ICT Winter Network Event Prospects for the Belgian ICT Sector in 2011 Siddy Jobe (+32 2 287 92 79) Siddy.Jobe@degroof.be Twitter: @siddyjobeAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Managing the future Bank Degroof is Belgium’s premier independent private and investment bank, with an excellent reputation in each of its fields of activity. For 140 years it has been the reference institution for private and professional customers. Always at your side, its specialists offer a complete range of tailored solutions and services: asset management, financial markets, corporate finance, credit and structured finance, real estate activities, financial analysis as well as setup and administration of investment funds. To make sure you enjoy tomorrow as much as today. The Bank has nearly one thousand employees managing their customers’ future from offices in six countries. In Belgium: Antwerp-Brussels-Charleroi-Kortrijk-Ghent-Hasselt- Knokke-Liège-Namur-Wavre. European research coverage through European Securities Network Voted “Best Private Banking Services Overall in Belgium” by EuromoneyAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • References IT & Telecom (1/2) Sale of ESKO Public take over bid has acquired 100% of the shares of on Carve-Out of the Infrastructure Activities to through Management Buy-Out ARTWORK SYSTEMS Financial Adviser to the Buyers Financial Adviser to the Sellers Financial Adviser to Esko Financial Adviser to the Sellers December 2010 September 2007 July 2007 June 2007 Public take-over bid by Fairness opinion regarding has been acquired by Initial Public Offering Independent expert opinion the public takeover bid by on Alternext Brussels regarding debt conversion into equity on all shares and warrants Co-Lead Manager Financial Adviser to the seller Financial Advisor to Telindus October 2006 September 2006 April 2006 January 2006 December 2005Agoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • References IT & Telecom (2/2) Sale of distribution, maintenance and development of "IBBA" Product Initial Public Offering to Initial Public Offering Initial Public Offering on Euronext Brussels on Euronext Brussels Sale of FLV Funds investment portfolio on Euronext Brussels Selling Agent Financial Adviser to the seller Selling Agent Financial Adviser to the seller Selling Agent November 2005 June 2005 October 2005 January 2005 March 2004 Fairness opinion regarding the public takeover bid on Ubizen by Ubidco December 2003Agoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Sell-Side AnalystAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Macro EconomicsAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Positive GDP growth in the last 6 quarters … • Belgium only released 3 negative GDP growth figures (Q3 2008 to Q1 2009) Real GDP, qoq annualized during the crisis compared to 5 for the 15% EMU zone (Q2 2008 to Q2 2009) 10% • The last two GDP figures came out 5% slightly higher than the EMU zone 0% average -5% • Mainly due to better domestic demand -10% and net exports Real GDP, yoy -15% 8% 06/95 06/96 06/97 06/98 06/99 06/00 06/01 06/02 06/03 06/04 06/05 06/06 06/07 06/08 06/09 06/10 6% EMU zone Belgium 4% 2% 0% -2% -4% -6% 03/96 03/97 03/98 03/99 03/00 03/01 03/02 03/03 03/04 03/05 03/06 03/07 03/08 03/09 03/10 EMU zone Belgium Source: DatatstreamAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • … leading to a reduction of negative output gap Output Gap (in %age of GDP) 3% 2% 1% 0% -1% -2% -3% -4% -5% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E EMU Belgium • EMU zone output gap is strongly affected by the actual large output gaps in peripheral countries Source: IMFAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Growth prospects remain moreover positive asrevealed by leading indicators Belgian leading indicator & growth 15 10% 10 8% • The increase in Belgian 5 6% business confidence has been 0 4% mainly driven by business -5 2% services and trade -10 0% -15 -2% -20 -4% • The building industry -25 -6% continues to weigh negatively -30 -8% on the index -35 -10% 06/96 06/97 06/98 06/99 06/00 06/01 06/02 06/03 06/04 06/05 06/06 06/07 06/08 06/09 06/10 BNB index Real GDP, qoq annualized (RHS) EU leading indicators & growth 68 10% 8% 63 6% 58 4% 2% 53 0% 48 -2% 43 -4% -6% 38 -8% 33 -10% 0/ 8 0/ 9 0/ 0 0/ 1 0/ 2 0/ 3 0/ 4 0/ 5 0/ 6 0/ 7 0/ 8 0/ 9 0/ 0 9 9 0 0 0 0 0 0 0 0 0 0 1 7 7 7 7 7 7 7 7 7 7 7 7 7 GDP, qoq (annualized, RHS) PMI Man. PMI Serv ices Source: DatatstreamAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Rebound in the worldwide trade benefits to Belgium through strong exports growth World trade volume 170 25% 20% 150 15% 130 10% 5% 110 0% 90 -5% -10% 70 -15% 50 -20% 01/92 01/93 01/94 01/95 01/96 01/97 01/98 01/99 01/00 01/01 01/02 