Recommendations
  
Last update on 08/04/2011
  
         
 
.
 
         
 
Price targets (in €)
 
Highest
Consensus
Median
Lowest
     
      47.00 41.73 42.00 32.00      
                 
       
  Earnings Estimates
(in €m) 		  Q3
2010		 FY
2010 		Q3
2011E 		FY
2011E 		FY
2012E 		Trend    
   
 
  Net sales      
  Number of estimates       11 16 16    
  - Highest       1,606.0 6,635.0 7,811.0    
  - Consensus   1,325.0 5,552.0 1,539.7 6,482.1 7,334.1    
  - Median       1,546.0 6,466.8 7,236.0 Quarterly  
  - Lowest       1,458.1 6,316.0 6,991.0 Annual  
  .      
 
  Operating profit                
  Number of estimates       10 16 16    
  - Highest       143.0 601.0 792.0    
  - Consensus   103.5 445.2 136.0 558.0 710.5    
  - Median       137.0 551.5 716.5 Quarterly  
  - Lowest       121.9 536.0 634.0 Annual  
  .      
 
  Pre tax profit                
  Number of estimates       9 16 16    
  - Highest       131.7 540.0 762.0    
  - Consensus   95.0 370.0 122.3 504.4 666.5    
  - Median       124.0 502.0 664.6 Quarterly  
  - Lowest       106.6 477.8 585.0 Annual  
  .      
 
  Profit attributable to equity shareholders                
  Number of estimates       9 16 16    
  - Highest       248.0 367.1 535.0    
  - Consensus   67.0 257.0 103.6 348.7 465.3    
  - Median       86.0 348.5 464.6 Quarterly  
  - Lowest       75.7 332.0 404.0 Annual  
  .      
 
  EPS basic (in Euro)                
  Number of estimates       9 16 16    
  - Highest       0.62 2.45 3.58    
  - Consensus   0.45 1.71 0.57 2.33 3.11    
  - Median       0.57 2.33 3.11 Quarterly  
  - Lowest       0.51 2.22 2.69 Annual  
                   
 
   
  DPS (in Euro)                
  Number of estimates         14 14    
  - Highest       1.87 2.15    
  - Consensus   - 1.55 - 1.48 1.70    
  - Median       1.55 1.75  
  - Lowest       1.12 1.40 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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