Europe: Portfolio Strategy - Strategy Expresso!: Explaining our earnings forecasts  (英文)

We expect earnings to fall 16% in 2009 and to rebound 40% in 2010
We first upgraded our earnings forecasts for 2009 and 2010 in mid-July and upgrade them slightly again today. Since our July note, we have had a number of questions from clients. In this note, we give some more detail to explain the main drivers of our forecasts. While our 2010 estimates may look very high, it is important to remember the low base from which they are growing. While we estimate 8.7% sales growth in 2010, the change from 2007 to 2010 is 2.9% for the broad market.

>> Europe: Portfolio Strategy - Strategy Expresso!: Explaining our earnings forecasts  September 3, 2009 [PDF, 157 KB]