Danske Bank analysis of Maconomy: Solid turnaround in progress

11-10-2007

Danske Bank, Denmark's largest bank, recently released a positive analysis of Maconomy for investors. The report states four key reasons for a strong and positive outlook:

1. The ongoing re-structuring following initial management plans, which has resulted in positive results on sales and margins.

2. The large market potential for Maconomy's specialised solutions.

3. The expected 2008-09 earnings to support valuation

4. Attractive fundamental valuation

The report states "After years of re-structuring, Maconomy is back on the growth track. New management took control in mid-2005 and since then, the strategy has been refined and new product versions have been launched...we believe the company in the near term will use higher sales to fund a higher cost base but will also remain very committed to deliver on the near-term financial guidance."


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