FCF Valuation Monitor German Small- / Midcap Companies Q FCF Fox Corporate Finance GmbH

Transcription

1 FCF Fox Corporate Finance GmbH FCF Valuation Monitor German Small- / Midcap Companies Q Data as of December 15, 2014 Published as of December 18, 2014

2 Customer Logo (max. width: 3.6cm) (max. height 2.0cm) T AB L E O F C O N T E N T S 2

3 Table of Contents E X E C U T I V E S U M M A R Y I. F C F O V E R V I E W II. M A R K E T O V E R V I E W III. S E C T O R O V E R V I E W IV. S E C T O R A N A LY S I S 1. A U T O M O T I V E S U P P L Y 2. C O M M U N I C A T I O N S S E R V I C E S 3. C O N S T R U C T I O N P R O D U C T S / S E R V I C E S 4. C O N S U M E R P R O D U C T S / S E R V I C E S 5. H I G H T E C H / A D V A N C E D M A C H I N E R Y 6. I N D U S T R I A L / B U S I N E S S S E R V I C E S 7. I N D U S T R I A L M A C H I N E R Y 8. I N D U S T R I A L M A T E R I A L S 9. I N D U S T R I A L P R O D U C T S 1 0. I N T E R N E T P R O D U C T S / S E R V I C E S 1 1. I T S E R V I C E S 1 2. M E D I A & E N T E R T A I N M E N T 1 3. P H A R M A & H E A L T H C A R E 1 4. R E N E W A B L E P R O D U C T S / S E R V I C E S 1 5. S O F T W A R E 1 6. T E C H N O L O G Y 1 7. T R A N S P O R T A T I O N & L O G I S T I C S A P P E N D I X 3

4 E X E C U T I V E S U M M AR Y 4

5 Executive Summary The FCF Valuation Monitor is a standardized report on valuations in the German small / midcap segment and is a quick reference for investors, corporates and professionals More advanced, detailed and / or customized reports are available upon request Executive Summary The FCF Valuation Monitor is a comprehensive valuation analysis for the German small / midcap market segment and is published by FCF on a quarterly basis The analysis provides relevant valuation metrics (e.g. ratios and multiples) for German small / midcap companies in selected industry sectors The FCF Valuation Monitor targets the following recipients: Institutional investors Private equity investors Venture capital investors Family Offices / High Networth Individuals Corporates Advisors The selection of companies is primarily based on the Prime Standard All Share Index as well as selected companies listed on the regulated market: Large cap DAX 30 companies are excluded Certain sectors which are dominated by large cap companies or which are of limited relevance for a small / midcap analysis have been excluded (e.g. financials, utilities, automotive manufacturers and specialty sectors such as biotech and healthcare services / hospitals) The allocation of companies into a specific sector is based on FCF s understanding & classification of the companies business models and differs in part from the standard Deutsche Börse sector allocation The universe includes companies fulfilling one of the following minimum size criteria: Current market capitalization > EUR 50m, 2014e sales > EUR 50m, 2014e EBITDA > EUR 10m, LFQA Equity > 25m. Smaller companies with a current market capitalization of at least EUR 20m are also included, if they are deemed relevant / representative for their respective sectors. In addition, certain companies that do not represent their respective sectors have been excluded 5

6 Executive Summary (cont d) The FCF Valuation Monitor is a standardized report on valuations in the German small / midcap segment and is a quick reference for investors, corporates and professionals More advanced, detailed and / or customized reports are available upon request Executive Summary The FCF Valuation Monitor is a standardized publication More advanced, detailed and / or customized reports can be ordered individually, offering subscribers the possibility to customize the following criteria (among others): Inclusion of European or international / US comparables Creation of specific industry (sub-) sectors Selection / deselection of specific peer group companies Monthly or event specific calculation / update (e.g. for board meetings, for portfolio reporting / monitoring purposes) Specific ratio analysis (equity or debt analysis) Trailing / historic multiples and valuations by company or sector To recommend colleagues or fellow investors to be added to the mailing list, kindly send an with the respective contact information The FCF Valuation Monitor is available on FCF s website at All input data is provided by S&P Capital IQ and is not independently verified by FCF. Ratio and multiple calculations are driven based on the input data available. For additional information and disclaimer, please refer to the last page If you have questions, comments or ideas, please do not hesitate to contact us Enjoy the reading 6

7 FCF OVERVIEW 7

8 Debt Equity FCF Overview FCF seeks to provide its clients with financing (i) at the lowest cost, (ii) with the highest flexibility, (iii) in the shortest period of time, (iv) with the highest closing probability, and with (v) financing partners that integrate well into its strategy Who We Are Specialized investment bank and financing specialist Advising public and private small / midcap companies Advisor for structuring and placement of financing transactions: All instruments: Unbiased approach to all available corporate financing instruments (no product selling approach), allowing for customized financing structures All investors: Close and trusted relationships with senior executives of virtually all relevant equity and debt investors Fast process: Process management skills and direct / personal access to institutional debt and equity investors enable fast transactions More than 50 transactions with a total placement volume in excess of EUR 2.0 billion since foundation in 2005 Approx. 20 professionals with offices in Munich and Dubai Capital Markets Capabilities and Services Private / Pre-IPO Public Short-term Debt Long-term Debt Venture capital financing Growth capital financing Initial Public Offering (IPO) / Capital increase Dual track (IPO and alternative transaction) Receivables financing / Factoring / ABS Borrowing base / Inventory financing Private equity financing Private Investment in Public Equity (PIPE) Block trade Working capital facility / Revolver Guarantees / Letters of credit Bank loan facility / Promissory note Straight debt ( Schuldschein- Sale-and-lease back Darlehen ) financing High-yield bond / PIK Corporate bonds (public / notes private placement) Second lien financing Hybrid Mezzanine capital Convertible bonds Selected Transactions 8

9 MARKET OVERVIEW 9

10 Rebased Prices (in%) Rebased Prices (in%) Rebased Prices (in%) Market Overview 36 Month Performance of Selected Indices 12 Month Performance of Selected Indices Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun % +89.4% +63.7% +61.9% Dec-13 Mar-14 Jun-14 Sep % +1.2% -0.7% -1.4% TecDAX SDAX MDAX DAX TecDAX SDAX MDAX DAX 3 Month Performance of Selected Indices Sep-14 Oct-14 Nov-14 TecDAX SDAX MDAX DAX +5.1% 0.0% -2.0% -3.4% Comment The selected indices show a relatively similar development over the past 3 years with a significant upward trend starting in the second half of 2011 as a result of several political / financial support measures and bailout programs (e.g. EFSF and ESM)* to combat the European (debt) crisis and to stabilize stock markets The moderate 12 month development is driven by a combination of the continued expansive monetary / low interest policy of the ECB and the ongoing military / political uncertainties, such as the Ukrainian / Russian conflict and the turmoil in the Middle East The short-term stock market performance is also influenced by massive uncertainties due to further contradictory fundamental data / signals (positive US market vs. poor European economic development) *) EFSF = European Financial Stability Facility; ESM = European Stability Mechanism as of December 15,

11 SECTOR OVERVIEW 11

12 Sector Overview - Financial Information (Mean Analysis) General Information Market Cap Enterprise Value Sales Growth EBITDA Margin Dividend Yield Leverage Ratio Interest Cover Price / OCFPS RoE Peer Group ( m) ( m) '13a-'14e '14e-'15e 2014e LFYA 2014e 2013a 2014e 2014e Automotive Supply , % 9.0% 10.6% 2.5% 1.5x 15.6x 8.5x 13.8% Communications Services 2, , % 11.8% 12.5% 4.7% 4.6x 16.4x 11.2x 12.0% Construction Products / Services 1, , % 3.7% 7.7% 2.0% 2.3x 7.9x 8.6x 4.6% Consumer Products / Services 1, , % 3.6% 10.4% 2.4% 1.7x 50.1x 24.4x 13.1% Hightech / Advanced Machinery % 27.5% 2.8% 0.9% 0.7x 14.0x 24.3x -12.4% Industrial / Business Services % 4.1% 9.7% 1.3% 1.8x 12.1x 9.3x 14.1% Industrial Machinery 2, , % 6.9% 10.4% 1.2% 1.4x 15.1x 17.5x 10.3% Industrial Materials 3, , % 5.6% 10.3% 1.5% 3.6x 21.0x 12.1x -18.8% Industrial Products % 8.8% 12.9% 1.9% 1.7x 264.7x 10.7x 7.8% Internet Products / Services 1, % 21.3% -6.0% 0.5% 1.1x 119.4x 34.1x 2.2% IT Services % 6.3% 11.1% 1.6% 0.7x 80.3x 21.4x 19.4% Media & Entertainment 3, , % 11.8% 20.8% 1.6% 2.3x 8.9x 17.8x 11.8% Pharma & Healthcare 1, , % 5.3% 14.5% 1.7% 1.9x 19.9x 13.8x 17.8% Renewable Products / Services % 1.8% 5.1% 1.1% 2.4x 6.3x 18.9x 18.1% Software % 12.0% 23.3% 1.2% 2.2x 100.8x 17.6x 16.2% Technology % 6.1% 11.0% 1.7% 1.5x 21.8x 23.0x 7.8% Transportation & Logistics 1, , % 5.2% 27.3% 2.4% 3.2x 5.0x 7.5x 9.2% Min % 1.8% -6.0% 0.5% 0.7x 5.0x 7.5x -18.8% Max 3, , % 27.5% 27.3% 4.7% 4.6x 264.7x 34.1x 19.4% Median 1, , % 6.3% 10.6% 1.6% 1.8x 16.4x 17.5x 11.8% Mean 1, , % 8.9% 11.4% 1.8% 2.0x 45.9x 16.5x 8.7% Comment The analysis provides an overview of key performance ratios by sector (based on mean results) On average, firms in the industrial materials and media & entertainment sectors have the highest market capitalization, whereas firms in the technology and renewable products / services sectors have the smallest market capitalization Sales are expected to grow at 6.2% and 8.9% for and , respectively across all sectors, while the internet products / services, IT services and renewable products / services sectors show growth rates above 10% EBITDA margins are expected to reach 11.4% on average for 2014 across all sectors, while the transportation and logistics, software and media and entertainment sectors show EBITDA margins above 20% 12

