february 2004 important please read disclosures and disclaimers at the end of this report is published by pictet & cie 29 boulevard georges favon ch 1204 geneva switzerland unaxis poised to grow in digital media page executive summary 4 valuation stock performance 7 key issues 13 strategic orientation more focus needed 14 data storage well placed fast growing dvd market 17 displays small but growth driver formedium term 25 semiconductor divisions cyclical upturn ahead 33 defensive valued ca 35 our fair equity value for 45 optimising cost structure 48 review q4 2003 sales order figures 51 financial forecasts 53 annex 1 a glance 59 2 proposed merger with esec 63 reto amstalden 41 0 58 323 1556 ramstalden comfebruary contents company share outstanding m 12 96 capitalisation chf 439 adjusted net debt 683 enterprise 825 gearing 2002 roic 2003e 6 roe estimated free float 70 major shareholders ihag holding owned founding bührle family 30 next event full year results 23 03 buy high risk
