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The valuation of a company by the analysts of Warburg Research GmbH is based on well-established and accepted valuation approaches such as, for example, the discounted cash flow (DCF) or peer group analyses. The EV is determined with the help of the DCF approach, based on the sum of the present values of the companies’ future free cash flows.

Hence the estimated future success of a company and also the adopted discount rate are incorporated as determinants in the valuation. A peer group analysis is used to determine a value which is based on a comparison of key ratios (PER, EV/sales, EV/EBIT, among others) with other, usually stock-listed companies. Here, the respective comparability is determined with the help of company-specific factors.

The following ratings are given by Warburg Research GmbH within the framework of its coverage: Buy (The price of the analysed financial instrument is expected to rise over the next 6-12 months). Hold (The price of the analysed financial instrument is expected to neither rise nor fall over the next 6-12 months). Sell (The price of the analysed financial instrument is expected to fall over the next 6-12 months).

When publications are prepared by the employees of Warburg Research GmbH, the most important sources of information used to develop personal opinions are information services, the business and specialised press, statistics as well as statements and publications of the analysed issuer. Bloomberg is generally used as a source for the share data.

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