Recommendations
  
Last update on 02/24/2010
  
         
 
.
 
         
 
Price targets (in €)
 
Highest
Consensus
Median
Lowest
     
      35.00 25.57 25.00 20.40      
                 
       
  Earnings Estimates
(in €m) 		  Q1
2009		 FY
2009 		Q1
2010E 		FY
2010E 		FY
2011E 		Trend    
   
 
  Net sales      
  Number of estimates       14 17 17    
  - Highest       1,182.0 5,111.4 5,652.0    
  - Consensus   1,220.0 5,016.0 1,122.5 4,995.3 5,428.1    
  - Median       1,123.0 5,045.0 5,435.0 Quarterly  
  - Lowest       1,031.7 4,833.0 5,100.0 Annual  
  .      
 
  Operating profit                
  Number of estimates       13 17 17    
  - Highest       80.6 382.0 518.3    
  - Consensus   58.6 293.6 62.0 330.3 438.2    
  - Median       63.6 329.6 443.7 Quarterly  
  - Lowest       43.4 299.2 372.0 Annual  
  .      
 
  Pre tax profit                
  Number of estimates       12 16 16    
  - Highest       70.1 341.0 444.0    
  - Consensus   37.0 222.0 45.1 263.8 379.0    
  - Median       45.0 266.4 380.4 Quarterly  
  - Lowest       27.6 201.8 313.0 Annual  
  .      
 
  Profit attributable to equity shareholders                
  Number of estimates       12 17 17    
  - Highest       49.8 233.0 308.0    
  - Consensus   26.0 150.0 32.5 184.5 262.0    
  - Median       33.4 187.0 266.0 Quarterly  
  - Lowest       19.6 140.3 218.0 Annual  
  .      
 
  EPS basic (in Euro)                
  Number of estimates       12 17 17    
  - Highest       0.33 1.55 2.05    
  - Consensus   0.18 1.06 0.22 1.23 1.75    
  - Median       0.22 1.24 1.77 Quarterly  
  - Lowest       0.13 0.93 1.45 Annual  
                   
 
   
  DPS (in Euro)                
  Number of estimates         17 17    
  - Highest       - 0.82 1.22    
  - Consensus   - 0.70 - 0.68 0.92    
  - Median       - 0.70 0.94  
  - 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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