ING: Acomo - Volatility creates value

Following its transformation in 2010, Acomo is well placed to benefit from friction in the supply-demand balance in soft commodities. We see further expansion of leadership positions through M&A in the future, which might add up to €0.23 in EPS by 2013. We initiate coverage on Acomo with a BUY rating and TP of €11.5, in view of its consistent dividend yield of c.5% and given it is still trading below its peers at a 9.4x PER for 2012F.