ESN: Mastering the value chain; upgrade to Accumulate

Acomo continues to leverage its competitive strengths in its core trading operations. Interim 2011 earnings were strong. We expect net profit in 2011-2013 to remain stable at about EUR 22m. The company's shares remain attractively valued at current levels. We stick to our EUR 11.50 target prices and therefore upgrade our rating to Accumulate from Hold.