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Enron Mail |
SCHRODER SALOMON SMITH BARNEY
British Energy - CEO, Peter Hollins resigned with immediate effect yesterday. The company has stated that the resignation does not indicate any deterioration in the outlook for the business performance, but rather reflects a desire in the Board for a change in leadership. Nevertheless, once again British Energy has managed to produce a unpleasant surprise for investors, and there will be doubts over future strategy until such time as there is clarity over the management succession. Therefore we retain our 4H Recommendation (Under perform High Risk) and 265p price target (current price 279p). Seven Trent - attached is our note reviewing the preliminary results of Severn Trent (SVT.L). We retain our 3L (Neutral Low Risk) Recommendation, with a 730p price target (current price 720p). Kelda - attached is our note reviewing the preliminary results of Kelda (KEL.L). We retain our 3L (Neutral Low Risk) Recommendation, with a 395p price target (current price 384p). <<SVT post prelims 7Jun01.pdf<< <<Kelda post interims 7Jun01.pdf<< Peter Bisztyga Associate European Utilities Equity Research Schroder Salomon Smith Barney Tel: +44 20 7986 3932 Fax: +44 20 7986 ---- E-mail: peter.bisztyga@ssmb.com Should you experience any problems opening this file, or if you wish to receive SSSB Utilities e-mails on a sector-only, UK-only, European-only, or named stock basis - or be removed from our list - please contact natalie.knapp@ssmb.com. If you wish to be added/removed from our hard copy research list, please contact natalie.knapp@ssmb.com. You can view this note and other Schroder Salomon Smith Barney Utility research by using our equities website. If you do not have access to SSSB's GEO (Global Equity Online) service, please contact natalie.knapp@ssmb.com. or your salesperson who will arrange personal login and password details. Schroder Salomon Smith Barney ("SSSB"), and the companies within Citigroup, including the Salomon Smith Barney group of companies ("the Firm"), may make a market in the securities discussed in this text and may sell to or buy from customers, as principal, securities recommended in this text. The Firm or employees preparing this text may have a position in securities or options of any company recommended in this text. An employee of the Firm may be a director of a company recommended in this text. The Firm may perform or solicit investment banking or other services from any company recommended in this text. Within the past three years Schroder Salomon Smith Barney, including its parent and/or affiliates, may have acted as manager or co-manager of a public offering of any company mentioned in this text. Although information has been obtained from and is based upon sources the Firm believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute the Firm's judgment as of the date of the text and are subject to change without notice. This text is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of a security. This text has been approved for distribution in the United Kingdom by Salomon Brothers International Limited, which is regulated by the Securities and Futures Authority. The investments and services contained herein are not available to private customers in the UK. This text does not take into account the investment objectives or financial situation of any particular person. Investors should obtain advice based on their own individual circumstances before making an investment decision. ? Salomon Smith Barney Inc., 2001. All rights reserved. Any unauthorized use, duplication or disclosure is prohibited by law and may result in prosecution. Please see our full disclaimer on any current research document for further restrictions/limitations. - SVT post prelims 7Jun01.pdf - Kelda post interims 7Jun01.pdf
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