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Financial Directions - Investor expectations a top corporate issue.
(From Financial Director)
Research by Parson Consulting finds that only 9% of FTSE-100 companies hit analysts' consensus estimates for earnings per share in 2003, writes Tom Berry.
The research also shows that 38% of companies surveyed underperformed EPS estimates by 10% or more, but only 11% outperformed by the same margin.
Underperformance was most prevalent in the health and pharmaceuticals and services sectors, where 50% of FTSE-100 companies underperformed estimates by 10% or more. Outperformance was led by the chemicals and energy sector, followed by the financial services and defence and industrial sectors, in which 17%, 15% and 13% of companies outperformed by 10% or more respectively.
Only the health and pharmaceuticals sector failed to have a single FTSE-100 company that met analyst expectations over the financial year.
The top outperformers in the FTSE-100 in 2003 were Abbey National, which outperformed by 1,451% (consensus estimates -3.88p, actual +52.4p), WPP (231%), Enterprise Inns (104%), Unilever (59%) and BP (46%).
The worst underperformers were Royal & SunAlliance, which underperformed by 3,339% (consensus estimates -0.57p, actual -19.60p), ITV (-1,095%), Hays (-565%), Shire Pharmaceuticals (-329%) and Vodafone (-253%).
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