Recommendations
  
Last update on 08/25/2010
 
         
 
.
 
         
 
Price targets (in €)
 
Highest
Consensus
Median
 Lowest
     
     
24.00
21.30
21.00
19.40
     
                 
       
  Earnings Estimates
(in €m) 		  Q3
2009 		FY
2009 		Q3
2010E 		FY
2010E 		FY
2011E 		Trend    
   
 
  Pre tax profit      
  Number of estimates       7 15 15    
  - Highest       348.0 1,329.0 1,538.0    
  - Consensus   192.0 825.0 313.3 1,241.9 1,328.8    
  - Median       313.0 1,252.0 1,329.0 Quarterly  
  - Lowest       285.0 1,164.0 1,180.0 Annual  
  .      
 
  Profit (loss) for the financial period                
  Number of estimates       7 15 15    
  - Highest       293.0 1,112.0 1,301.0    
  - Consensus   148.0 641.0 260.4 1,033.1 1,113.9    
  - Median       256.0 1,027.0 1,093.0 Quarterly  
  - Lowest       245.0 957.0 998.0 Annual  
  .      
 
  EPS basic (in Euro)                
  Number of estimates       7 15 15    
  - Highest       0.52 1.98 2.32    
  - Consensus   0.27 1.14 0.46 1.84 1.99    
  - Median       0.46 1.83 1.95 Quarterly  
  - Lowest       0.42 1.70 1.78 Annual  
  .      
 
  DPS (in Euro)                
  Number of estimates         14 14    
  - Highest       1.25 1.39    
  - Consensus   - 1.00 1.09 1.15    
  - Median       1.10 1.17    
  - Lowest       1.00 1.00 Annual  
  .      
 
  Net asset value per share                
  Number of estimates       3 11 11    
  - Highest       17.0 17.3 21.1    
  - Consensus   13.8 14.6 16.5 15.5 16.8    
  - Median       16.8 15.5 16.8 Quarterly  
  - Lowest       15.7 13.7 14.5 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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