13 Sector Overview - Financial Information (Median Analysis) General Information & Ratio Analysis Market Cap Enterprise Value Sales Growth EBITDA Margin Dividend Yield Leverage Ratio Interest Cover Price / OCFPS RoE Peer Group ( m) ( m) '13a-'14e '14e-'15e 2014e LFYA 2014e 2013a 2014e 2014e Automotive Supply % 7.0% 9.3% 2.2% 1.4x 11.2x 7.4x 14.0% Communications Services % 8.8% 10.9% 5.8% 1.3x 17.1x 9.6x 6.3% Construction Products / Services , % 2.3% 4.9% 1.4% 1.1x 4.0x 6.1x 5.0% Consumer Products / Services % 4.3% 8.4% 2.5% 0.9x 12.3x 9.1x 10.7% Hightech / Advanced Machinery % 8.7% 9.4% 0.0% 0.6x 9.4x 12.0x 0.0% Industrial / Business Services % 3.9% 8.8% 0.0% 1.7x 9.2x 7.1x 9.3% Industrial Machinery 1, , % 4.9% 9.0% 1.3% 1.4x 8.9x 10.1x 11.2% Industrial Materials 1, , % 4.7% 7.2% 1.5% 2.7x 9.2x 11.1x 11.0% Industrial Products % 5.9% 10.9% 1.9% 1.4x 9.8x 7.6x 9.4% Internet Products / Services % 12.3% 4.6% 0.0% 1.3x 28.9x 25.2x 7.5% IT Services % 7.2% 9.2% 1.6% 0.6x 34.0x 18.0x 16.3% Media & Entertainment 2, , % 8.1% 20.3% 1.4% 2.1x 6.3x 13.7x 9.7% Pharma & Healthcare % 3.7% 15.8% 1.3% 1.5x 7.7x 12.7x 10.0% Renewable Products / Services % 4.1% 4.6% 0.0% 2.1x 3.6x 6.7x 2.2% Software % 9.8% 22.6% 1.6% 2.8x 16.5x 16.5x 10.9% Technology % 6.3% 10.9% 1.7% 1.2x 16.3x 11.0x 4.4% Transportation & Logistics 1, , % 4.9% 26.8% 2.5% 3.6x 4.3x 7.2x 8.0% Min % 2.3% 4.6% 0.0% 0.6x 3.6x 6.1x 0.0% Max 2, , % 12.3% 26.8% 5.8% 3.6x 34.0x 25.2x 16.3% Median % 5.9% 9.3% 1.5% 1.4x 9.4x 10.1x 9.4% Mean % 6.3% 11.4% 1.6% 1.6x 12.3x 11.2x 8.6% Comment The median analysis indicates a similar pattern as the previously presented mean analysis Media & entertainment and industrial materials companies have the largest market capitalization across all sectors, whereas companies in the renewable products / services and hightech / advanced machinery sectors have the smallest market capitalization Sales are expected to increase by 4.9% and 6.3% for and , respectively across all sectors, while the IT services and renewable products / services sectors show growth rates above 10% EBITDA margins are expected to reach 11.4% on average for 2014 across all sectors, while the transportation and logistics, software and media & entertainment sectors show EBITDA margins above 20% 13

14 Sector Overview - Multiples (Mean Analysis) Valuation Analysis Peer Group Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e LFQA Automotive Supply 0.8x 0.8x 0.7x 0.6x 7.6x 6.7x 5.5x 4.8x 12.1x 12.4x 8.9x 7.5x 17.7x 18.0x 11.1x 9.1x 2.1x Communications Services 1.5x 1.4x 1.2x 1.0x 10.1x 9.1x 7.7x 6.7x 13.0x 13.3x 13.6x 11.6x 17.1x 20.0x 18.0x 18.2x 3.0x Construction Products / Services 0.5x 0.5x 0.5x 0.5x 9.0x 7.2x 5.9x 5.0x 14.6x 12.9x 9.7x 8.2x 23.5x 19.2x 12.3x 10.1x 1.0x Consumer Products / Services 1.0x 1.0x 0.9x 0.9x 9.5x 7.9x 7.2x 6.8x 16.0x 12.0x 10.6x 9.5x 22.1x 21.4x 15.7x 13.5x 2.4x Hightech / Advanced Machinery 2.4x 2.0x 1.5x 1.2x 11.2x 8.1x 10.9x 7.4x 12.0x 12.9x 14.3x 10.6x 16.9x 22.4x 30.3x 15.9x 2.2x Industrial / Business Services 0.8x 0.8x 0.8x 0.7x 10.9x 8.3x 7.1x 5.7x 14.7x 11.7x 9.7x 8.5x 21.6x 21.1x 15.4x 11.7x 2.3x Industrial Machinery 0.9x 0.9x 0.9x 0.8x 9.3x 8.0x 7.3x 6.4x 15.5x 13.4x 10.7x 8.8x 20.3x 18.1x 17.8x 12.9x 2.2x Industrial Materials 1.2x 1.2x 1.1x 1.0x 13.3x 11.5x 9.3x 8.2x 20.4x 16.2x 16.2x 12.2x 19.6x 21.1x 18.7x 16.9x 2.3x Industrial Products 1.3x 1.3x 1.2x 1.1x 10.5x 8.7x 7.3x 6.3x 13.7x 15.9x 11.6x 9.1x 20.8x 19.5x 18.6x 13.3x 2.4x Internet Products / Services 3.6x 2.2x 1.7x 1.5x 18.6x 16.4x 15.9x 10.8x 25.3x 25.6x 16.9x 13.4x 33.1x 42.3x 36.8x 20.3x 4.2x IT Services 1.6x 1.5x 1.5x 1.4x 17.7x 10.9x 10.2x 8.7x 19.6x 14.0x 12.7x 10.4x 31.6x 21.6x 18.6x 15.6x 4.2x Media & Entertainment 2.7x 2.6x 2.3x 2.2x 12.2x 9.3x 11.7x 9.2x 19.7x 15.3x 12.3x 13.9x 23.1x 27.4x 20.2x 16.6x 5.4x Pharma & Healthcare 1.4x 1.4x 1.3x 1.2x 11.8x 11.9x 8.4x 7.4x 16.3x 12.4x 12.9x 11.1x 23.7x 20.4x 21.1x 18.4x 2.0x Renewable Products / Services 0.8x 0.6x 0.7x 0.5x 7.6x 9.5x 7.5x 5.8x 9.2x 11.5x 11.7x 9.4x 6.2x 23.4x 22.7x 12.6x 1.1x Software 2.2x 2.2x 1.9x 1.8x 16.9x 10.4x 8.5x 7.5x 17.4x 14.9x 11.1x 9.4x 34.1x 20.9x 16.5x 14.1x 3.3x Technology 0.9x 0.9x 0.8x 0.8x 10.0x 8.3x 6.1x 5.5x 17.4x 15.2x 9.8x 8.1x 20.2x 23.9x 17.9x 13.9x 1.5x Transportation & Logistics 1.9x 1.9x 1.8x 1.7x 9.8x 6.9x 6.4x 5.9x 15.3x 14.1x 12.8x 11.6x 20.5x 18.7x 15.4x 13.0x 1.6x Min 0.5x 0.5x 0.5x 0.5x 7.6x 6.7x 5.5x 4.8x 9.2x 11.5x 8.9x 7.5x 6.2x 18.0x 11.1x 9.1x 1.0x Max 3.6x 2.6x 2.3x 2.2x 18.6x 16.4x 15.9x 10.8x 25.3x 25.6x 16.9x 13.9x 34.1x 42.3x 36.8x 20.3x 5.4x Median 1.3x 1.3x 1.2x 1.0x 10.5x 8.7x 7.5x 6.7x 15.5x 13.4x 11.7x 9.5x 20.8x 21.1x 18.0x 13.9x 2.3x Mean 1.5x 1.4x 1.2x 1.1x 11.5x 9.4x 8.4x 7.0x 16.0x 14.3x 12.1x 10.2x 21.9x 22.3x 19.2x 14.5x 2.5x Comment The valuation overview across all industry sectors is based on the respective mean values for each sector Across all sectors, the analysis indicates EBITDA-multiples for 2013a and 2014e of 11.5x and 9.4x, respectively Based on 2013a EBITDA-multiples, the automotive supply and renewable products / services peer group shows the lowest valuation at 7.6x, while the internet products / services peer group shows the highest valuation at 18.6x Based on 2014e EBITDA-multiples, the internet products / services peer group shows the highest valuation at 16.4x, while automotive supply peer group shows the lowest valuation at 7.6x 14

