Per Share Data in Euro 2009 2010 2011e 2012e  
 
EPS
1.06 1.71 2.22 2.69  
 
EPS *
1.56 1.64 2.23 2.69  
 
BVPS
14.60 11.92 13.0 14.3  
 
DPS
0.70 1.55 1.12 1.40  
 
* Before non-recurring items
     
 
  Valuation 2009 2010 2011e 2012e  
 
EV/Sales
0.42 1.26 0.94 0.85  
 
EV/EBITA *
7.54 14.72 10.29 8.46  
 
EV/EBIT *
5.91 16.18 11.03 9.39  
 
P/E
8.57 24.44 15.67 12.93  
 
P/E *
5.88 25.49 15.60 12.93  
 
P/BV
0.61 3.51 2.67 2.43  
 
Dividend Yield
7.7% 3.7% 3.2% 4.0%  
 
Payout Ratio
66.0% 90.6% 50.5% 52.0%  
 
* Before non-recurring items
   
 
  Profitability 2009 2010 2011e 2012e  
 
EBITA-Margin *
5.6% 8.6% 8.9% 9.6%  
 
EBIT-Margin *
7.1% 7.8% 8.5% 9.1%  
 
Pretax-Margin *
5.9% 6.5% 0.0% 0.0%  
 
Netmargin *
4.4% 4.4% 0.0% 0.0%  
 
ROE
0.0% 0.0% 17.8% 19.7%  
 
ROE *
12.5% 12.8% 0.0% 0.0%  
 
* Before non-recurring items
   
 
  Growth Rate in % 2009 2010 2011e 2012e**  
 
Orders received
-31.7% 36.4% 21.6% 9.5%  
 
Sales
-21.6% 10.7% 13.8% 12.2%  
 
EBITA *
31.3% 69.4% 17.9% 19.7%  
 
EBIT *
-43.8% 21.0% 24.6% 20.9%  
 
Pre tax profit *
-45.9% 20.7% -100.0% -100.0%  
 
Net profit *
-43.7% 11.6% 36.0% 28.1%  
 
EPS *
-43.4% 5.3% 36.0% 28.1%  
 
DPS
0.0% 121.4% -27.7% -5.0%  
 
* Before non-recurring items
   
 
** GAGR (2006-2008e)
 
  Share Price (year end) in € 8.95 41.80  
 
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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