Recommendations
  
Last update on 08/18/2010
  
         
 
.
 
         
 
Price targets (in €)
 
Highest
Consensus
Median
Lowest
     
      44.00 35.64 36.00 29.62      
                 
       
  Earnings Estimates
(in €m) 		  Q3
2009		 FY
2009 		Q3
2010E 		FY
2010E 		FY
2011E 		Trend    
   
 
  Net sales      
  Number of estimates       12 14 14    
  - Highest       1,424.0 5,617.0 6,528.4    
  - Consensus   1,196.0 5,016.0 1,379.6 5,545.1 6,096.1    
  - Median       1,390.1 5,527.8 6,089.0 Quarterly  
  - Lowest       1,280.3 5,484.0 5,849.0 Annual  
  .      
 
  Operating profit                
  Number of estimates       12 13 13    
  - Highest       126.9 484.0 635.3    
  - Consensus   114.1 293.6 113.8 458.1 554.8    
  - Median       115.8 465.0 571.0 Quarterly  
  - Lowest       95.0 401.0 458.0 Annual  
  .      
 
  Pre tax profit                
  Number of estimates       11 13 13    
  - Highest       113.6 435.3 604.5    
  - Consensus   91.0 222.0 97.7 388.6 499.0    
  - Median       100.8 388.0 506.0 Quarterly  
  - Lowest       78.0 355.0 397.0 Annual  
  .      
 
  Profit attributable to equity shareholders                
  Number of estimates       11 14 14    
  - Highest       80.7 298.4 423.1    
  - Consensus   62.0 150.0 69.5 275.6 351.3    
  - Median       72.0 283.5 353.0 Quarterly  
  - Lowest       54.0 248.0 278.0 Annual  
  .      
 
  EPS basic (in Euro)                
  Number of estimates       10 14 14    
  - Highest       0.54 1.98 2.82    
  - Consensus   0.44 1.06 0.47 1.84 2.34    
  - Median       0.48 1.89 2.36 Quarterly  
  - Lowest       0.36 1.65 1.85 Annual  
                   
 
   
  DPS (in Euro)                
  Number of estimates         12 12    
  - Highest       - 1.33 1.69    
  - Consensus   - 0.70 - 0.90 1.08    
  - Median       - 0.89 1.13  
  - Lowest       - 0.40 0.40 Annual  
                   
 
 
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.
   
       
 
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