Analyst Consensus

Price targets (in €)
Highest	Consensus	Median	Lowest
2,80	2,33	2,40	1,90

Earnings Estimates (in €m)	Q3 2010	FY 2010	Q3 2011E	FY 2011E	FY 2012E
Net revenues Number of estimates - Highest - Consensus - Median - Lowest	105,600	- 422,100 - -	10 131,156 127,469 127,500 123,600	8 489,566 484,136 484,658 475,000	8 522,300 505,393 509,512 481,800
Gross profit* Number of estimates - Highest - Consensus - Median - Lowest	36,300	- 148,522 - -	7 43,100 41,182 42,000 38,808	7 168,065 161,525 162,500 154,186	7 185,170 171,308 169,503 159,073
Reported EBITDA Number of estimates - Highest - Consensus - Median - Lowest	20,300	- 78,100 - -	10 23,200 20,972 21,068 19,929	8 85,647 82,657 82,611 79,048	8 95,600 89,580 90,695 82,283
Reported EBIT Number of estimates - Highest - Consensus - Median - Lowest	6,500	- 20,900 - -	8 9,300 7,540 7,554 6,429	8 32,200 30,378 31,016 26,429	8 46,655 40,058 41,600 30,742
Net profit (loss) Number of estimates - Highest - Consensus - Median - Lowest	5,800	- 24,200 - -	9 6,700 5,630 5,800 3,967	8 25,038 22,462 22,344 20,200	8 39,153 30,966 29,350 25,030
EPS reported Number of estimates - Highest - Consensus - Median - Lowest	0,04	- 0,18 - -	10 0,05 0,04 0,04 0,03	8 0,18 0,16 0,16 0,15	8 0,29 0,22 0,21 0,18
DPS Number of estimates - Highest - Consensus - Median - Lowest	-	- 0,00 - -	- - - - -	8 0,11 0,08 0,08 0,01	8 0,12 0,09 0,10 0,02
* excl. depreciation, non-cash compensation and non-recurring items ** The earnings estimates of the following institutes were incl. in the above figures: Bankhaus Metzler; Berenberg Bank; Commerzbank; Deutsche Bank; DZ Bank; Exane BNP Paribas; HSBC; JPMorgan Cazenove; LBBW; WestLB;
Last update on November 01, 2011

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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.