Investor Relations

Investor Relations

Analyst Coverage

2013 Analyst Coverage	Date	Analyst	Rating	Target price	Download
Warburg Research	13 February 2013	Jochen Reichert	Buy	EUR 5.20	no public disclosure
HSBC Global Research	08 February 2013	Christopher Johnen	Overweight	EUR 4.80	no public disclosure
Berenberg Bank	07 February 2013	Alexandra Schlegel	Buy	EUR 5.00	no public disclosure
Bankhaus Lampe	07 February 2013	Christoph Schlienkamp	Buy	EUR 5.00	no public disclosure
Bank of America Merrill Lynch	31 January 2013	Claus Roller	Buy	EUR 5.50	no public disclosure
Berenberg Bank	28 January 2013	Alexandra Schlegel	Buy	EUR 5.00	no public disclosure
Berenberg Bank	14 January 2013	Alexandra Schlegel	Hold	EUR 4.70	no public disclosure

2012 Analyst Coverage	Date	Analyst	Rating	Target price	Download
Deutsche Bank	12 Nov. 2012	Benjamin Kohnke	Hold	EUR 4.00	no public disclosure
Berenberg Bank	06 Nov. 2012	Alexandra Schlegel	Buy	EUR 5.10	no public disclosure
Deutsche Bank	01 Nov. 2012	Benjamin Kohnke	Hold	EUR 4.00	no public disclosure
Warburg Research	22 August 2012	Jochen Reichert	Hold	EUR 4.50	no public disclosure
Bankhaus Lampe	17 August 2012	Frank Neumann	Buy	EUR 5.60	no public disclosure
HSBC Global Research	10 August 2012	Christopher Johnen	Overweight	EUR 5.00	no public disclosure
Bankhaus Lampe	09 August 2012	Frank Neumann	Buy	EUR 5.60	no public disclosure
Warburg Research	02 August 2012	Jochen Reichert	Hold	EUR 4.50	no public disclosure
Berenberg Bank	24 July 2012	Tillmann Immisch	Buy	EUR 5.10	no public disclosure
Macquarie Research	11 July 2012	Marcus Sander	Outperform	EUR 5.00	no public disclosure
Warburg Research	01 June 2012	Jochen Reichert	Hold	EUR 4.40	no public disclosure
Bankhaus Lampe	22 May 2012	Frank Neumann	Buy	EUR 4.70	no public disclosure
HSBC Global Research	09 May 2012	Christopher Johnen	Overweight	EUR 4.40	no public disclosure
Macquarie Research	08 May 2012	Marcus Sander	Outperform	EUR 5.00	no public disclosure
Deutsche Bank	08 May 2012	Benjamin Kohnke	Hold	EUR 4.00	no public disclosure
Berenberg Bank	08 May 2012	Tillmann Immisch	Buy	EUR 4.90	no public disclosure
Berenberg Bank	13 April 2012	Tillmann Immisch	Buy	EUR 4.90	no public disclosure
Bankhaus Lampe	03 April 2012	Frank Neumann	Buy	EUR 4.70	no public disclosure
Bankhaus Lampe	13 March 2012	Frank Neumann	Buy	EUR 4.70	no public disclosure
Deutsche Bank	11 March 2012	Benjamin Kohnke	Hold	EUR 4.00	no public disclosure
Berenberg Bank	08 March 2012	Tillmann Immisch	Buy	EUR 4.40	no public disclosure
Macquarie	08 March 2012	Marcus Sander	Outperform	EUR 5.00	no public disclosure
HSBC Global Research	07 March 2012	Christopher Johnen	Overweight	EUR 4.50	no public disclosure