01/03 01/04 01/05 01/06 01/07 01/08 01/09 01/10 World Trade volume Annual change (RHS) Exports, yoy 60% 50% 40% 30% 20% 10% 0% -10% -20% -30% 11 71 12 72 13 73 14 74 15 75 16 76 17 77 18 78 19 79 10 70 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 01 01 / / / / / / / / / / / / / / / / / / / / Euro zone Belgium Source: CBP, BloombergAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • New industrial orders solid pace of growth points towards further positive momentum in the industry Industrial orders, yoy 40% 30% 20% 10% 0% -10% -20% -30% -40% 01/99 01/00 01/01 01/02 01/03 01/04 01/05 01/06 01/07 01/08 01/09 01/10 Euro area Belgium Industrial production, yoy 15% 10% 5% 0% -5% -10% -15% -20% 01/98 01/99 01/00 01/01 01/02 01/03 01/04 01/05 01/06 01/07 01/08 01/09 01/10 EMU Belgium Source: DatatstreamAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Consumer confidence rebound is impressive withpositive side-effects on household expenditure Consumer confidence 20 10 0 -10 -20 -30 -40 01/96 01/97 01/98 01/99 01/00 01/01 01/02 01/03 01/04 01/05 01/06 01/07 01/08 01/09 01/10 Belgium Euro area Belgian consumer confidence & consumption 20 8% 15 7% 10 6% 5% 5 4% 0 3% -5 2% -10 1% -15 0% -20 -1% -25 -2% -30 -3% 3 7 3 8 3 9 3 0 3 1 3 2 3 3 3 4 3 5 3 6 3 7 3 8 3 9 3 0 0 /9 0 /9 0 /9 0 /0 0 /0 0 /0 0 /0 0 /0 0 /0 0 /0 0 /0 0 /0 0 /0 0 /1 Consumer confidence Nominal consumption, yoy (RHS) Source: DatatstreamAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Labor market deterioration has been milder than in the rest of the Euro-zone Unemployment rate • Belgium has a much lower unemployment 23% rate than the peripheral countries ... 21% 19% 17% • But higher than the best European 15% countries (Austria, Germany and 13% Netherlands) 11% 9% • Measures taken to facilitate the reduction 7% of working time during the crisis explain 5% part of the resilience of the Belgian 01/95 01/96 01/97 01/98 01/99 01/00 01/01 01/02 01/03 01/04 01/05 01/06 01/07 01/08 01/09 01/10 unemployment rate EMU Belgium Spain Employment growth, yoy 8% 6% 4% 2% 0% -2% -4% 02/92 02/93 02/94 02/95 02/96 02/97 02/98 02/99 02/00 02/01 02/02 02/03 02/04 02/05 02/06 02/07 02/08 02/09 02/10 Belgium EU Source: DatatstreamAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Inflation is on the rise driven by raw materials (energy and food) • Austerity measures taken in different CPI, yoy 7% EMU countries, low capacity utilization 6% rate and large output gap do not plead in 5% favor of strong inflation pressure in the 4% months to come. 3% 2% 1% • Actual increase mainly comes from 0% higher oil & food prices and one off -1% events such as increase in VAT in some -2% EMU countries -3% 01/97 01/98 01/99 01/00 01/01 01/02 01/03 01/04 01/05 01/06 01/07 01/08 01/09 01/10 Belgium EMU • Core CPIs remain at low levels. Core CPI, yoy 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 01/97 01/98 01/99 01/00 01/01 01/02 01/03 01/04 01/05 01/06 01/07 01/08 01/09 01/10 Belgium EMU Source: DatatstreamAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • PPI also impacted by higher raw material prices PPI ex energy & construction, yoy 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% 10/00 04/01 10/01 04/02 10/02 04/03 10/03 04/04 10/04 04/05 10/05 04/06 10/06 04/07 10/07 04/08 10/08 04/09 10/09 04/10 10/10 Belgium EMU Source: DatastreamAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Commodity prices 950 1600 Last 3m ar yoy month 850 GSCI 3.7% 82.0% 34.8% 1400 GSCI Energy 3.5% 84.0% 29.1% 750 GSCI Non Energy 4.1% 78.0% 47.6% GSCI Agricultural 5.9% 92.6% 64.9% GSCI Industrial Metals 2.0% 63.0% 34.0% 1200 650 GSCI Livestock 9.2% 132.2% 31.0% GSCI Precious Metals -6.5% 1.4% 28.5% 550 1000 450 800 350 600 250 400 150 50 200 02-91 02-92 02-93 02-94 02-95 02-96 02-97 02-98 02-99 02-00 02-01 02-02 02-03 02-04 02-05 02-06 02-07 02-08 02-09 02-10 02-11 GSCI GSCI Energy GSCI Non Energy Gold Bullion $/Troy Ounce (RHS)Agoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Unit labor costs remain so far under control Unit labor costs, qoq 7% 6% 5% 4% 3% 2% 1% 0% -1% -2% -3% 12-07 02-08 04-08 06-08 08-08 10-08 12-08 02-09 04-09 06-09 08-09 10-09 12-09 02-10 04-10 06-10 08-10 Belgium EU • Unit labor costs are actually declining in most of the countries given the relative weakness of the job market • Structural shortage of educated ICT workforce makes it an outsider Source: OECDAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Yield spread for Belgian debt mainly due to political tensions 10-year Sovereign yields 6.0% 5.5% 5.0% 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 11-05 02-06 05-06 08-06 11-06 02-07 05-07 08-07 11-07 02-08 05-08 08-08 11-08 02-09 05-09 08-09 11-09 02-10 05-10 08-10 11-10 Germany Spain Belgium Source: BloombergAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Sovereign Debt refinancing: March & April are though months Debt% GDP 2011 Issuance Debt % GDP Dom. Ownership Bank threat to Govt Bank (A)+(B) H1 only Govt (A) Bank (B) Household Corporate of Govt debt SovereignSpain 64% 54% 178 96 90 88 83% 87% 57% HighIreland 98% 38% 36 17 23 13 89% 78% 28% HighNetherlands 64% 44% 83 45 46 37 67% 59% 30% HighUK 77% 43% 372 167 228 144 108% 89% 70% MedPortugal 83% 30% 26 20 17 9 84% 73% 23% MedAustria 70% 38% 39 27 17 23 48% 55% 20% MedBelgium 97% 50% 74 40 36 38 32% 32% 42% MedGreece 142% 31% 60 36 43 17 73% 66% 22% MedFrance 84% 23% 257 125 184 73 52% 44% 46% LowItaly 119% 20% 308 164 236 72 38% 58% 61% LowGermany 75% 31% 355 195 199 155 59% 37% 51% LowDatastream, Bloomberg, Dealogic, Central Banks, Barclays CapitalDatastream, Dealogic,Agoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • The high level of public debt remains however the key weak spot Debt (in %age of GDP)140%120%100%80%60%40%20% 0% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E 2013E Net lending / borrowing (in %age of GDP) 1% EMU Belgium 0% -1% -2% -3% -4% -5% -6% -7% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E 2013E EMU Belgium Source: IMF Agoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Contrary to peripheral countries, Belgium does not suffer from a lack of saving Current account (in %age of GDP) 10% 8% 6% 4% 2% 0% -2% -4% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E 2013E EMU Belgium Source: IMFAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • 2011 Forecasts Source: Consensus Economic Inc.Agoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Summary of the Macro-Economic framework POSITIVE The crisis is over. Plenty pockets of GDP growth Both business and consumer confidence are gaining traction Industrial orders are encouraging Employment : need to anticipate on this lagging indicator Monetary policies will continue to support the equity markets Good news from emerging countries … but with weak spots NEGATIVE #NoGov; #NoAusterity Public spending on Hold. Financial sector : not yet out of the woods Basel III Sovereign debt worries could still spoil the party: March-April Inflation on the rise (February 8, 2010)Agoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • ICT EconomicsAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Economic ICT Outlook Survey Belgium (Agoria) 2010 2011e Turnover Growth ICT Sector* +1.0%** +5.1%*** Employment ICT +0.3% +4.6% * Excluding turnover of telecom operators ** The low growth in 2010 was primarily due to a very poor first half. There was a market revival in the second half of 2010. *** The number of new projects, however, remains relatively low due to reluctant customers and government.Agoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Global Software & IT Spending Growth Forecast ($bn) 2010 2011e Spending Growth Spending Growth Computing Hardware 364.1 8.9% 391.3 7.5% Enterprise Software 235.9 6.1% 253.7 7.5% IT Services 782 2.5% 817.9 4.6% Telecom Equipment 426.6 14.0% 465.4 9.1% Telecom Services 1,593.0 3.9% 1,647.4 3.4% All IT 3,401.6 5.4% 3,575.8 5.1% Source: GartnerAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Evolution of the growth rate in Belgian ICT spending (2007 – 2011e) 2007 2008 2009 2010e 2011e IT - Hardware -0.7% -5.5% -13.9% 9.7% 3.7% IT - Services 6.8% 6.0% -2.8% 1.0% 4.1% IT - Software 6.0% 4.6% -4.6% 1.0% 4.3% TOTAL IT 3.9% 1.7% -6.8% 3.7% 4.0% Telecom Equipment 1.6% -1.0% -8.4% 1.1% 4.9% Telecom Services 0.7% -0.3% -0.4% 0.2% 0.7% TOTAL TELECOM 0.8% -0.4% -1.6% 0.3% 1.3% TOTAL ICT 2.3% 0.6% -4.2% 1.9% 2.6% Source: EITO 2011, Agoria 2011Agoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Evolution of the growth rate in the German ICT spending (2008 – 2011e) 2008 2009 2010e 2011e TOTAL DIGITAL CE 7.7% -2.4% 3.3% -1.6% IT - Hardware -5.6% -11.4% 5.1% 3.7% IT - Services 5.4% -4.2% 1.6% 4.4% IT - Software 4.9% -4.7% 2.1% 4.1% TOTAL IT 1.8% -6.5% 2.7% 4.3% Telecom Equipment 2.9% -7.5% 2.0% 5.0% Telecom Services -2.5% -2.7% -0.7% -0.6% TOTAL TELECOM -1.8% -3.5% -0.2% 0.3% TOTAL ICT 0.7% -4.8% 1.4% 2.0% Source: EITO 2011, BITKOM 2011Agoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Evolution of the growth rate in the Dutch ICT spending (2008 – 2011e) 2008 2009 2010 2011e IT - Hardware 4.1% -11.4% 0.3% 1.7% IT - Services 7.4% -8.3% 1.6% 2.5% IT - Software 8.1% -4.1% 2.0% 2.6% TOTAL IT 4.6% -8.3% 1.2% 2.2% TOTAL TELECOM -0.2% -3.6% 1.0% 1.8% TOTAL ICT 2.7% -5.8% 1.1% 2.0% Source: ICT Office/ Heliview 2011Agoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Evolution of the Growth rate in French IT spending (1991 – 2011e) 25.0% 19.5% 20.0% 17.0% 15.0% 13.5% 13.5% 10.5% 10.0% 7.0% 6.5% 7.0% 6.5% 7.0% 6.5% 3.8% 4.6% 4.1% 