fa Laval Q4 mixed, orders ahead, topline margin miss, sees stable demand guidance for O1 (trading +5.2%) • Tele2 O4 miss driven by Russia, lowering Capex, sales in line, EBITDA margin & dividend below (trading -10.4%) • Shanks IMS in line but guiding growth rates down for 2013 & 2014, tough market co

ies — AT1.DE: 1/ Corporate governance; the change of the domicile from Cyprus to Luxembourg could serve as a catalyst; we also see key man risk. 2/ Capex backlog. The company is pursuing a "light" capex model despite the value add character of their business model. 3/ Dilutive equity issues to fund e