Structural Changes in Broker Reporting

The growing success of alternative trading platforms during 2013 saw a slight shift in trading volumes, particularly in favor of the Chi-X and Turquoise platforms. In total, Xetra accounted for a good three-quarters of trading in WACKER stock. In 2013, the average daily trading volume for WACKER stock was some 190,000 shares – more than 28 percent below the prior-year figure of around 263,000 shares. The number of financial analysts regularly covering and valuing the company decreased to 23 (2012: 24). Financial markets’ increasingly negative attitude toward solar-industry stocks prompted some banks to dissolve their teams of analysts covering companies in that area. During the year, analysts’ consensus price target for WACKER stock rose. In Q1, the average price target for WACKER stock was € 55.63 (16 estimates)1. At year-end 2013, the analysts’ fair-value price target was higher, averaging € 65.40 (13 estimates)1.

The Following Banks and Investment Firms Monitor and Assess WACKER

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As of the end of December 2013

Bankhaus Lampe KG


J. P. Morgan Cazenove Ltd.

Bank of America Merrill Lynch (UK)


Landesbank Baden-Württemberg

Citi Investment Research


Macquarie Capital (Europe) Ltd.

Commerzbank Corporates & Markets


MainFirst Bank AG

Credit Suisse Securities (Europe) Ltd.


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

Hauck & Aufhäuser Institutional Research AG


UBS Ltd.

HSBC Trinkaus & Burkhardt AG


Wolfgang Steubing AG

Independent Research GmbH



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, a Fact Book, presentations and publications (viewable online or downloadable), our website lists all our key financial-calendar dates, with contact information if you have any questions. Videos of our annual press 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. As we did last year, we are also offering an online version of our Annual Report for 2013. The easy-to-navigate online version facilitates access to the information. Moreover, its 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, 2013/Q3 = Nov. 26, 2013)