3.0% 5.0% 1.0% 0.8% 0.0% -5.0% -1.6% -3.0% -4.0% -5.0% -10.0% e 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 19 19 19 19 19 19 19 19 19 20 20 20 20 20 20 20 20 20 20 20 20 Source: ESN, Degroof ResearchAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Consensus estimates point to a solid FY11e 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010e 2011e 2012e IT ServicesSales Growth 16.8% -8.7% -3.6% 9.4% 11.4% 16.4% 11.6% 5.3% -3.9% 3.1% 5.0% 4.0%EBITDA Growth 19.8% -16.4% -5.6% 13.8% 27.9% 18.1% 19.1% 11.6% -14.7% 6.5% 11.3% 13.0%EBITDA Margin 12.1% 11.3% 8.4% 7.2% 7.7% 9.5% 9.4% 9.3% 9.5% 8.4% 8.6% 9.0%Net Debt/EBITDA -0.17x -0.16x -0.24x 0.36x -0.45x -0.34x 0.32x 0.77x 0.62x 0.65x 0.44x 0.17xCAPEX/Sales na na na na 1.5% 1.7% 2.1% 1.9% 1.4% 1.7% 1.7% 1.6% SoftwareSales Growth 24.0% -1.0% -4.4% 8.1% 16.8% 10.6% 11.9% 10.9% -2.5% 10.2% 6.8% 6.1%EBITDA Growth 17.5% -2.6% 1.6% 13.3% 13.8% 19.9% 11.9% 7.7% 1.2% 15.8% 14.1% 8.1%EBITDA Margin 17.9% 19.7% 13.7% 16.4% 19.5% 18.0% 21.4% 22.8% 22.6% 23.6% 23.7% 25.3%Net Debt/EBITDA -0.97x -0.45x -0.65x -0.75x -1.16x -1.15x -0.68x -0.38x 0.34x -0.28x 0.40x -0.09xCAPEX/Sales na na na na 3.2% 2.4% 3.0% 2.9% 2.1% 3.0% 2.8% 2.7% Electronic Equipment/InstrumentsSales Growth -66.6% 1.1% -6.4% 3.6% -6.8% 29.2% 21.9% -41.4% -42.0% 23.2% 18.4% 11.2%EBITDA Growth 13.1% 7.9% 7.5% 8.8% 13.5% 11.7% 13.4% 14.7% 13.6% 6.6% 14.0% 16.3%EBITDA Margin -12.4% 69.2% 119.6% 65.6% 83.6% 137.7% 34.3% 6.7% 57.0% -17.5% -0.9% -15.5%Net Debt/EBITDA -0.12x 0.69x 1.20x 0.66x 0.84x 1.38x 0.34x 0.07x 0.57x -0.18x -0.01x -0.16xCAPEX/Sales na na na na 5.5% 3.6% 4.2% 5.6% 3.6% 3.0% 3.0% 2.9%Source: JCF, Degroof ResearchAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • What is the market willing to pay at present? 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010e 2011e 2012e IT ServicesPrice/Sales 2.14x 0.90x 0.35x 0.88x 0.77x 0.91x 0.98x 0.63x 0.26x 0.45x 0.49x 0.42x 0.39xPrice/Earnings 13.66x 16.47x 17.58x 15.33x 16.65x 14.27x 13.78x 11.53x 11.18x 16.14x 13.57x 11.72x 10.71xPrice/Book 2.47x 2.25x 2.27x 2.32x 2.24x 1.70x 1.75x 1.49x 1.42x 1.40x 1.34x 1.19x 1.07xEV/Sales 2.18x 0.91x 0.45x 0.93x 0.81x 0.95x 0.95x 0.71x 0.35x 0.49x 0.51x 0.47x 0.43xEV/EBITDA 17.99x 8.88x 5.74x 11.16x 9.44x 9.85x 10.45x 7.27x 4.17x 7.00x 6.21x 5.60x 4.57xEV/EBIT 27.35x 12.80x 7.75x 14.74x 12.49x 13.87x 13.51x 10.23x 5.01x 9.01x 8.61x 7.48x 6.17x SoftwarePrice/Sales 4.54x 1.87x 0.76x 1.18x 1.51x 1.99x 2.20x 2.14x 1.01x 1.73x 2.36x 2.42x 2.31xPrice/Earnings 44.99x 32.95x 50.51x 34.01x 24.92x 21.54x 21.54x 18.03x 20.49x 23.17x 17.52x 15.38x 13.69xPrice/Book 7.71x 8.42x 10.21x 6.28x 5.63x 5.66x 3.91x 4.56x 4.91x 3.63x 3.14x 2.78x 2.40xEV/Sales 4.23x 1.96x 1.03x 1.52x 1.70x 1.80x 2.01x 2.13x 1.06x 1.63x 2.32x 2.31x 2.14xEV/EBITDA 30.08x 13.56x 7.28x 9.90x 12.46x 12.37x 12.70x 10.43x 5.32x 9.58x 10.10x 8.97x 8.08xEV/EBIT 34.92x 22.51x 11.56x 13.42x 14.31x 15.30x 13.90x 12.39x 6.73x 12.11x 12.28x 10.46x 9.27x Electronic Equipment/InstrumentsPrice/Sales 1.21x 0.92x 0.77x 1.04x 1.02x 1.07x 1.08x 1.07x 0.41x 0.81x 1.17x 1.05x 0.93xPrice/Earnings 14.78x 22.23x 17.83x 14.31x 27.27x 18.67x 18.07x 14.34x 24.83x 29.98x 16.41x 10.09x 10.78xPrice/Book 2.88x 2.85x 3.36x 3.28x 2.95x 2.27x 1.91x 1.64x 1.71x 2.13x 1.92x 1.61x 1.41xEV/Sales 1.13x 0.74x 0.56x 1.10x 0.91x 0.91x 0.98x 0.96x 0.40x 1.09x 1.04x 0.83x 0.63xEV/EBITDA 7.65x 13.49x 5.44x 6.51x 7.85x 9.10x 8.20x 7.61x 4.99x 10.36x 6.48x 5.81x 4.46xEV/EBIT 10.31x 9.86x 7.73x 10.59x 11.07x 15.41x 11.76x 11.05x 7.51x 13.49x 12.68x 8.35x 6.99xSource: JCF, Degroof ResearchAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Short term recovery – Long term trend Absolute Performance Relative Performance* Sector 1w 1m 3m 12 m 3Y 1w 1m 3m 12 m 3Y Stoxx Aerospace & Defense -1.9% 4.2% 4.2% 21.2% -5.7% -2.6% 1.7% -2.6% 6.1% 8.6% Stoxx Airlines -1.2% -3.1% -4.1% 15.5% -15.0% -1.9% -5.5% -10.3% 1.1% -2.0% Stoxx Automobiles & Parts -3.1% -1.7% 12.4% 54.6% 12.6% -3.8% -4.1% 5.1% 35.3% 29.8% Stoxx Banks 1.5% 10.0% 5.6% 3.7% -41.2% 0.8% 7.3% -1.2% -9.2% -32.3% Stoxx Basic Resources 3.1% -0.6% 14.1% 31.3% -6.8% 2.3% -3.1% 6.7% 14.9% 7.4% Stoxx Biotechnology 0.7% -1.0% 3.1% 8.0% -2.5% -0.1% -3.4% -3.6% -5.5% 12.3% Stoxx Chemicals 0.7% -2.2% 5.6% 27.9% 21.1% 0.0% -4.6% -1.2% 11.9% 39.5% Stoxx Computer Services 2.4% 6.7% 9.4% 12.5% 6.0% 1.6% 4.1% 2.3% -1.6% 22.1% Stoxx Construction & Materials -1.9% -1.5% 11.0% 5.3% -20.1% -2.6% -3.9% 3.8% -7.9% -7.9% Stoxx Electronic & Electrical Equip. -3.0% 0.1% 9.6% 39.2% 29.6% -3.8% -2.3% 2.5% 21.8% 49.4% Stoxx Financial Services 1.1% 3.5% 13.0% 26.1% -25.0% 0.3% 0.9% 5.7% 10.4% -13.6% Stoxx Food & Beverage 0.8% -5.1% 3.0% 13.7% 14.8% 0.1% -7.4% -3.7% -0.5% 32.3% Stoxx Food & Drug Retailers 2.4% 1.2% -1.0% 4.6% -10.8% 