Recommendations
  
Last update on 02/25/2011
 
         
 
.
 
         
 
Price targets (in €)
 
Highest
Consensus
Median
 Lowest
     
     
28.00
23.99
23.95
20.50
     
                 
       
  Earnings Estimates
(in €m) 		  Q1
2010 		FY
2010 		Q1
2011E 		FY
2011E 		FY
2012E 		Trend    
   
 
  Pre tax profit      
  Number of estimates       5 15 14    
  - Highest       354.0 1,504.0 1,640.0    
  - Consensus   287.0 1,320.0 338.2 1,423.3 1,528.6    
  - Median       344.0 1,446.0 1,541.5 Quarterly  
  - Lowest       306.0 1,276.0 1,320.0 Annual  
  .      
 
  Profit (loss) for the financial period                
  Number of estimates       5 16 15    
  - Highest       302.0 1,333.4 1,505.6    
  - Consensus   245.0 1,104.0 286.1 1,212.3 1,316.8    
  - Median       292.0 1,226.0 1,320.0 Quarterly  
  - Lowest       266.0 1,068.0 1,106.0 Annual  
  .      
 
  EPS basic (in Euro)                
  Number of estimates       5 16 15    
  - Highest       0.54 2.38 2.68    
  - Consensus   0.44 1.97 0.51 2.17 2.35    
  - Median       0.52 2.19 2.35 Quarterly  
  - Lowest       0.47 1.90 1.96 Annual  
  .      
 
  DPS (in Euro)                
  Number of estimates         16 14    
  - Highest       1.44 1.61    
  - Consensus   - 1.15 1.22 1.33    
  - Median       1.21 1.31    
  - Lowest       1.10 1.20 Annual  
  .      
 
  Net asset value per share                
  Number of estimates       3 10 9    
  - Highest       18.6 20.0 22.3    
  - Consensus   16.1 17.8 18.3 18.1 19.3    
  - Median       18.3 18.7 20.0 Quarterly  
  - Lowest       18.1 15.5 16.6 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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