The group’s Q4 and annual results for 2009 were marginally better than the already high expectations. Their quality is in fact well above average in recurring terms. As a result the group can afford the luxury of rewarding its shareholders with a very high dividend of CHF 16 (6.6% yield) with no adverse impact on the financial strength of this group which remains a reference in the sector. The markdown of this share against the sector is not simply unjustified, it is unjustifiable. PLUS code confirmed.