1.6% -1.3% -7.4% -8.4% 2.8% Stoxx General Industrials -1.0% 1.0% 13.7% 42.0% -1.9% -1.7% -1.5% 6.3% 24.3% 13.1% Stoxx General Retailers -0.7% -3.3% -3.3% 13.1% 3.5% -1.5% -5.6% -9.6% -1.0% 19.3% Stoxx Healthcare -0.1% -0.9% 2.8% 3.8% 4.3% -0.8% -3.3% -3.9% -9.1% 20.2% Stoxx Household Goods -0.6% -2.0% 5.4% 13.5% 6.2% -1.3% -4.4% -1.5% -0.7% 22.4% Stoxx Industrial Engineering -3.6% -2.8% 12.3% 44.7% 26.5% -4.4% -5.2% 5.0% 26.6% 45.7% Stoxx Industrial G&S -1.8% -1.4% 9.8% 32.6% 9.8% -2.5% -3.8% 2.7% 16.1% 26.5% Stoxx Industrial Transportation -0.6% 2.5% 4.6% 10.5% -16.3% -1.3% 0.0% -2.2% -3.3% -3.6% Stoxx Insurance 1.8% 11.3% 12.7% 15.6% -22.5% 1.0% 8.6% 5.4% 1.2% -10.7% Stoxx Internet 0.1% -1.6% -4.8% 6.5% -10.3% -0.7% -4.0% -11.0% -6.8% 3.4% Stoxx Media 0.3% 3.3% 6.8% 19.9% -10.7% -0.5% 0.8% -0.2% 4.9% 2.9% Stoxx Mining 4.6% -1.0% 13.7% 37.2% -0.2% 3.9% -3.4% 6.3% 20.0% 15.1% Stoxx Oil & Gas 1.8% 6.0% 13.2% 12.4% -5.6% 1.1% 3.4% 5.9% -1.7% 8.7% Stoxx Personal & Household Goods 1.2% -2.9% 2.4% 20.6% 12.7% 0.5% -5.2% -4.3% 5.6% 29.9% Stoxx Personal Goods 1.2% -3.1% 2.9% 36.0% 37.5% 0.4% -5.4% -3.8% 19.0% 58.4% Stoxx Retail 1.1% -0.6% -1.9% 8.1% -5.3% 0.4% -3.0% -8.3% -5.4% 9.2% Stoxx Semiconductors 2.7% 15.6% 41.0% 62.1% 76.0% 1.9% 12.8% 31.9% 41.9% 102.8% Stoxx Software 2.3% 8.5% 14.5% 24.6% 35.5% 1.5% 5.8% 7.1% 9.0% 56.1% Stoxx Software & Computer Services 2.2% 7.8% 12.7% 21.0% 25.2% 1.5% 5.1% 5.4% 5.9% 44.2% Stoxx Technology 2.6% 7.4% 17.5% 17.4% -13.8% 1.8% 4.8% 9.9% 2.7% -0.6% Stoxx Telecom Equipment 3.1% 6.5% 12.3% -2.8% -48.0% 2.3% 3.9% 5.0% -14.9% -40.1% Stoxx Telecommunications 1.2% 6.3% 0.6% 15.7% -17.4% 0.4% 3.7% -5.9% 1.2% -4.8% Stoxx TMI 0.7% 2.4% 7.1% 14.7% -12.5% 0.0% -0.1% 0.1% 0.4% 0.9% Stoxx Travel & Leisure 0.0% -0.7% 4.9% 18.4% -14.7% -0.7% -3.1% -1.9% 3.6% -1.7% Stoxx Utilities 0.6% 4.5% 4.0% 0.0% -33.3% -0.1% 1.9% -2.8% -12.5% -23.2% S&P Global Clean Energy E 0.6% 3.2% 9.0% 16.6% -8.9% -0.1% 0.7% 2.0% 2.0% 4.9% Stoxx Europe 600 0.7% 2.5% 6.9% 14.3% -13.2% 0.0% 0.0% 0.0% 0.0% 0.0%Agoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • ICT Economics – Corporate Spending More respondents are planning to increase All areas of corporate spending saw an corporate spending in the next six months increase in spending expectations The sectors most exposed to corporate spend are IT services (where 95% of sales are to the corporate sector), software (79%), capital goods (70%) and media (70%).Agoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Bellwethers of the ICT Sector SAP ”We finished 2010 with the highest fourth quarter for software revenue in our history” “Our strong performance and our business outlook for 2011 demonstrate that SAP is confident about achieving double-digit growth and continued margin expansion IBM “Best constant currency revenue growth in a decade, led by Hardware and Software” “Services backlog of $142B, up $4B yr/yr and $7B qtr/qtr excluding currency” EMC ”Revenue growth guidance of 15%” INDRA ”Revenue growth of at least 2%, with significantly higher growth in the international markets” SAGE ”Our principal markets continued their gradual recovery in the quarter”Agoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Global M&A is still low – and tends to lag the cycle… M&A tends to lag the 12m change in M&A tends to lag the cycle – trailing the equity markets by one year ISM by 12 months Business confidence is a good lead indicators of corporate spending Credit markets are open for business Corporate leverage is quite low Business models are changing Mobility is coming into playAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • …but technology Merger & Acquisitions are on the rise Western Europe’s technology mergers and acquisitions market appears to have turned the corner with the publication of a reasonably optimistic FY10 report: 1,590 western European technology M&A transactions were announced in 2010, an increase of 24% compared to the previous year The aggregate value of western European technology transactions was $26.9 billion in 2010, an increase of 93% compared to the prior year. However, while an increase in value of 93% may seem like happy days, it comes from a pretty desperate 2009, where the value of transactions was only $13.9 billion, the low point of the decade. At $26.9 billion, the value of 2010’s transactions is still below that of 2005, which was just under $70 billion. 