Structural Changes in Broker Reporting

In 2012, the average daily trading volume for WACKER stock was some 208,000 shares (Xetra) – more than 20 percent below the 2011 figure of around 269,000 shares (Xetra). The number of financial analysts regularly covering and valuing the company decreased to 24 in 2012 (2011: 28). Financial markets increasingly negative attitude toward solar-industry stocks prompted some banks to dissolve their teams of renewable energy analysts. During the fiscal year, analysts’ consensus price target for WACKER’s stock fell substantially. Whereas the average Q1 estimate had WACKER’s share at €63.39 (14 estimates),1 the fair-value price target fell to just €48.26 (17 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 2012

Bankhaus Lampe KG


JPMorgan Cazenove Ltd.

Bank of America Merrill Lynch (UK)


Landesbank Baden-Württemberg

CA Cheuvreux (Germany)


Macquarie Capital (Europe) Ltd.

Citi Investment Research


MainFirst Bank AG

Commerzbank Corporates & Markets


Metzler Equity Research

Deutsche Bank AG


Morgan Stanley & Co. International Ltd.

DZ Bank AG


Natureo Finance Investment Research

equinet Bank AG


Nomura International Plc.

fairesearch GmbH & Co. KG


Norddeutsche Landesbank Girozentrale

Goldman Sachs International


Westend Brokers GmbH

HSBC Trinkaus & Burkhardt AG


Wolfgang Steubing AG

Independent Research GmbH


UBS Ltd.

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), we have provided all our key financial-market dates, as well as contact information there. Videos of our annual press conference, analysts’ conference and other events are also available for online viewing, or as an audio stream. Interested investors can additionally subscribe to an email newsletter to always stay informed about new developments in the Group. We are also offering an online version of the Annual Report for 2012, just as we did in 2011. The reports easy-to-navigate online version facilitates access to information – 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 = April 23, 2012 / Q3 = November 9, 2012)