Decrease in Analysts’ Coverage

In 2011, the average daily trading volume for WACKER stock was some 269,000 shares (Xetra) – a strong increase over the 2010 figure of around 195,000 shares (Xetra). The number of financial analysts regularly covering and valuing the company decreased to 28 in 2011 (2010: 33).

During the fiscal year, the analysts’ consensus price target rose substantially in line with the general market trend. Whereas the average Q1 estimate had WACKER’s share at €158.31 (16 estimates)1, the fair-value price target fell to just €86.16 (19 estimates)1 by year-end.

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The Following Banks and Investment Firms Monitor and Assess WACKER

As per the end of December 2011




Bankhaus Lampe KG


Independent Research GmbH

Bank of America Merrill Lynch (UK)


Jefferies & Company, Inc.

Barclays Capital


JPMorgan Cazenove Ltd.



Landesbank Baden-Württemberg

CA Cheuvreux (Germany)


Macquarie Capital (Europe) Ltd.

Citi Investment Research


MainFirst Bank AG

Commerzbank Corporates & Markets


Metzler Equity Research

Credit Suisse Securities (Europe) Limited


Morgan Stanley & Co. International Ltd.

Deutsche Bank AG


Nomura International Plc.

DZ Bank AG


Norddeutsche Landesbank Girozentrale

equinet Bank AG


Redburn Partners, LLP

fairesearch GmbH & Co. KG (CBS Research)


Silvia Quandt Research GmbH

Goldman Sachs International


UBS Ltd.

HSBC Trinkaus & Burkhardt AG


WestLB Equity Markets

On our website, we regularly report on the consensus of analysts’ expectations for the current year. Moreover, our website offers extensive information on WACKER stock. In addition to financial reports, presentations, publications and a Fact Book (viewable online or downloadable), you’ll find all our key financial-market dates, as well as contact information there. You can also view videos of our annual press conference, analysts’ conference and other events online or listen to an audio stream. Interested investors can additionally register for an email newsletter to always stay informed about new developments and trends in the Group.

With the publication of our 2011 Online Annual Report, we have maintained our extensive services for analysts and investors. The easy-to-navigate online version of the report facilitates information access – and interactive options, such as key-indicator comparisons and a toolbox, enable readers to work directly with the figures.

1 Consensus figures from VARA Research (Q1 = February 23, 2011/Q3 = November 17, 2011)