52 western European VC-backed M&A exits greater than $20 million were announced in 2010 compared to 17 during 2009 Seven western European technology IPOs greater than $15 million, an increase of 133% compared to the prior year.Agoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • ICT M&A in Belgium 2005 2006 2007 2008 2009 2010 2011 Nr. of deals 9 18 15 14 7 10 1 Deal Value (EUR m) 640.8 650.0 672.3 258.1 120.2 239.3 350.0 Source: MergerMarket We expect consolidation to accelerate in 2011 as larger vendors look to consolidate market share and acquire attractive technologies.Agoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Appendix: Net Debt/EBITDA 2.00x IT Services Software Electronic Equipment/Instruments 1.50x 1.38x 1.20x 1.00x 0.84x 0.77x 0.69x 0.66x 0.65x 0.62x 0.57x 0.44x 0.40x 0.50x 0.36x 0.34x 0.32x 0.34x 0.17x 0.07x -0.01x -0.12x -0.09x 0.00x -0.17x -0.16x -0.18x -0.16x -0.24x -0.28x -0.23x -0.34x -0.30x -0.38x -0.45x -0.45x -0.55x -0.50x -0.65x -0.68x -0.75x -0.97x -1.00x -1.16x -1.15x -1.50x 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010e 2011e 2012eAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Private Equity is stepping up to the plate Source: EVCAAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • ICT TrendsAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Trends in 2011Agoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Software will get a more prominent role… Belgian IT Services vendors face a long-term strategic challenge of how to break the linear relationship between headcount and revenue growth, especially in the context of wage inflation and indexation. We suspect that vendors may respond to this challenge by developing more “productized” solution sets based on reusable technology platforms that ideally can help drive economies of scale. We expect the maturity of the Internet to help continue facilitating convergence among hardware, software, and services companies. Software investment will continue to grow as a percentage of aggregate IT spending irrespective of whether IT spending increases as a percentage of GDP or corporate capex. There is also less commoditization and thus price pressure on enterprise software. Consequently, we expect a further acceleration in growth and ongoing margin expansion across the sector.Agoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Top 10 priorities of the Belgian CIO in 2011 Mobile Technologies, 4% Web 2.0 (blogs, Upgrade of Security Twitter, ..), 2% infrastructure, 12% VoIP; Unified Communication & Improvement of Video conferencing, disaster recovery & 9% business continuity, 12% Company Software, 13% Outsourcing (Application Consolidation (& Development, virtualisation) of Helpdesk, ..), 6% existing IT- Infrastructure, 16% Improvement IT- Infrastructure Upgrade of PC-Park (Service-Oriented (Windows, Office), Architecture), 6% 17% Source: Smart Business StrategiesAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Strategic trends for 2011Agoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Trends in 2011Agoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Agoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Overall Summary POSITIVE Global economy is recovering providing a boost in business and consumer confidence Upbeat business confidence bolsters corporate spending leading to an increase in order book. Capacity utilization rate in the ICT sector are up, should allow further improvement in profitability. Customers continue to work through a backlog of delayed purchases from 2008/2009/2010. Mid-single digit sales growth for the Belgian ICT sector and improving profitabilty Valuations look cheap, sector re-rating in the cards. Upbeat business confidence should bolster M&A. Changing business models provides opportunities for agile companies. Globalization of the ICT sector continues, which offers both opportunities and threats. NEGATIVE #NoGov; #Public Austerity Public spending on Hold. Despite increasing order book and higher capacity utilization rates, only selective price increases Financial sector : not yet out of the woods Increase in ICT employee attrition expected Wage inflation expected in Belgium due to indexation The intake of new ICT graduates is too low to cope with the structural shortage of ICT staff CONCLUSION The tech sector gives exposure to both the immediate excitement of economic recovery, but also to the longer-term trends in innovation, so overall optimistic view despite political burden in Belgium 2011 ICT Outlook for the first since 2007 in line with structural growth path of around 4% for the IT Sector M&A will be a key topic in 2011Agoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Agoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Appendix: Revenue Growth 40.0% IT Services Software Electronic Equipment/Instruments 28.8% 30.0% 24.0% 20.0% 16.8% 16.6% 16.8% 16.4% 14.8% 11.4% 11.9% 11.6% 10.9% 10.6% 10.2% 10.0% 9.4% 10.0% 8.1% 7.4% 6.8% 6.1% 5.3% 5.0% 4.9% 3.1% 4.0% 2.3% -0.5% -1.0% 0.0% -2.5% -3.6% -4.0% -4.4% -3.9% -4.6% -7.7% -8.7% -10.5% -10.0% -20.0% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010e 2011e 