15 Sector Overview - Multiples (Median Analysis) Valuation Analysis Peer Group Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e LFQA Automotive Supply 0.7x 0.6x 0.6x 0.6x 6.6x 5.9x 5.0x 4.4x 11.9x 12.0x 7.9x 6.7x 15.7x 14.5x 10.3x 8.4x 2.0x Communications Services 0.9x 0.8x 0.8x 0.8x 9.9x 8.5x 6.8x 5.4x 11.6x 13.0x 13.3x 11.0x 11.9x 20.8x 17.6x 16.6x 1.7x Construction Products / Services 0.3x 0.3x 0.3x 0.4x 8.8x 6.4x 5.6x 4.8x 12.6x 10.1x 9.4x 7.6x 18.5x 12.7x 11.8x 10.1x 1.0x Consumer Products / Services 0.5x 0.7x 0.7x 0.6x 7.0x 6.2x 6.5x 6.0x 12.1x 12.5x 10.2x 9.3x 20.2x 18.5x 15.0x 13.1x 1.6x Hightech / Advanced Machinery 1.1x 1.0x 0.8x 0.7x 10.3x 7.8x 7.7x 6.9x 11.7x 11.7x 10.2x 10.1x 15.9x 16.7x 15.9x 14.1x 2.1x Industrial / Business Services 0.7x 0.7x 0.6x 0.6x 10.3x 7.4x 6.4x 5.6x 11.9x 10.0x 9.3x 8.2x 21.2x 17.0x 13.4x 11.0x 1.6x Industrial Machinery 0.8x 0.8x 0.7x 0.6x 8.6x 6.8x 6.1x 5.4x 13.3x 11.1x 9.5x 8.4x 19.4x 16.4x 13.7x 11.8x 2.0x Industrial Materials 0.9x 0.9x 0.9x 0.8x 12.6x 11.3x 9.6x 9.1x 14.9x 14.3x 14.3x 12.4x 20.1x 20.6x 18.5x 17.4x 2.1x Industrial Products 0.9x 0.8x 0.8x 0.8x 8.7x 8.3x 6.1x 5.4x 12.7x 13.0x 9.9x 8.4x 17.4x 20.0x 15.8x 10.7x 1.7x Internet Products / Services 1.4x 1.3x 1.2x 1.1x 19.6x 11.9x 10.7x 8.8x 27.9x 23.8x 14.7x 11.6x 29.1x 37.5x 27.8x 17.8x 2.6x IT Services 0.9x 0.8x 0.7x 0.6x 15.6x 9.5x 8.5x 7.8x 17.0x 13.0x 11.9x 9.2x 25.4x 19.9x 18.6x 14.4x 2.6x Media & Entertainment 2.2x 2.0x 1.8x 1.7x 12.8x 9.9x 9.0x 8.5x 19.9x 14.9x 11.4x 10.8x 22.9x 25.7x 19.2x 17.1x 2.5x Pharma & Healthcare 1.4x 1.4x 1.3x 1.3x 11.3x 8.0x 7.0x 6.5x 13.2x 12.3x 12.3x 10.9x 22.5x 19.5x 19.9x 18.0x 1.9x Renewable Products / Services 0.7x 0.5x 0.5x 0.4x 6.3x 9.0x 6.1x 4.4x 7.9x 10.7x 12.4x 7.6x 5.7x 26.8x 21.1x 12.0x 0.8x Software 1.9x 2.0x 1.8x 1.7x 16.6x 11.1x 9.4x 7.8x 18.2x 16.7x 11.7x 9.6x 36.6x 21.6x 16.2x 13.9x 2.3x Technology 0.8x 0.8x 0.8x 0.6x 9.8x 7.7x 6.2x 5.6x 15.0x 12.5x 9.7x 8.5x 19.4x 17.1x 13.5x 12.0x 1.3x Transportation & Logistics 1.6x 1.6x 1.5x 1.4x 8.0x 6.0x 5.5x 5.1x 16.1x 14.8x 13.1x 12.0x 21.4x 18.8x 14.6x 12.2x 1.6x Min 0.3x 0.3x 0.3x 0.4x 6.3x 5.9x 5.0x 4.4x 7.9x 10.0x 7.9x 6.7x 5.7x 12.7x 10.3x 8.4x 0.8x Max 2.2x 2.0x 1.8x 1.7x 19.6x 11.9x 10.7x 9.1x 27.9x 23.8x 14.7x 12.4x 36.6x 37.5x 27.8x 18.0x 2.6x Median 0.9x 0.8x 0.8x 0.7x 9.9x 8.0x 6.5x 5.6x 13.2x 12.5x 11.4x 9.3x 20.1x 19.5x 15.9x 13.1x 1.9x Mean 1.0x 1.0x 0.9x 0.9x 10.8x 8.3x 7.2x 6.3x 14.6x 13.3x 11.3x 9.5x 20.2x 20.2x 16.6x 13.6x 1.8x Comment The median results of the valuation analysis draw a similar picture as the previous overview Across all sectors, the analysis indicates EBITDA-multiples for 2013a and 2014e of 10.8x and 8.3x, respectively Based on 2013 EBITDA-multiples, the renewable products / services peer group shows the lowest valuation at 6.3x, while the internet products / services peer group shows the highest valuation at 19.6x Based on 2014e EBITDA-multiples, the internet products / services peer group shows the highest valuation at 11.9x, while the automotive supply peer group shows the lowest valuation at 5.9x 15

16 Rebased Prices (in%) Sector Overview - Performance of Sector Indices 12 Month Performance of Sector Indices Dec-13 Mar-14 Jun-14 Sep-14 Automotive Supply Communications Services Construction Products / Services Consumer Products / Services Hightech / Advanced Machinery Industrial / Business Services Industrial Machinery Industrial Materials Industrial Products Internet Products / Services IT Services Media & Entertainment Pharma & Healthcare Renewable Products / Services Software Technology Transportation & Logistics Note: Sector indices represent development of equally weighted share prices of the peer group s constituents as of December 15,

