Recommendations
  
Last update on 02/25/2010
 
         
 
.
 
         
 
Price targets (in €)
 
Highest
Consensus
Median
 Lowest
     
     
22.50
19.51
19.80
16.40
     
                 
       
  Earnings Estimates
(in €m) 		  Q1
2009 		FY
2009 		Q1
2010E 		FY
2010E 		FY
2011E 		Trend    
   
 
  Pre tax profit      
  Number of estimates       6 12 12    
  - Highest       309.7 1,326.1 1,449.8    
  - Consensus   169.0 825.0 248.5 1,106.9 1,242.9    
  - Median       238.0 1,127.0 1,251.5 Quarterly  
  - Lowest       226.0 859.0 998.0 Annual  
  .      
 
  Profit (loss) for the financial period                
  Number of estimates       6 13 13    
  - Highest       261.2 1,109.3 1,228.6    
  - Consensus   127.0 641.0 200.1 907.0 1,029.2    
  - Median       193.5 920.8 1,030.1 Quarterly  
  - Lowest       167.4 730.0 860.0 Annual  
  .      
 
  EPS basic (in Euro)                
  Number of estimates       6 13 13    
  - Highest       0.47 1.98 2.19    
  - Consensus   0.23 1.14 0.36 1.62 1.84    
  - Median       0.35 1.65 1.83 Quarterly  
  - Lowest       0.30 1.30 1.53 Annual  
  .      
 
  DPS (in Euro)                
  Number of estimates         13 11    
  - Highest       1.10 1.10    
  - Consensus   - 1.00 1.02 1.00    
  - Median       1.00 1.00    
  - Lowest       0.90 0.85 Annual  
  .      
 
  Net asset value per share                
  Number of estimates       5 12 12    
  - Highest       15.1 16.6 18.8    
  - Consensus   8.2 14.6 14.7 14.9 16.0    
  - Median       14.9 15.1 16.2 Quarterly  
  - Lowest       13.9 13.8 14.1 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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