2012eAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Appendix: EBITDA Growth 60.0% IT Services Software Electronic Equipment/Instruments 40.0% 27.9% 29.2% 21.9% 23.2% 19.8% 19.9% 18.1% 19.1% 18.4% 17.5% 15.8% 20.0% 13.8% 13.3% 13.8% 14.1% 13.0% 11.9% 11.6% 11.3% 11.2% 7.7% 6.5% 8.1% 1.6% 3.6% 1.1% 1.2% -2.6% 0.0% -5.6% -6.4% -6.8% -16.4% -14.7% -20.0% -41.4% -42.0% -40.0% -60.0% -66.6% -80.0% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010e 2011e 2012eAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Appendix: EBITDA-Margin 60.0% IT Services Software Electronic Equipment/Instruments 50.0% 40.0% 30.0% 25.3% 25.7% 22.8% 23.6% 23.7% 22.6% 21.4% 19.7% 19.5% 20.0% 17.9% 18.0% 16.4% 16.3% 16.1% 14.7% 14.0% 13.1% 13.7% 13.5% 13.4% 13.6% 12.1% 11.3% 11.7% 8.8% 9.5% 9.4% 9.3% 9.5% 9.0% 9.5% 7.9% 8.4% 8.4% 8.6% 10.0% 7.5% 7.2% 7.7% 6.6% 0.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010e 2011e 2012eAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Appendix: Net Debt/EBITDA 2.00x IT Services Software Electronic Equipment/Instruments 1.50x 1.38x 1.20x 1.00x 0.84x 0.77x 0.69x 0.66x 0.65x 0.62x 0.57x 0.44x 0.40x 0.50x 0.36x 0.34x 0.32x 0.34x 0.17x 0.07x -0.01x -0.12x -0.09x 0.00x -0.17x -0.16x -0.18x -0.16x -0.24x -0.28x -0.23x -0.34x -0.30x -0.38x -0.45x -0.45x -0.55x -0.50x -0.65x -0.68x -0.75x -0.97x -1.00x -1.16x -1.15x -1.50x 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010e 2011e 2012eAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Appendix: Price/Sales 7.00x IT Services Software Electronic Equipment/Instruments } 6.00x Facebook: Price/Sales 25x Linkedin: Price/Sales 6x Explained by higher Growth? 5.00x 4.54x 4.00x 3.00x 2.36x 2.42x 2.20x 2.31x 2.14x 2.14x 1.99x 1.87x 2.00x 1.73x 1.51x 1.21x 1.18x 1.17x 1.04x 1.02x 1.07x 1.08x 0.98x 1.07x 1.01x 1.05x 0.92x 0.90x 0.88x 0.91x 0.93x 0.77x 0.76x 0.77x 0.81x 1.00x 0.63x 0.41x 0.45x 0.49x 0.42x 0.39x 0.35x 0.26x 0.00x 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010e 2011e 2012eAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Appendix: Price/Earnings 68.00x IT Services Software Electronic Equipment/Instruments 58.00x 50.51x 48.00x 44.99x 38.00x 34.01x 32.95x 29.98x 27.27x 28.00x 24.92x 24.83x 23.17x 22.23x 21.54x 21.54x 20.49x 17.83x 18.67x 18.07x 18.03x 17.58x 17.52x 16.47x 16.65x 16.14x 16.41x 18.00x 14.78x 15.33x 15.38x 13.66x 14.31x 14.27x 13.78x 14.34x 13.57x 13.69x 11.53x 11.18x 11.72x 10.09x 10.78x 10.71x 8.00x 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010e 2011e 2012eAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Appendix: Price/Book 12.00x IT Services Software Electronic Equipment/Instruments 10.21x 10.00x 8.42x 7.71x 8.00x 6.28x 5.63x 5.66x 6.00x 4.91x 4.56x 3.91x 4.00x 3.63x 3.36x 3.28x 3.14x 2.88x 2.85x 2.95x 2.78x 2.47x 2.32x 2.40x 2.25x 2.27x 2.24x 2.27x 2.13x 1.91x 1.75x 1.92x 1.70x 1.64x 1.71x 1.61x 2.00x 1.49x 1.42x 1.40x 1.34x 1.41x 1.19x 1.07x 0.00x 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010e 2011e 2012eAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Appendix: EV/Sales 6.00x IT Services Software Electronic Equipment/Instruments 5.00x 4.23x 4.00x 3.00x 2.32x 2.31x 2.18x 2.13x 2.14x 1.96x 2.01x 2.00x 1.80x 1.70x 1.63x 1.52x 1.13x 1.10x 1.06x 1.09x 1.04x 1.03x 0.95x 0.98x 0.95x 0.96x 0.91x 0.93x 0.91x 0.91x 0.74x 0.81x 0.83x 1.00x 0.71x 0.56x 0.63x 0.45x 0.49x 0.51x 0.47x 0.43x 0.40x 0.35x 0.00x 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010e 2011e 2012eAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Appendix: EV/EBITDA 37.00x IT Services Software Electronic Equipment/Instruments 32.00x 30.08x 27.00x 22.00x 17.99x 17.00x 13.56x 13.49x 12.46x 12.37x 12.70x 11.16x 12.00x 9.90x 10.45x 10.43x 10.36x 10.10x 9.44x 9.85x 9.58x 8.88x 9.10x 8.97x 7.65x 7.85x 8.20x 8.08x 7.28x 7.61x 7.27x 6.51x 7.00x 6.48x 5.74x 6.21x 5.81x 7.00x 5.44x 5.32x 5.60x 4.99x 4.57x 4.46x 4.17x 2.00x 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010e 2011e 2012eAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Appendix: EV/EBIT 39.00x IT Services Software Electronic Equipment/Instruments 34.92x 34.00x 29.00x 27.35x 24.00x 22.51x 19.00x 15.41x 15.30x 14.74x 14.31x 13.42x 13.87x 13.90x 13.51x 13.49x 14.00x 12.80x 12.49x 12.39x 12.68x 12.28x 11.56x 11.76x 12.11x 10.59x 11.07x 11.05x 10.31x 10.23x 10.46x 9.86x 9.01x 9.27x 8.61x 8.35x 9.00x 7.75x 7.73x 7.51x 7.48x 6.73x 6.99x 6.17x 5.01x 4.00x 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010e 2011e 2012eAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Disclaimer: This presentation has been prepared and issued by the Members of European Securities Network LLP (‘ESN’). ESN, its Members and their affiliates (and any director, officer or employee thereof), are neither liable for the proper and complete transmission of