17 Automotive Supply General Information Ratio Analysis Share Price in % of Financial Cash & Market Cap Enterprise EBITDA Dividend Leverage Interest Price/ Sales Growth RoE Share 52 Week 52 Week 52 Week Debt Equiv. Value Margin Yield Ratio Cover OCFPS Peer Group Curr Price high low high low ( m) ( m) ( m) ( m) '13a-'14e '14e-'15e 2014e LFYA 2014e 2013a 2014e 2014e Bertrandt AG EUR % 126.9% , , % 8.7% 12.8% 2.0% nm na 13.5x 22.6% Deutz AG EUR % 113.5% % 3.3% 6.7% 1.9% nm 13.1x 4.3x 2.6% ElringKlinger AG EUR % 122.2% , , % 6.4% 18.9% 1.9% 1.4x 24.6x 14.0x 14.8% Grammer AG EUR % 127.6% % 7.0% 7.0% 2.1% 1.3x 9.8x 5.8x 14.5% Hella KGaA Hueck & Co. EUR % 125.6% 1, , , ,223.0 nm nm na 3.0% na 13.4x 5.8x na LEONI AG EUR % 125.4% , , % 7.9% 7.8% 2.2% 1.2x 11.2x 8.0x 13.0% Paragon AG EUR % 116.6% % 19.5% 13.7% 2.2% 1.5x 7.7x 9.3x 33.8% Progress-Werk Oberkirch Aktiengesellschaft EUR % 101.1% % 4.0% 9.7% 5.4% 3.4x 9.7x 3.4x 6.3% Rheinmetall AG EUR % 108.4% , , % 6.0% 7.3% 1.2% 1.9x 6.4x 6.5x 3.5% Saf-Holland SA EUR % 118.9% % 6.7% 8.9% 2.6% 1.8x 6.9x 8.6x 14.0% SHW AG EUR % 124.0% % 9.3% 9.3% 2.8% 0.6x 33.8x 6.9x 16.6% Softing AG EUR % 119.9% % 19.7% 14.9% 2.5% 0.1x 35.1x 16.4x 10.3% Min % 3.3% 6.7% 1.2% 0.1x 6.4x 3.4x 2.6% Max 3, , % 19.7% 18.9% 5.4% 3.4x 35.1x 16.4x 33.8% Median % 7.0% 9.3% 2.2% 1.4x 11.2x 7.4x 14.0% Mean , % 9.0% 10.6% 2.5% 1.5x 15.6x 8.5x 13.8% Peer Group EV / Sales Enterprise Value EV / EBITDA Valuation Analysis 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e LFQA Bertrandt AG 1.3x 1.2x 1.1x 1.0x 10.5x 9.3x 8.4x 7.6x 13.1x 11.8x 10.9x 10.0x 19.1x 17.5x 16.2x 14.6x 4.0x Deutz AG 0.3x 0.3x 0.3x 0.3x 4.8x 4.7x 3.0x 2.8x 11.4x nm 7.4x 6.1x 12.4x 35.2x 8.9x 6.9x 0.9x ElringKlinger AG 1.7x 1.6x 1.5x 1.4x 9.7x 8.4x 7.7x 7.0x 14.4x 12.3x 11.0x 9.9x 15.9x 14.5x 13.7x 12.2x 2.1x Grammer AG 0.4x 0.4x 0.3x 0.3x 5.4x 5.1x 4.6x 4.2x 8.6x 8.3x 7.0x 6.3x 11.6x 10.2x 8.8x 7.8x 1.5x Hella KGaA Hueck & Co. 0.8x na 0.7x 0.7x 7.6x na 5.1x 4.5x 14.6x na 8.9x 7.4x 18.8x na 10.9x 8.8x 2.7x LEONI AG 0.5x 0.5x 0.4x 0.4x 6.2x 5.9x 4.9x 4.2x 10.4x 10.2x 7.7x 6.3x 14.2x 13.0x 9.3x 7.3x 1.7x Paragon AG 0.8x 0.8x 0.7x 0.6x 5.4x 5.8x 4.1x 3.6x 8.4x 15.5x 6.2x 5.5x 12.0x 9.4x 7.1x 6.3x 3.2x Progress-Werk Oberkirch Aktiengesellschaft 0.6x 0.6x 0.6x 0.6x 5.5x 6.3x 5.4x 4.7x 11.2x 15.3x 12.8x 10.4x 8.0x 17.0x 12.0x 8.8x 1.1x Rheinmetall AG 0.4x 0.4x 0.4x 0.4x 6.2x 5.8x 4.2x 3.7x 13.9x 14.9x 7.5x 6.1x 43.4x 29.0x 9.3x 7.5x 1.0x Saf-Holland SA 0.7x 0.7x 0.6x 0.6x 9.2x 7.4x 6.1x 5.7x 12.4x 9.3x 7.6x 7.0x 19.1x 13.2x 10.1x 8.8x 1.8x SHW AG 0.6x 0.6x 0.5x 0.5x 6.9x 5.9x 4.8x 4.0x 11.0x 10.8x 8.1x 6.4x 15.6x 14.3x 10.5x 8.1x 2.4x Softing AG 1.8x 1.4x 1.2x 1.1x 14.0x 9.5x 7.3x 6.0x 15.8x 15.7x 11.2x 8.5x 22.9x 24.8x 16.8x 12.2x 2.5x Min 0.3x 0.3x 0.3x 0.3x 4.8x 4.7x 3.0x 2.8x 8.4x 8.3x 6.2x 5.5x 8.0x 9.4x 7.1x 6.3x 0.9x Max 1.8x 1.6x 1.5x 1.4x 14.0x 9.5x 8.4x 7.6x 15.8x 15.7x 12.8x 10.4x 43.4x 35.2x 16.8x 14.6x 4.0x Median 0.7x 0.6x 0.6x 0.6x 6.6x 5.9x 5.0x 4.4x 11.9x 12.0x 7.9x 6.7x 15.7x 14.5x 10.3x 8.4x 2.0x Mean 0.8x 0.8x 0.7x 0.6x 7.6x 6.7x 5.5x 4.8x 12.1x 12.4x 8.9x 7.5x 17.7x 18.0x 11.1x 9.1x 2.1x EV / EBIT P / E Equity Value P / B 17

18 Communications Services General Information Ratio Analysis Share Price in % of Financial Cash & Price/ Market Cap Enterprise EBITDA Dividend Leverage Interest Sales Growth RoE Share 52 Week 52 Week 52 Week Debt Equiv. Value Margin Yield Ratio Cover OCFPS Peer Group Curr Price high low high low ( m) ( m) ( m) ( m) '13a-'14e '14e-'15e 2014e LFYA 2014e 2013a 2014e 2014e 3U Holding AG EUR % 154.7% % 14.6% 0.7% 0.0% 20.0x nm nm na Drillisch Aktiengesellschaft EUR % 137.1% , , % 37.7% 30.1% 5.8% nm 1.2x 23.3x 28.7% ecotel communication ag EUR % 159.3% % 3.0% 7.6% 0.0% 0.2x 24.5x 4.9x 6.3% freenet AG EUR % 125.9% , , % -0.4% 12.3% 6.5% 1.3x 7.2x 10.2x 19.6% net mobile AG EUR % 104.1% nm nm na 0.0% nm nm 0.9x na QSC AG EUR % 103.7% % 0.5% 9.5% 7.1% 1.4x 17.1x 2.7x -8.2% Telefónica Deutschland Holding AG EUR % 117.8% 1, , , , % 27.8% 19.5% 11.5% nm 32.6x 9.6x -5.3% Telegate AG EUR % 143.0% % -6.8% 0.0% 10.1% nm 11.7x nm -11.4% United Internet AG EUR % 126.1% , , % 18.3% 20.2% 1.1% 0.2x 20.5x 27.0x 54.5% Min % -6.8% 0.0% 0.0% 0.2x 1.2x 0.9x -11.4% Max 12, , % 37.7% 30.1% 11.5% 20.0x 32.6x 27.0x 54.5% Median % 8.8% 10.9% 5.8% 1.3x 17.1x 9.6x 6.3% Mean 2, , % 11.8% 12.5% 4.7% 4.6x 16.4x 11.2x 12.0% Peer Group EV / Sales Enterprise Value Valuation Analysis EV / EBITDA EV / EBIT P / E Equity Value 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e LFQA 3U Holding AG 0.7x 0.5x 0.5x 0.5x nm nm 6.8x 5.2x nm nm 19.8x 10.6x nm na na na 0.5x Drillisch Aktiengesellschaft 4.3x 4.4x 3.2x 2.4x 20.3x 14.6x 12.7x 10.4x 20.6x 16.5x 15.6x 12.8x 8.5x 25.8x 25.1x 21.3x 7.4x ecotel communication ag 0.4x 0.4x 0.4x 0.4x 6.0x 5.2x 4.4x 3.7x 11.8x 12.4x 8.3x 6.2x 22.7x 26.7x 15.8x 10.5x 1.7x freenet AG 1.0x 1.1x 1.1x 1.1x 10.7x 9.1x 9.0x 8.9x 11.5x 10.9x 10.7x 10.5x 11.9x 11.8x 11.6x 11.1x 2.3x net mobile AG nm na na na 1.3x na na na 1.0x na na na nm na na na 2.5x QSC AG 0.5x 0.5x 0.5x 0.5x 3.2x 5.6x 4.5x 4.0x 9.3x nm nm 17.7x 7.3x nm nm 31.4x 1.0x Telefónica Deutschland Holding AG 1.9x 1.5x 1.2x 1.2x 9.9x 7.9x 6.2x 5.4x nm nm nm nm nm nm nm nm 1.4x Telegate AG 0.2x 0.3x 0.3x 0.3x 9.9x na na na nm nm nm nm nm nm nm nm 1.5x United Internet AG 2.8x 2.5x 2.1x 1.9x 19.1x 12.2x 10.1x 9.0x 23.6x 13.6x 13.3x 11.5x 35.1x 15.9x 19.3x 16.6x 8.7x Min 0.2x 0.3x 0.3x 0.3x 1.3x 5.2x 4.4x 3.7x 1.0x 10.9x 8.3x 6.2x 7.3x 11.8x 11.6x 10.5x 0.5x Max 4.3x 4.4x 3.2x 2.4x 20.3x 14.6x 12.7x 10.4x 23.6x 16.5x 19.8x 17.7x 35.1x 26.7x 25.1x 31.4x 8.7x Median 0.9x 0.8x 0.8x 0.8x 9.9x 8.5x 6.8x 5.4x 11.6x 13.0x 13.3x 11.0x 11.9x 20.8x 17.6x 16.6x 1.7x Mean 1.5x 1.4x 1.2x 1.0x 10.1x 9.1x 7.7x 6.7x 13.0x 13.3x 13.6x 11.6x 17.1x 20.0x 18.0x 18.2x 3.0x P / B 18