2011 Analyst Coverage	Date	Analyst	Rating	Target price	Download
Berenberg Bank	05 Dec. 2012	Lars Dannenberg	Buy	EUR 4.40	no public disclosure
Deutsche Bank	23 Nov. 2011	Benjamin Kohnke	Hold	EUR 4.00	no public disclosure
Warburg Research	21 Nov. 2011	Jochen Reichert	Hold	EUR 4.40	no public disclosure
Macquarie Research	15 Nov. 2011	Marcus Sander	Outperform	EUR 5.00	no public disclosure
Bankhaus Lampe	15 Nov. 2011	Frank Neumann	Hold	EUR 4.30	no public disclosure
Berenberg Bank	04 August 2011	Lars Dannenberg	Buy	EUR 6.00	no public disclosure
Macquarie Research	04 August 2011	Marcus Sander	Outperform	EUR 5.40	no public disclosure
Berenberg Bank	11 July 2011	Lars Dannenberg	Buy	EUR 6.00	no public disclosure
Deutsche Bank	04 July 2011	Benjamin Kohnke	Hold	EUR 5.00	no public disclosure
Berenberg Bank	28 June 2011	Lars Dannenberg	Buy	EUR 6.00	no public disclosure
Warburg Research	18 May 2011	Jochen Reichert	Buy	EUR 6.00	Download [308 kb]
HSBC Global Research	18 May 2011	Tobias Britsch	Overweight	EUR 6.00	no public disclosure
Macquarie Research	13 May 2011	Marcus Sander	Outperform	EUR 5.40	no public disclosure
Bankhaus Lampe	13 May 2011	Frank Neumann	Hold	EUR 5.40	no public disclosure
Berenberg Bank	12 May 2011	Lars Dannenberg	Buy	EUR 6.00	no public disclosure
Macquarie Research	08 April 2011	Marcus Sander	Outperform	EUR 5.40	no public disclosure
Bankhaus Lampe	30 March 2011	Frank Neumann	Buy	EUR 5.00	no public disclosure
HSBC Global Research	28 March 2011	Tobias Britsch	Overweight	EUR 5.50	no public disclosure
Bankhaus Lampe	18 March 2011	Frank Neumann	Buy	EUR 5.00	no public disclosure
Macquarie Research	17 March 2011	Marcus Sander	Outperform	EUR 4.50	no public disclosure
Berenberg Bank	17 March 2011	Lars Dannenberg	Buy	EUR 6.00	no public disclosure
Berenberg Bank	16 Feb. 2011	Lars Dannenberg	Buy	EUR 6.00	no public disclosure
Macquarie Research	10 Feb. 2011	Marcus Sander	Outperform	EUR 4.50	no public disclosure
HSBC Global Research	12 Jan. 2011	Tobias Britsch	Overweight	EUR 5.00	Download [155 kb]

2010 Analyst Coverage	Date	Analyst	Rating	Target price	Download
Landesbank Baden-Württemberg	25 Nov. 2010	Andreas Heinold	Buy	EUR 4.30	no public disclosure
Macquarie Research	22 Nov. 2010	Marcus Sander	Buy	EUR 4.50	Download [278 kb]
Bankhaus Lampe	17 Nov. 2010	Frank Neumann	Buy	EUR 4.20	not available in English
Warburg Research	04 Nov. 2010	Finn-Henning Breiter	Buy	EUR 4.50	Download [333 kb]
HSBC Global Research	03 Nov. 2010	Tobias Britsch	Overweight	EUR 5.00	no public disclosure
Macquarie Research	25 Oct. 2010	Marcus Sander	Outperform	EUR 4.50	Download [322 kb]
Bankhaus Lampe	10 August 2010	Frank Neumann	Hold	EUR 4.20	not available in English
Landesbank Baden-Württemberg	10 August 2010	Andreas Heinold	Buy	EUR 4.30	no public disclosure
SES Research	04 August 2010	Finn-Henning Breiter	Buy	EUR 4.30	Download [348 kb]
Landesbank Baden-Württemberg	07 June 2010	Andreas Heinold	Buy	EUR 4.30	no public disclosure
SES Research	10 May 2010	Finn-Henning Breiter	Buy	EUR 4.20	Download [347 kb]
Macquarie Research	19 April 2010	Marcus Sander	Outperform	EUR 4.30	Download [266 kb]
SES Research	31 March 2010	Finn-Henning Breiter	Hold	EUR 4.10	Download [342 kb]

2009 Analyst Coverage
Sal. Oppenheim Research 16 December 2009	Download [189 kb]
SES Research 10 December 2009	Download [339 kb]
SES Research 11 November 2009	Download [341 kb]
Sal. Oppenheim Research 05 November 2009	Download [156 kb]
SES Research 17 September 2009	Download [350 kb]
Sal. Oppenheim Research 16 September 2009	Download [152 kb]
Sal. Oppenheim Research 06 August 2009	Download [244 kb]
SES Research 04 August 2009	Download [336 kb]
Sal. Oppenheim Research 04 August 2009	Download [160 kb]
Unicredit Research 02 July 2009	Download [236 kb]
SES Research 12 May 2009	Download [334 kb]
Sal. Oppenheim Research 12 May 2009	Download [156 kb]
SES Research 25 March 2009	Download [331 kb]
Sal. Oppenheim Research 25 March 2009	Download [159 kb]

2008 Analyst Coverage
SES Research 20 November 2008	Download [76 kb]
Sal. Oppenheim Research 19 November 2008	Download [155 kb]
Sal. Oppenheim Research 10 November 2008	Download [190 kb]
SES Research 07 November 2008	Download [81 kb]
Sal. Oppenheim Research 06 November 2008	Download [156 kb]
WestLB Equity Research 06 November 20008	Download [113 kb]
SES Research 11 August 2008	Download [74 kb]
WestLB Equity Research 08 August 2008	Download [111 kb]
Unicredit Company Flash 07 August 2008	Download [173 kb]
Unicredit Company Flash 20 June 2008	Download [172 kb]
SES Research 14 May 2008	Download [72 kb]
WestLB Equity Research 09 May 2008	Download [111 kb]
Sal. Oppenheim Research 09 May 2008	Download [195 kb]