Recommendations						Last update on 24.11.2011
	.
	Price targets (in NOK)		Highest		Consensus		Median		Lowest
			29.00		26.30		26.60		23.00
	Earnings Estimates		Q4		FY		Q4		FY		FY
	(in US$m)		2010		2010		2011E		2011E		2012E
	Sales
	Number of estimates						4		4		4
	- Highest						36.2		128.1		150.0
	- Consensus		31.8		105.6		35.0		126.9		146.0
	- Median						35.6		127.5		145.5
	- Lowest						32.7		124.6		143.0
	.
	EBITDA
	Number of estimates						4		4		4
	- Highest						7.9		24.0		31.2
	- Consensus		6.2		16.1		6.9		23.0		29.2
	- Median						7.0		23.0		28.8
	- Lowest						5.9		22.0		28.0
	.
	Recurring EBIT
	Number of estimates						4		4		4
	- Highest						6.1		17.4		23.7
	- Consensus		4.2		9.5		5.1		16.3		22.6
	- Median						4.9		16.0		22.8
	- Lowest						4.4		15.7		21.0
	.
	- Consensus
	Number of estimates						0		0		0
	- Highest						0.00		0.00		0.00
	- Consensus		-		0.00		0.00		0.00		0.00
	- Median						4.00		4.00		4.00
	- Lowest						7.00		18.60		27.60
	.
	Net profit (loss) before income taxes (incl. one offs)
	Number of estimates						4		4		4
	- Highest						7.0		18.6		27.6
	- Consensus		0.2		6.2		5.4		17.2		24.9
	- Median						5.2		17.0		25.0
	- Lowest						4.4		16.0		22.0
	.
	Net profit (loss) reported (incl. one offs)
	Number of estimates						4		4		4
	- Highest						5.8		15.9		22.6
	- Consensus		-0.2		4.5		4.8		15.1		21.0
	- Median						4.6		15.0		21.3
	- Lowest						4.0		14.3		19.0
	.
	EPS reported (in US$)
	Number of estimates						4		4		4
	- Highest						0.09		0.24		0.34
	- Consensus		0.00		0.07		0.07		0.23		0.32
	- Median						0.07		0.22		0.33
	- Lowest						0.06		0.22		0.28
	.
	EPS recurring (in US$)
	Number of estimates						4		4		4
	- Highest						0.09		0.24		0.34
	- Consensus		0.05		0.12		0.07		0.23		0.32
	- Median						0.07		0.22		0.33
	- Lowest						0.06		0.22		0.28
	.
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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