19 Construction Products / Services General Information Ratio Analysis Share Price in % of Financial Cash & Price/ Market Cap Enterprise EBITDA Dividend Leverage Interest Sales Growth RoE Share 52 Week 52 Week 52 Week Debt Equiv. Value Margin Yield Ratio Cover OCFPS Peer Group Curr Price high low high low ( m) ( m) ( m) ( m) '13a-'14e '14e-'15e 2014e LFYA 2014e 2013a 2014e 2014e BAUER Aktiengesellschaft EUR % 110.4% , % 3.7% 10.8% 0.0% 4.9x 2.6x 5.8x 4.2% Bilfinger SE EUR % 101.1% , , % 1.7% 4.5% 7.1% 0.8x 11.5x 13.4x -0.6% Einhell Germany AG EUR % 112.0% % 2.3% 2.7% 1.4% 2.5x 3.7x 2.2x 1.6% Hochtief AG EUR % 105.5% 3, , , , % -0.2% 4.9% 2.7% 0.8x 4.0x 18.5x 7.9% STEICO SE EUR % 117.4% % 10.5% 13.2% 0.0% 1.1x 13.9x 5.9x 5.7% VBH Holding AG EUR % 103.0% % 1.2% 2.7% 0.0% 5.1x 2.6x 6.1x na Wacker Neuson SE EUR % 144.9% , , % 6.6% 15.3% 2.5% 1.0x 17.2x 8.5x 8.9% Min % -0.2% 2.7% 0.0% 0.8x 2.6x 2.2x -0.6% Max 3, , % 10.5% 15.3% 7.1% 5.1x 17.2x 18.5x 8.9% Median , % 2.3% 4.9% 1.4% 1.1x 4.0x 6.1x 5.0% Mean 1, , % 3.7% 7.7% 2.0% 2.3x 7.9x 8.6x 4.6% Peer Group EV / Sales Enterprise Value Valuation Analysis EV / EBITDA EV / EBIT P / E Equity Value 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e LFQA BAUER Aktiengesellschaft 0.7x 0.7x 0.7x 0.6x 9.6x 6.4x 5.6x 5.3x 29.8x 14.7x 12.0x 10.7x nm 12.5x 8.3x 6.2x 0.5x Bilfinger SE 0.3x 0.3x 0.3x 0.3x 4.7x 6.1x 4.9x 4.3x 8.2x 10.1x 7.5x 6.4x 10.8x nm 11.5x 9.2x 1.0x Einhell Germany AG 0.3x 0.3x 0.3x 0.3x 21.5x 12.0x 8.9x 7.6x nm 22.3x 13.4x 10.7x 50.7x 41.4x 18.7x 14.2x 0.6x Hochtief AG 0.2x 0.2x 0.2x 0.2x 4.5x 4.6x 3.9x 3.8x 10.5x 7.6x 6.9x 6.3x 22.3x 16.7x 13.2x 11.0x 1.3x STEICO SE 0.6x 0.6x 0.5x 0.5x 5.1x 4.3x 3.5x 3.0x 13.7x 9.6x 7.7x 6.2x 15.2x 12.6x 9.8x 8.6x 0.7x VBH Holding AG 0.3x 0.3x 0.3x na 8.8x 10.4x 8.1x na 11.4x 15.9x 11.0x na nm na na na 1.5x Wacker Neuson SE 1.1x 1.0x 1.0x 0.9x 9.0x 6.8x 6.5x 6.1x 14.3x 9.9x 9.4x 8.7x 18.5x 12.7x 12.1x 11.1x 1.1x Min 0.2x 0.2x 0.2x 0.2x 4.5x 4.3x 3.5x 3.0x 8.2x 7.6x 6.9x 6.2x 10.8x 12.5x 8.3x 6.2x 0.5x Max 1.1x 1.0x 1.0x 0.9x 21.5x 12.0x 8.9x 7.6x 29.8x 22.3x 13.4x 10.7x 50.7x 41.4x 18.7x 14.2x 1.5x Median 0.3x 0.3x 0.3x 0.4x 8.8x 6.4x 5.6x 4.8x 12.6x 10.1x 9.4x 7.6x 18.5x 12.7x 11.8x 10.1x 1.0x Mean 0.5x 0.5x 0.5x 0.5x 9.0x 7.2x 5.9x 5.0x 14.6x 12.9x 9.7x 8.2x 23.5x 19.2x 12.3x 10.1x 1.0x P / B 19

20 Consumer Products / Services (1/2) General Information Ratio Analysis Share Price in % of Financial Cash & Price/ Market Cap Enterprise EBITDA Dividend Leverage Interest Sales Growth RoE Share 52 Week 52 Week 52 Week Debt Equiv. Value Margin Yield Ratio Cover OCFPS Peer Group Price high low high low ( m) ( m) ( m) ( m) '13a-'14e '14e-'15e 2014e LFYA 2014e 2013a 2014e 2014e AS Creation Tapeten AG % 121.5% nm nm na 0.8% na 17.3x 6.6x na Adler Modemärkte AG % 149.4% % 4.3% 8.2% 3.4% 0.5x 9.8x 5.7x 17.4% Ahlers AG % 106.6% % 3.1% 5.4% 4.1% 2.7x 11.3x 98.5x 5.0% CEWE Stiftung & Co. KGaA % 125.7% % 3.6% 13.5% 3.0% 0.1x 37.0x 7.4x 15.3% Fielmann Aktiengesellschaft % 134.9% , , % 5.7% 21.3% 2.7% nm 635.6x 194.5x 26.2% Frosta AG % 153.8% nm nm na 3.7% na 16.8x 6.2x na Gerry Weber International AG % 109.8% , , % 7.8% 16.2% 2.5% 0.1x 46.6x 12.8x 18.9% Gigaset AG % 107.5% % -18.3% 6.6% 0.0% nm 1.9x nm na Halloren Schokoladenfabrik Aktiengesellschaft % 112.1% % 4.0% 0.0% 1.4% nm 2.5x 4.2x 9.4% Hawesko Holding AG % 121.8% % 3.9% 6.9% 3.9% 1.0x 25.1x 12.1x 19.3% Hornbach Baumarkt AG % 111.1% % 6.0% 5.4% 1.7% nm 8.7x 8.7x 7.6% Hugo Boss AG % 114.1% , , % 8.4% 23.1% 3.3% 0.2x 32.5x 16.6x 47.0% KTG Agrar SE % 115.5% % 14.4% 21.6% 1.5% 8.3x 1.1x nm 6.3% Leifheit AG % 150.3% % 5.0% 10.6% 3.6% nm 140.5x 9.4x 13.0% LUDWIG BECK am Rathauseck - Textilhaus Feldmeier AG % 106.2% % 5.9% 14.7% 1.7% 2.9x 9.7x 11.9x 12.0% METRO AG % 105.1% 8, , , , % 1.0% 4.5% 0.0% 1.2x 3.2x nm 6.5% PUMA SE % 104.4% , , % 4.3% 6.8% 0.3% nm 17.2x 22.3x 4.8% Suedzucker AG % 117.4% 1, , , % -4.5% 8.4% 7.7% 0.8x 12.3x 2.5x 2.8% Tom Tailor Holding AG % 104.4% % 6.6% 9.5% 0.0% 2.3x 5.0x 5.9x 2.4% TUI AG % 141.2% 1, , , , % 2.7% 6.8% 1.1% nm 3.7x 4.1x 6.8% Villeroy & Boch AG % 119.5% % 3.9% 8.8% 3.5% 0.2x 13.9x 10.1x 15.0% Min % -18.3% 0.0% 0.0% 0.1x 1.1x 2.5x 2.4% Max 7, , % 14.4% 23.1% 7.7% 8.3x 635.6x 194.5x 47.0% Median % 4.3% 8.4% 2.5% 0.9x 12.3x 9.1x 10.7% Mean 1, , % 3.6% 10.4% 2.4% 1.7x 50.1x 24.4x 13.1% 20

