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Key Sources of Information
The key sources of information consulted for preparation of the financial analysis consist of publications in news services (among others, Reuters, VWD, Bloomberg, DPA-AFX, DGAP), domestic and foreign specialized media (among others, Börsenzeitung, Handelsblatt, Frankfurter Allgemeine Zeitung, Financial Times), trade publications, published statistics, rating agencies as well as the publications of the analysed company.

Valuation Methods and Principles:
Valuations and the ratings derived from them are prepared with the greatest possible care while taking all of the relevant recognizable factors into consideration at the respective point in time. For the majority of companies the earnings statement, balance sheet and cash flow are estimated and projected into the future over a period of several years. Depending on the circumstances, a combination of several valuation methods is used for valuation of a company and an estimate of the share price trend in the future.

The following valuation methods are used when it comes to the valuation of companies: multiplier models (PER, price/cash flow, price/book value, enterprise value (EV)/sales, EV/EBIT, EV/EBITA, EV/EBITDA), peer group comparisons, historical valuation, discounting models (DCF, DDM), liquidation valuations or asset valuation methods.

Sensitivity of the Valuation Parameters
The valuation models are influenced by macroeconomic values such as interest rates, currency exchange rates, raw materials prices and economic forecasts. Moreover, market sentiment also has an influence on the valuation of companies. The figures underlying the valuation of an enterprise taken from the earnings statement, the cash flow statement and the balance sheet represent estimates at a specific point in time and are thus subject to risk. They may change at any time without prior notice.