2010-2011 Universiteit Antwerpen
Share-tracking report Roberto Benabid 2E10
Part I: Rationale statement
The stocks of Colruyt and Ahold were chosen for several reasons. In terms of collecting determinants of shares , the stocks of Colruyt in combination with Ahold’s shares were chosen because they are both located in the same sector however active in different countries. With this in mind determinants of portfolio performance associated with the location, sector, etc. can be discovered. In terms of maximal portfolio performance, the retail stocks weren’t affected by the economic crisis unlike other stocks. A boom or slump in these shares is not expected, maybe a steady increase will be more likely. This prediction was made with the Christmas shopping in view. In the period from September 1, 2010 to October 4, 2010 the share price of Colruyt fluctuated between 197.25 and 194.10 euros. These small fluctuations were caused due the longer opening hours, a disappointing profit forecast, etc. In the period from September 1, 2010 to September 28, 2010 the shares of Ahold showed a steady increase of 49 cents per share. The shares fluctuated from 9.68 to 10.17 euros. This increase was due to the 3% higher net profits generated by Ahold. This was beyond Ahold’s expectations. On the other hand by market close on October 4,2010, the shares in Ahold had dropped 54 cents per share since September 28, 2010 from 10.17 to 9.63 euros. This drop was caused by the change of their CEO. The former CEO John Rishton was replaced by Dick Boer. From the stock market figures the conclusion can be made that there was a lack of confidence in the new manager.
Part II: Tabular data
| Retail sector
| Retail sector
| Active in 3 countries1 continentBelgiumFranceLuxembourg
| Active in 28 countries4 continentsThe NetherlandsScandinaviaThe United StatesBrazil………….
| Key competitors
| Konmar (Netherlands)Super de boer (Netherlands)WalMart (USA)….
| €6.753 billion (2010)
| €27.93 billion (2009)
| Operating income
| €469.9 million (2010)
| €1.297 billion (2009)
| €329.6 million (2010)
| €894 million (2009)
| Over 22,000 employees (2010)
| 118,120 employees (2009)
| Major Shareholders
| Family Colruyt (± 46%)
| DeltaFort Beleggingen I B.V (± 9.50%)ING Groep N.V (± 6.92%)AEGON N.V. (± 5.77%)
Part III: Key company developments over the eight-week period and/or in the two months prior to the tracking period Colruyt
* 01/10/2010 The stocks of the BEL20 decreased (influenced) * 09/10/2010 article: “Albert Heijn early as February in Belgium” (influenced) * 15/10/2010 5-for-1 stock split (Influenced)
* 27/10/2010 Westvleteren (trappist beer) not on the shelves of Colruyt (not influenced) * 27/10/2010 The opening of the first low-energy store in Belgium. (influenced) * 02/11/2010 Lack of investor confidence in the European stock market. (influenced) * 17/11/2010 Recovery of the European stock market (influenced) * 19/11/2010 Colruyt announced the opening of a new distribution center (not influenced) Ahold
* 09/10/2010 Article: “Albert Heijn early as February in Belgium” (influenced) * 12/10/2010 The opening of the first office in Antwerp (influenced) * 24/10/2010 A new magazine was launched by Ahold (influenced) * 02/10/2010 Lack of investor...
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