21 Consumer Products / Services (2/2) Peer Group EV / Sales Valuation Analysis Enterprise Value EV / EBITDA EV / EBIT P / E 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e LFQA AS Creation Tapeten AG 0.5x na na na 4.5x na na na 8.2x na na na 62.7x na na na 0.9x Adler Modemärkte AG 0.5x 0.5x 0.4x 0.4x 6.2x 5.7x 5.2x 4.8x 9.1x 8.6x 7.7x 7.3x 12.5x 14.1x 12.0x 10.9x 2.5x Ahlers AG 0.8x 0.7x 0.7x 0.7x 17.0x 13.7x 10.3x 9.1x 31.7x 21.6x 14.5x 12.3x 29.3x 27.2x 18.0x 14.9x 1.4x CEWE Stiftung & Co. KGaA 0.7x 0.7x 0.7x 0.6x 5.3x 5.1x 4.8x 4.6x 10.6x 10.8x 9.9x 9.0x 16.4x 15.7x 14.2x 12.8x 2.4x Fielmann Aktiengesellschaft 3.7x 3.5x 3.3x 3.1x 18.3x 16.3x 15.3x 14.3x 21.5x 19.0x 17.7x 16.5x 33.1x 29.5x 27.1x 25.1x 7.7x Frosta AG 0.5x na na na 6.8x na na na 10.8x na na na 15.4x na na na 1.6x Gerry Weber International AG 1.6x 1.6x 1.5x 1.4x 10.8x 9.9x 8.7x 7.7x 13.0x 12.1x 10.5x 9.3x 19.5x 17.9x 15.4x 13.4x 3.4x Gigaset AG 0.1x 0.1x 0.2x na 5.2x 2.1x 2.6x na nm nm nm na nm na na na 1.6x Halloren Schokoladenfabrik Aktiengesellschaft 0.3x 0.3x 0.3x na 4.6x na na na 8.7x 8.1x 7.9x na 23.2x 18.0x 15.1x na 1.7x Hawesko Holding AG 0.9x 0.9x 0.8x 0.8x 15.0x 12.7x 11.5x 10.7x 18.4x 16.8x 14.3x 13.2x 23.3x 23.7x 19.7x 18.1x 4.6x Hornbach Baumarkt AG 0.3x 0.3x 0.2x 0.2x 5.5x 4.8x 4.3x 3.9x 8.7x 7.1x 6.2x 5.5x 18.9x 13.6x 11.0x 9.4x 1.0x Hugo Boss AG 2.9x 2.7x 2.5x 2.3x 13.2x 11.8x 10.6x 9.6x 15.5x 14.7x 13.0x 11.7x 21.0x 19.2x 16.9x 15.1x 9.0x KTG Agrar SE 3.1x 2.2x 1.9x 1.7x 21.5x 10.1x 10.2x 8.9x 38.3x 13.7x 14.0x 10.9x nm 14.1x 8.6x 5.8x 0.9x Leifheit AG 0.7x 0.7x 0.7x 0.6x 7.0x 6.5x 6.2x 5.6x 10.1x 8.6x 8.6x 7.6x 20.9x 17.9x 18.9x 16.4x 2.3x LUDWIG BECK am Rathauseck - Textilhaus Feldmeier AG 1.7x 1.5x 1.5x 1.6x 10.3x 10.5x 9.4x 8.5x 12.4x 13.0x 11.4x 10.4x 14.9x 14.4x 13.7x na 1.7x METRO AG 0.2x 0.2x 0.2x 0.2x 7.4x 3.9x 3.8x 3.7x 16.4x 6.5x 6.4x 6.2x 24.0x 23.6x 11.7x 11.5x 1.5x PUMA SE 0.7x 0.7x 0.7x 0.7x 18.9x 10.8x 9.1x 7.7x 35.4x 16.0x 12.3x 10.1x nm 31.6x 22.0x 16.8x 1.5x Suedzucker AG 0.5x 0.5x 0.5x 0.5x 3.4x 5.9x 6.7x 6.0x 4.7x 13.7x 15.4x 12.7x 5.2x 19.0x 21.4x 15.9x 0.5x Tom Tailor Holding AG 0.5x 0.5x 0.5x 0.5x 7.3x 5.5x 4.6x 4.1x 27.2x 13.9x 9.7x 7.8x nm 50.1x 14.8x 9.7x 1.2x TUI AG 0.2x 0.2x 0.2x 0.2x 4.3x 2.9x 2.7x 2.5x 7.4x 4.1x 3.8x 3.4x nm 22.9x 9.9x 7.9x 1.5x Villeroy & Boch AG 0.5x 0.4x 0.4x 0.4x 6.2x 5.0x 4.5x 4.3x 11.8x 7.9x 7.1x 6.9x 13.4x 13.4x 11.5x 11.4x 2.0x Min 0.1x 0.1x 0.2x 0.2x 3.4x 2.1x 2.6x 2.5x 4.7x 4.1x 3.8x 3.4x 5.2x 13.4x 8.6x 5.8x 0.5x Max 3.7x 3.5x 3.3x 3.1x 21.5x 16.3x 15.3x 14.3x 38.3x 21.6x 17.7x 16.5x 62.7x 50.1x 27.1x 25.1x 9.0x Median 0.5x 0.7x 0.7x 0.6x 7.0x 6.2x 6.5x 6.0x 12.1x 12.5x 10.2x 9.3x 20.2x 18.5x 15.0x 13.1x 1.6x Mean 1.0x 1.0x 0.9x 0.9x 9.5x 7.9x 7.2x 6.8x 16.0x 12.0x 10.6x 9.5x 22.1x 21.4x 15.7x 13.5x 2.4x Equity Value P / B 21

22 Hightech / Advanced Machinery General Information Ratio Analysis Share Price in % of Financial Cash & Price/ Market Cap Enterprise EBITDA Dividend Leverage Interest Sales Growth RoE Share 52 Week 52 Week 52 Week Debt Equiv. Value Margin Yield Ratio Cover OCFPS Peer Group Curr Price high low high low ( m) ( m) ( m) ( m) '13a-'14e '14e-'15e 2014e LFYA 2014e 2013a 2014e 2014e Aixtron SE EUR % 101.2% , % 60.6% -17.0% 0.0% nm nm 122.0x -12.0% Basler AG EUR % 145.8% % 7.6% 22.2% 0.5% 0.6x 12.0x 10.7x 21.1% Dr. Hönle AG EUR % 148.9% nm nm na 2.9% na 18.2x 19.9x na Francotyp Postalia Holding AG EUR % 109.7% % 3.5% 13.9% 2.0% 0.5x 6.9x 3.4x 22.1% LPKF Laser & Electronics AG EUR % 110.9% % 8.6% 19.3% 2.4% 1.2x 35.5x 6.9x 15.5% Manz AG EUR % 101.6% % 38.3% 8.0% 0.0% 0.1x 4.8x 12.0x -1.6% MTU Aero Engines AG EUR % 112.0% , , % 7.9% 13.4% 2.0% 1.0x 29.4x 17.8x 17.2% PVATePla AG EUR % 100.5% % 8.7% -3.9% 0.0% nm nm 21.1x -12.5% Singulus Technologies AG EUR % 110.7% % 72.2% -43.7% 0.0% nm 0.9x nm % SLM Solutions Group AG EUR % 123.2% % 59.3% 10.8% 0.0% nm 4.1x nm -5.0% Suss MicroTec AG EUR % 115.8% % 8.1% 5.1% 0.0% nm nm 5.1x 1.6% Min % 3.5% -43.7% 0.0% 0.1x 0.9x 3.4x % Max 3, , % 72.2% 22.2% 2.9% 1.2x 35.5x 122.0x 22.1% Median % 8.7% 9.4% 0.0% 0.6x 9.4x 12.0x 0.0% Mean % 27.5% 2.8% 0.9% 0.7x 14.0x 24.3x -12.4% Peer Group EV / Sales Enterprise Value Valuation Analysis EV / EBITDA EV / EBIT P / E Equity Value 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e LFQA Aixtron SE 4.1x 3.9x 2.4x 1.8x nm nm 18.4x 9.2x nm nm 43.2x 12.9x nm nm 67.4x 22.3x 2.3x Basler AG 2.1x 1.8x 1.6x 1.5x 13.5x 7.9x 8.0x 7.4x 15.8x 11.7x 12.1x 11.0x 23.1x 16.2x 16.5x 13.8x 3.4x Dr. Hönle AG 1.3x na na na 9.7x na na na 12.3x na na na 12.9x na na na 1.9x Francotyp Postalia Holding AG 0.4x 0.5x 0.4x 0.4x 4.5x 3.3x 2.9x 2.7x 9.0x 7.2x 6.4x 5.9x 12.8x 9.3x 8.9x 7.9x 2.1x LPKF Laser & Electronics AG 2.0x 2.2x 2.0x 1.8x 10.3x 11.2x 9.1x 8.1x 11.7x 19.0x 14.2x 11.6x 15.9x 23.9x 18.6x 15.7x 3.7x Manz AG 1.0x 0.9x 0.7x 0.6x 17.0x 11.5x 5.4x 4.4x nm nm 10.0x 6.6x nm nm 14.1x 9.6x 1.5x MTU Aero Engines AG 1.1x 1.0x 1.0x 0.9x 7.7x 7.8x 7.3x 7.0x 11.3x 10.9x 10.2x 9.6x 19.8x 16.7x 15.3x 14.3x 2.9x PVATePla AG 0.8x 0.6x 0.6x 0.5x nm nm 9.3x 6.8x nm nm 18.6x 10.5x nm nm 47.6x 17.3x 0.8x Singulus Technologies AG 0.5x 0.9x 0.5x 0.4x 15.6x nm 6.5x 3.7x nm nm 8.1x 5.2x nm nm 10.7x 4.7x 0.9x SLM Solutions Group AG 12.5x 8.0x 5.0x 3.4x nm nm 38.1x 21.9x nm nm nm 29.4x nm nm 90.2x 44.4x 3.5x Suss MicroTec AG 0.4x 0.4x 0.3x 0.3x nm 7.2x 4.1x 2.9x nm 15.6x 6.3x 3.6x nm 46.0x 13.9x 9.1x 0.8x Min 0.4x 0.4x 0.3x 0.3x 4.5x 3.3x 2.9x 2.7x 9.0x 7.2x 6.3x 3.6x 12.8x 9.3x 8.9x 4.7x 0.8x Max 12.5x 8.0x 5.0x 3.4x 17.0x 11.5x 38.1x 21.9x 15.8x 19.0x 43.2x 29.4x 23.1x 46.0x 90.2x 44.4x 3.7x Median 1.1x 1.0x 0.8x 0.7x 10.3x 7.8x 7.7x 6.9x 11.7x 11.7x 10.2x 10.1x 15.9x 16.7x 15.9x 14.1x 2.1x Mean 2.4x 2.0x 1.5x 1.2x 11.2x 8.1x 10.9x 7.4x 12.0x 12.9x 14.3x 10.6x 16.9x 22.4x 30.3x 15.9x 2.2x P / B 22

