ING: Acomo - 2012: Difficult to beat record 2011 profit

2011 was a record profit year for ACOMO. In 2012, high capex, 2Q weak weather and weakening prices might make it difficult to beat 2011 results. Currently, ACOMO is bringing further focus in its strategy to strengthen its position in the sourcing part, as well as increasing value-adding processes. These results should be visible after 2012F. Current valuation leaves no room for outperformance and we downgrade from a BUY to a HOLD with a new TP of €12.0 (was €11.5).