Bene Q3 comment 111 17.12.2007

O P P E N H E I M R E S E A R C H Bene BuyIndustrial Goods & Services Fair Value EUR7.142007-12-17 Price EUR4.77 (Closing price as of 2007-12-14) Applied disclosures can be found in the appendix V E R Y S T R O N G Q 3 2 0 0 7 / 0 8 F I G U R E S Price and rel. Performance 7.06.5Bene reported Q3 07/08 figures today, which surprised very positively. 6.0Sales came in 13% higher than our expectations, and Bene does not see 5.5 project activity weakening. Margins recovered much stronger than 5.0 expected and EBIT came in 30% higher than expected. There are no 4.5 consensus figures available for Q3 2007/08, so we do not know if Bene beat market expectations. However, as our full year estimates are fully in 4.005-12 06-06 06-12 07-06 07-122 line with consensus, Bene’s figures probably beat other expectations, too. Bene, Ord. share, Price ATX FACTS Q3 07/08 FY 07/08 FY 07/08 in €m Q3 07/08 Q3 06/07 Change yoy %SOP SOP consensus Market Data Sales 69.1 49.7 39.1% 60.0 -13.2% 239.9 242.1Reuters BENE.VI EBITDA 7.3 4.3 69.7% 5.5 -24.4% 20.0 20.1Bloomberg BENE AV EBITDA margin 10.5% 8.6% 9.1% 8.3% 8.3%Market cap €bn 0.1 EBIT 5.7 2.9 96.2% 4.0 -29.7% 14.0 13.98.2% 5.8% 6.6% 5.8% 5.8%Free float % 52.7 EBIT margin Net Profit after minorities 4.4 2.2 99.2% 2.9 -33.5% 9.4 9.3adj. EPS 0.18 0.12 50.0% 0.12 -33.3% 0.39 0.39Key Data ASSESSMENT Yr.end 01/31 2006 2007e 2008e____ Bene does not see a cool down of project activity, which is ...