23 Industrial / Business Services General Information Ratio Analysis Share Price in % of Financial Cash & Price/ Market Cap Enterprise EBITDA Dividend Leverage Interest Sales Growth RoE Share 52 Week 52 Week 52 Week Debt Equiv. Value Margin Yield Ratio Cover OCFPS Peer Group Curr Price high low high low ( m) ( m) ( m) ( m) '13a-'14e '14e-'15e 2014e LFYA 2014e 2013a 2014e 2014e Amadeus FiRe AG EUR % 125.6% % 3.9% 16.8% 4.7% nm 36.4x 17.2x 42.8% GfK SE EUR % 106.7% , , % 3.5% 14.7% 2.0% 1.7x 10.6x 7.1x 9.3% Klöckner & Co SE EUR % 101.5% , % 2.9% 3.0% 0.0% 2.8x 1.5x 5.9x 1.7% KROMI Logistik AG EUR % 105.8% % 7.0% 4.0% 0.0% 1.7x 9.7x nm 3.8% COR&FJA AG EUR % 148.4% % 4.2% 8.8% 0.0% nm nm nm 18.8% Muehlhan AG EUR % 186.7% % 3.2% 6.4% 0.0% 1.1x 6.0x 5.6x 5.1% Takkt AG EUR % 115.1% , % 4.0% 13.9% 2.5% 1.7x 8.7x 10.9x 17.4% Min % 2.9% 3.0% 0.0% 1.1x 1.5x 5.6x 1.7% Max 1, , % 7.0% 16.8% 4.7% 2.8x 36.4x 17.2x 42.8% Median % 3.9% 8.8% 0.0% 1.7x 9.2x 7.1x 9.3% Mean % 4.1% 9.7% 1.3% 1.8x 12.1x 9.3x 14.1% Peer Group EV / Sales Enterprise Value Valuation Analysis EV / EBITDA EV / EBIT P / E Equity Value 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e LFQA Amadeus FiRe AG 2.0x 1.8x 1.7x 1.6x 11.7x 10.6x 9.7x 9.1x 11.9x 10.9x 10.1x 9.4x 21.2x 18.6x 17.5x 16.3x 7.9x GfK SE 1.1x 1.1x 1.0x 1.0x 7.0x 7.4x 6.4x 5.8x 8.9x 10.0x 8.8x 7.7x nm 17.0x 13.4x 11.6x 1.6x Klöckner & Co SE 0.2x 0.2x 0.2x 0.2x 13.7x 7.1x 6.0x 5.4x nm 13.6x 10.0x 8.2x nm 32.6x 15.6x 10.7x 0.6x KROMI Logistik AG 0.7x 0.7x 0.6x 0.6x 18.3x 17.0x 12.6x na 27.7x 24.5x 16.4x 13.4x nm 44.7x 25.3x na 1.7x COR&FJA AG 0.2x 0.3x 0.3x 0.3x nm 3.5x 3.2x 3.0x nm 3.5x 5.1x 4.4x nm 5.1x 11.4x 10.5x 1.0x Muehlhan AG 0.3x 0.3x 0.3x 0.3x 6.0x 4.7x 4.1x 3.9x 13.9x 9.5x 8.3x 7.4x 27.3x 16.4x 12.3x 9.9x 0.8x Takkt AG 1.1x 1.1x 1.1x 1.0x 9.0x 8.0x 7.5x 7.2x 11.2x 9.9x 9.3x 8.7x 16.2x 13.3x 12.3x 11.3x 2.3x Min 0.2x 0.2x 0.2x 0.2x 6.0x 3.5x 3.2x 3.0x 8.9x 3.5x 5.1x 4.4x 16.2x 5.1x 11.4x 9.9x 0.6x Max 2.0x 1.8x 1.7x 1.6x 18.3x 17.0x 12.6x 9.1x 27.7x 24.5x 16.4x 13.4x 27.3x 44.7x 25.3x 16.3x 7.9x Median 0.7x 0.7x 0.6x 0.6x 10.3x 7.4x 6.4x 5.6x 11.9x 10.0x 9.3x 8.2x 21.2x 17.0x 13.4x 11.0x 1.6x Mean 0.8x 0.8x 0.8x 0.7x 10.9x 8.3x 7.1x 5.7x 14.7x 11.7x 9.7x 8.5x 21.6x 21.1x 15.4x 11.7x 2.3x P / B 23

24 Industrial Machinery (1/2) General Information Ratio Analysis Share Price in % of Financial Cash & Price/ Market Cap Enterprise EBITDA Dividend Leverage Interest Sales Growth RoE Share 52 Week 52 Week 52 Week Debt Equiv. Value Margin Yield Ratio Cover OCFPS Peer Group Curr Price high low high low ( m) ( m) ( m) ( m) '13a-'14e '14e-'15e 2014e LFYA 2014e 2013a 2014e 2014e DMG Mori Seiki Aktiengesellschaft EUR % 116.2% , , % 5.6% 10.4% 2.4% nm 19.1x 9.4x 8.8% Dürr Aktiengesellschaft EUR % 137.8% , , % 29.3% 10.1% 2.1% nm 10.7x 7.1x 25.3% GEA Group Aktiengesellschaft EUR % 115.5% , , % 4.5% 12.7% 1.7% 0.6x 8.9x 12.7x 13.8% Heidelberger Druckmaschinen Aktiengesellschaft EUR % 112.7% % -0.1% 6.3% 0.0% 1.9x 2.6x 4.9x -4.1% HOMAG Group AG EUR % 168.3% % 5.9% 9.0% 1.2% 0.8x 7.2x 10.1x 10.5% Isra Vision AG. EUR % 129.6% % 11.4% 29.0% 0.0% 1.0x 18.5x 12.8x 10.8% Jungheinrich AG EUR % 130.1% , , % 4.7% 14.9% 1.7% nm 25.4x 25.2x 13.8% KION GROUP AG EUR % 119.4% 1, , , % 4.9% 16.5% 1.2% 2.0x 2.6x 8.9x 11.6% Koenig & Bauer AG EUR % 107.2% % -0.7% 3.6% 0.0% nm 8.4x 4.8x 0.1% Krones AG EUR % 133.9% , , % 4.6% 9.2% 1.3% nm 44.2x 13.7x 13.8% KUKA Aktiengesellschaft EUR % 168.8% , , % 16.5% 8.8% 0.5% nm 5.9x 8.5x 15.5% MAN SE EUR % 103.5% 2, , , % 6.1% 6.6% 0.2% 2.0x 5.6x 97.9x 2.1% SMT Scharf AG EUR % 103.2% % 0.9% 1.0% 1.8% nm 33.5x 16.3x na Technotrans AG EUR % 131.8% % 7.6% 8.9% 2.2% nm 8.4x 22.2x 9.4% Washtec AG EUR % 133.9% % 2.5% 9.0% 2.4% nm 26.1x 8.8x 12.4% Min % -0.7% 1.0% 0.0% 0.6x 2.6x 4.8x -4.1% Max 13, , % 29.3% 29.0% 2.4% 2.0x 44.2x 97.9x 25.3% Median 1, , % 4.9% 9.0% 1.3% 1.4x 8.9x 10.1x 11.2% Mean 2, , % 6.9% 10.4% 1.2% 1.4x 15.1x 17.5x 10.3% 24

