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Rabobank disappointed with Arseus' organic growth, recommends "hold".

M2 PHARMA-July 8, 2011-Rabobank disappointed with Arseus' organic growth, recommends "hold"(C)2011 M2 COMMUNICATIONS

8 July 2011 - Rabobank cheered the second-quarter revenues of Belgian health products wholesaler Arseus (EBR: RCUS), but said it is disappointed with its organic growth.

The bank maintained its "hold" recommendation and EUR12.50 share price target.

Arseus' second-quarter revenues grew by 12.5% on the year to EUR121.4m (USD174.2m), slightly up from the projected EUR120.4m by Rabobank. Organically, revenues grew by 2.7%, while the bank had bet on a 3.5% rise.

The Fagron division achieved the highest organic growth of 6.7%. All other divisions showed a disappointing organic development, according to the bank.

For full 2011, Arseus expects organic revenue growth of 3% to 6%. According to Rabo, the revenue growth is currently at the lower end of the range.

At 08:27 GMT on Friday Arseus shares gained 2.41% to EUR11.49 in Brussels trading.

(EUR1 = USD1.435)

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Publication:M2 Pharma
Date:Jul 8, 2011
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