these reports nor for any delay in their receipt. Any unauthorised use, disclosure, copying, distribution, or taking of any action in reliance on these reports is strictly prohibited. The views and expressions in the reports are expressions of opinion and are given in good faith, but are subject to change without notice. These reports may not be reproduced in whole or in part or passed to third parties without permission. The information herein was obtained from various sources. ESN, its Members and their affiliates (and any director, officer or employee thereof) do not guarantee their accuracy or completeness, and neither ESN, nor its Members, nor its Members’ affiliates (nor any director, officer or employee thereof) shall be liable in respect of any errors or omissions or for any losses or consequential losses arising from such errors or omissions. Neither the information contained in these reports nor any opinion expressed constitutes an offer, or an invitation to make an offer, to buy or sell any securities or any options, futures or other derivatives related to such securities (‘related investments’). These reports are prepared for the clients of the Members of ESN only. They do not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive any of these reports. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in these reports and should understand that statements regarding future prospects may not be realised. Investors should note that income from such securities, if any, may fluctuate and that each security’s price or value may rise or fall. Accordingly, investors may receive back less than originally invested. Past performance is not necessarily a guide to future performance. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related investment mentioned in these reports. In addition, investors in securities such as ADRs, whose value are influenced by the currency of the underlying security, effectively assume currency risk. ESN, its Members and their affiliates may submit a pre-publication draft (without mentioning neither the recommendation nor the target price/fair value) of its reports for review to the Investor Relations Department of the issuer forming the subject of the report, solely for the purpose of correcting any inadvertent material inaccuracies. Like all members employees, analysts receive compensation that is impacted by overall firm profitability For further details about the specific risks of the company and about the valuation methods used to determine the price targets included in this report/note, please refer to the latest relevant published research on single stock. Research is available through your sales representative. ESN will provide periodic updates on companies or sectors based on company-specific developments or announcements, market conditions or any other publicly available information. Unless agreed in writing with an ESN Member, this research is intended solely for internal use by the recipient. Neither this document nor any copy of it may be taken or transmitted into Australia, Canada or Japan or distributed, directly or indirectly, in Australia, Canada or Japan or to any resident thereof. This document is for distribution in the U.K. Only to persons who have professional experience in matters relating to investments and fall within article 19(5) of the financial services and markets act 2000 (financial promotion) order 2005 (the “order”) or (ii) are persons falling within article 49(2)(a) to (d) of the order, namely high net worth companies, unincorporated associations etc (all such persons together being referred to as “relevant persons”). This document must not be acted on or relied upon by persons who are not relevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. The distribution of this document in other jurisdictions or to residents of other jurisdictions may also be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. By accepting this report you agree to be bound by the foregoing instructions. You shall indemnify ESN, its Members and their affiliates (and any director, officer or employee thereof) against any damages, claims, losses, and detriments resulting from or in connection with the unauthorized use of this document. For additional information and individual disclaimer please refer to www.esnpartnership.eu and to each ESN Member websites: www.bancaakros.it, www.caixabi.pt, www.cajamadrid.es, www.cmcics.com, www.degroof.be, www.equinet-ag.de, www.ibg.gr, www.ncb.ie, www.snssecurities.nlAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe
  • Agoria ICT Winter Network Event Prospects for the Belgian ICT Sector Siddy Jobe (+32 2 287 92 79) Siddy.Jobe@degroof.be Twitter: @siddyjobeAgoria ICT Winter Network Event – 08/02/2011 Siddy Jobe