25 Industrial Machinery (2/2) Peer Group EV / Sales Valuation Analysis Enterprise Value EV / EBITDA EV / EBIT P / E 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e LFQA DMG Mori Seiki Aktiengesellschaft 0.7x 0.7x 0.6x 0.6x 8.4x 6.4x 5.7x 5.2x 10.5x 8.2x 7.1x 6.4x 19.0x 14.8x 12.8x 11.3x 1.3x Dürr Aktiengesellschaft 0.8x 0.8x 0.6x 0.6x 8.8x 8.0x 6.3x 6.0x 9.8x 9.1x 7.5x 7.1x 16.8x 16.4x 13.7x 13.1x 4.2x GEA Group Aktiengesellschaft 1.6x 1.6x 1.5x 1.4x 15.9x 12.3x 11.5x 10.3x 20.2x 14.3x 13.3x 11.8x 19.9x 19.9x 19.8x 16.6x 2.7x Heidelberger Druckmaschinen Aktiengesellschaft 0.3x 0.3x 0.3x 0.3x 6.2x 5.4x 4.2x 3.9x 15.5x 11.1x 6.9x 5.9x nm nm 15.8x 8.6x 1.7x HOMAG Group AG 0.7x 0.6x 0.6x 0.6x 9.3x 6.8x 6.0x 5.4x 15.0x 15.3x 9.6x 8.3x 25.4x 23.4x 14.7x 12.0x 2.5x Isra Vision AG. 2.6x 2.3x 2.1x 1.9x 13.9x 8.1x 7.2x na 14.9x 12.0x 10.5x 9.6x 17.7x 15.6x 13.6x na 1.7x Jungheinrich AG 0.7x 0.7x 0.6x 0.6x 4.9x 4.4x 4.3x 4.1x 10.0x 8.8x 7.8x 7.2x 15.9x 14.2x 12.6x 11.5x 2.0x KION GROUP AG 1.0x 1.0x 0.9x 0.9x 7.3x 5.8x 5.4x 5.0x 16.0x 10.8x 9.5x 8.5x 21.4x 15.9x 12.8x 11.1x 1.8x Koenig & Bauer AG nm nm nm nm nm nm nm nm nm nm nm nm nm nm 7.9x 5.7x 0.7x Krones AG 0.8x 0.7x 0.7x 0.7x 10.0x 8.1x 7.4x 6.8x 13.6x 11.8x 10.5x 9.6x 20.2x 18.1x 16.1x 14.7x 2.5x KUKA Aktiengesellschaft 1.0x 0.8x 0.7x 0.7x 10.9x 9.6x 8.5x 7.8x 12.9x 12.7x 11.1x 9.9x 32.3x 29.2x 20.8x 18.1x 4.5x MAN SE 1.0x 1.1x 1.0x 0.9x 13.8x 16.3x 12.4x 10.2x 49.1x 40.4x 20.9x 15.4x nm nm 44.6x 22.9x 2.3x SMT Scharf AG 0.9x 1.3x 1.2x 1.0x 6.5x nm 13.4x 9.0x 7.9x nm 20.9x 11.0x 18.4x na 37.0x 14.8x 1.5x Technotrans AG 0.5x 0.5x 0.5x 0.4x 7.2x 5.7x 4.7x 4.1x 11.9x 8.3x 6.6x 5.4x 19.8x 13.9x 11.5x 10.0x 1.3x Washtec AG 0.6x 0.6x 0.6x 0.6x 6.8x 6.8x 5.8x 5.1x 10.1x 10.8x 8.4x 7.1x 16.5x 17.1x 12.7x 10.6x 2.1x Min 0.3x 0.3x 0.3x 0.3x 4.9x 4.4x 4.2x 3.9x 7.9x 8.2x 6.6x 5.4x 15.9x 13.9x 7.9x 5.7x 0.7x Max 2.6x 2.3x 2.1x 1.9x 15.9x 16.3x 13.4x 10.3x 49.1x 40.4x 20.9x 15.4x 32.3x 29.2x 44.6x 22.9x 4.5x Median 0.8x 0.8x 0.7x 0.6x 8.6x 6.8x 6.1x 5.4x 13.3x 11.1x 9.5x 8.4x 19.4x 16.4x 13.7x 11.8x 2.0x Mean 0.9x 0.9x 0.9x 0.8x 9.3x 8.0x 7.3x 6.4x 15.5x 13.4x 10.7x 8.8x 20.3x 18.1x 17.8x 12.9x 2.2x Equity Value P / B 25

26 Industrial Materials General Information Ratio Analysis Share Price in % of Financial Cash & Price/ Market Cap Enterprise EBITDA Dividend Leverage Interest Sales Growth RoE Share 52 Week 52 Week 52 Week Debt Equiv. Value Margin Yield Ratio Cover OCFPS Peer Group Curr Price high low high low ( m) ( m) ( m) ( m) '13a-'14e '14e-'15e 2014e LFYA 2014e 2013a 2014e 2014e Aurubis AG EUR % 121.8% , , % 3.7% 2.8% 2.6% 1.3x nm 17.5x na BayWa AG EUR % 113.2% 2, , % 3.5% 1.8% 2.2% 7.1x 4.8x 5.4x 4.8% Brenntag AG EUR % 125.8% 1, , , % 5.4% 7.2% 2.0% 2.0x 9.1x 18.8x 15.0% Evonik Industries AG EUR % 106.2% 1, , , , % 5.6% 14.2% 3.9% nm 9.3x 11.1x 11.9% Fuchs Petrolub SE EUR % 125.8% , , % 3.9% 18.1% 2.2% nm 143.0x 20.1x 25.0% H&R AG EUR % 122.7% % 4.7% 3.5% 0.0% 3.2x 2.1x 3.1x 0.0% KWS SAAT AG EUR % 107.3% , , % 1.6% 15.2% 1.2% 0.8x 14.5x 16.1x 12.8% SGL Carbon SE EUR % 103.3% , , % 9.0% 5.2% 0.0% 8.6x 2.7x 7.5x -18.3% SKW Stahl-Metallurgie Holding AG EUR % 125.3% % 0.0% 4.0% 0.0% 5.7x 3.5x 1.2x % Symrise AG EUR % 146.6% 1, , , % 17.8% 21.4% 1.5% 2.7x 10.4x 22.5x 14.5% Wacker Chemie AG EUR % 124.6% 1, , , % 6.6% 19.9% 0.5% 1.0x 11.0x 9.9x 10.1% Min % 0.0% 1.8% 0.0% 0.8x 2.1x 1.2x % Max 12, , % 17.8% 21.4% 3.9% 8.6x 143.0x 22.5x 25.0% Median 1, , % 4.7% 7.2% 1.5% 2.7x 9.2x 11.1x 11.0% Mean 3, , % 5.6% 10.3% 1.5% 3.6x 21.0x 12.1x -18.8% Peer Group EV / Sales Enterprise Value Valuation Analysis EV / EBITDA EV / EBIT P / E Equity Value 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e 2013a 2014e 2015e 2016e LFQA Aurubis AG 0.2x 0.2x 0.2x 0.2x nm 7.3x 5.7x 5.4x nm 11.7x 8.2x 7.8x nm na 11.1x 10.2x 1.0x BayWa AG 0.2x 0.2x 0.2x 0.2x 15.9x 11.5x 9.6x 9.1x 40.2x 19.7x 15.3x 13.9x 9.9x 18.0x 12.1x 9.8x 0.9x Brenntag AG 0.8x 0.8x 0.8x 0.7x 12.0x 11.4x 10.4x 9.7x 14.9x 13.9x 12.6x 11.7x 19.7x 19.8x 17.5x 15.8x 3.0x Evonik Industries AG 0.9x 0.9x 0.9x 0.8x 8.3x 6.4x 5.6x 5.1x 11.2x 9.6x 8.4x 7.6x 5.9x 16.4x 14.4x 12.4x 1.9x Fuchs Petrolub SE 2.4x 2.3x 2.2x 2.2x 13.2x 12.9x 12.2x 11.7x 14.5x 14.1x 13.3x 12.8x 20.4x 20.6x 19.6x 18.7x 5.1x H&R AG 0.4x 0.4x 0.4x 0.4x 14.9x 11.3x 8.7x 7.6x nm 27.2x 16.6x 13.0x nm nm 35.7x 19.5x 1.1x KWS SAAT AG 1.6x 1.6x 1.6x 1.5x 11.3x 10.7x 10.4x 9.1x 14.5x 14.5x 14.3x 12.4x 25.8x 21.5x 19.6x 17.4x 2.8x SGL Carbon SE 1.2x 1.3x 1.2x 1.1x 21.5x 25.4x 14.8x 10.2x nm nm 48.1x 20.4x nm nm nm 36.4x 2.1x SKW Stahl-Metallurgie Holding AG 0.3x 0.3x 0.3x 0.3x 5.7x 6.7x 5.2x 4.2x 20.4x 16.3x 7.4x 6.1x nm nm 5.4x 5.1x 1.0x Symrise AG 4.1x 3.6x 3.0x 2.9x 20.5x 16.7x 13.7x 12.8x 26.8x 21.4x 17.7x 16.4x 36.1x 29.7x 24.3x 22.2x 4.3x Wacker Chemie AG 1.2x 1.2x 1.1x 1.0x 9.5x 5.9x 5.9x 5.1x nm 13.7x 16.1x 12.1x nm 21.5x 27.5x 18.5x 2.2x Min 0.2x 0.2x 0.2x 0.2x 5.7x 5.9x 5.2x 4.2x 11.2x 9.6x 7.4x 6.1x 5.9x 16.4x 5.4x 5.1x 0.9x Max 4.1x 3.6x 3.0x 2.9x 21.5x 25.4x 14.8x 12.8x 40.2x 27.2x 48.1x 20.4x 36.1x 29.7x 35.7x 36.4x 5.1x Median 0.9x 0.9x 0.9x 0.8x 12.6x 11.3x 9.6x 9.1x 14.9x 14.3x 14.3x 12.4x 20.1x 20.6x 18.5x 17.4x 2.1x Mean 1.2x 1.2x 1.1x 1.0x 13.3x 11.5x 9.3x 8.2x 20.4x 16.2x 16.2x 12.2x 19.6x 21.1x 18.7x 16.9x 2.3x P / B 26