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Page: Investor Relations/ Research

Research

Analyst Reports

Financial Year 2007
Date / Reason of Publication Institute / Analyst Price Target Rating Download*
19.11.2007 / News-Flash
(Q3 figures 2007)
SES Research /
Wais Samadzada
Intermitted Intermitted PDF 100 K
25.09.2007 / Research-Flash
(takeover bid by Boursorama)
Independent Research /
Pierre Drach
- - PDF 78 K
25.09.2007 / News-Flash
(takeover bid by Boursorama)
SES Research /
Wais Samadzada
Intermitted - PDF 89 K
06.09.2007 / News-Flash
(rating change)
SES Research /
Wais Samadzada and
Jochen Reichert
€ 15,00 Hold PDF 108 K
21.08.2007 / Investment Research
(Q2 figures 2007)
Independent Research /
Aleksander Kuntz
€ 15,70 Add PDF 108 K
15.08.2007 / News-Flash
(Q2 figures 2007)
SES Research /
Wais Samadzada and
Jochen Reichert
€ 15,00 Add PDF 108 K
18.06.2007 / News-Flash
(Launch Namendo, user record
for OnVista and Onmeda)
SES Research /
Jochen Reichert and
Wais Samadzada
€ 15,00 Add PDF 115 K
30.05.2007 / "German Technology
Round-up" (Part of sector report)
HSBC / Thomas M. Becker,
Thorsten Zimmermann and
Dominik Klarmann
€ 14,70 Overweight
11.05.2007 / News-Flash
(Q1 figures 2007)
SES Research /
Jochen Reichert and
Wais Samadzada
€ 15,00 Add PDF 111 K
08.05.2007 / Business Analysis
(Financial year 2006 /
analyst conference 2007)
SES Research /
Jochen Reichert and
Wais Samadzada
€ 14,50 Add PDF 248 K
26.04.2007 / "Online Marketing"
(Part of "Oppenheim Research")
Sal. Oppenheim /
Marcus Sander
- - PDF 433 K
28.03.2007 / "German Technology"
(Part of sector report)
HSBC / Thomas M. Becker
and Thorsten Zimmermann
€ 14,00 Neutral
23.01.2007 / "Technology Kick Off 2007"
(Part of sector report published as
company commentary)
HSBC / Thomas M. Becker
and Thorsten Zimmermann
€ 14,00 Neutral
18.01.2007/ Investment Research
(Q3 figures 2006)
Independent Research /
Matthias Engelmayer
€ 12,90 Reduce PDF 99 K


Financial Year 2006
Date / Reason of Publication Institute / Analyst Price Target Rating Download*
21.11.2006 / "Shifting up a gear"
(Q3 figures 2006)
HSBC / Thomas M. Becker
and Thorsten Zimmermann
€ 14,00 Neutral
24.08.2006 / Investment Research
(Q2 figures 2006)
Independent Research /
Matthias Engelmayer
€ 12,40 Add PDF 102 K
15.08.2006 / Research Flash
(Q2 figures 2006)
Independent Research /
Matthias Engelmayer
€ 12,40 Add PDF 57 K
17.05.2006 / Investment Research
(Q1 figures 2006)
Independent Research /
Matthias Engelmayer
€ 13,00 Add PDF 100 K
20.04.2006 / Investment Research
(Financial year 2005 /
analyst conference 2006)
Independent Research /
Matthias Engelmayer
€ 13,10 Reduce PDF 127 K
20.03.2006 / "Hitting the roof"
(Key figures for the financial year 2005)
HSBC / Örge Cabi and
Thomas M. Becker
€ 11,90 Neutral PDF 91 K
23.01.2006 / "Technology Kick Off 2006"
(Part of sector report published as
company commentary)
HSBC / Örge Cabi € 9,81 Overweight PDF 91 K


Financial Year 2005
Date / Reason of Publication Institute / Analyst Price Target Rating Download*
21.11.2005 / Investment Research
(Q3 figures 2005)
Independent Research /
Matthias Engelmayer
€ 9,40 Add PDF 111 K
14.11.2005 / "Cash is King" (Sale of
IS.Teledata stake, Q3 figures 2005)
HSBC / Örge Cabi € 7,31 - 8,78
Midpoint: € 8,05
Neutral PDF 69 K
11.11.2005 / Research Flash
(Raise of the profit projections,
sale of the IS.Teledata investment)
Independent Research /
Matthias Engelmayer
- Add PDF 57 K
29.08.2005 / Investment Research
(Q2 figures 2005)
Independent Research /
Martin Peter
€ 7,60 Add PDF 96 K
18.08.2005 / "Back on Track"
(Q2 figures 2005)
HSBC / Thomas Teetz € 5,91 - 8,20
Midpoint: € 7,12
Neutral PDF 81 K
10.08.2005 / Research Flash
(Q2 figures 2005)
Independent Research /
Martin Peter
- Add PDF 40 K
10.05.2005 / Research Flash
(Q1 figures 2005)
Independent Research /
Martin Peter
€ 7,00 Add PDF 158 K
03.05.2005 / "Accelerated Growth"
(Analyst conference 2005)
HSBC / Thomas Teetz € 5,64 - 7,92
Midpoint: € 6,50
- PDF 124 K
20.04.2005 / Investment Research
(Financial year 2004)
Independent Research /
Martin Peter
€ 7,00 Add PDF 111 K
11.03.2005 / "Solid Performance
and outlook" (Financial year 2004)
HSBC / Lars Korinth € 6,80 - 7,80 - PDF 120 K
08.03.2005 / Research Flash
(Key figures for the financial year 2004)
Independent Research /
Martin Peter
€ 6,40 Add PDF 120 K
Financial Year 2004
Date / Reason of Publication Institute / Analyst Price Target Download* Download*
10.11.2004 / Investment Research
(Q3 figures 2004)
Independent Research /
Martin Peter
€ 6,40 Add PDF 73 K
09.11.2004 / "Q3: solid performance
of media and technology segment"
(Q3 figures 2004)
HSBC / Peter Barkow € 6,80 Add PDF 54 K
08.11.2004 / Research Flash
(Q3 figures 2004)
Independent Research /
Martin Peter
€ 6,40 Add PDF 104 K
20.08.2004 / Investment Research
(Q2 figures 2004)
Independent Research /
Martin Peter
€ 6,40 Add PDF 77 K
18.08.2004 / "OnVista: long term buy" Scherrer Asset Management
Neue Märkte
€ 5,20 - 8,00 Long Term Buy PDF 34 K
05.07.2004 / "OnVista: long term buy" Scherrer Asset Management
Neue Märkte
€ 5,20 - 8,00 Long Term Buy PDF 33 K
29.06.2004 / General meeting report
of OnVista AG
GSC Research - - PDF 289 K
24.05.2004 / Investment Research
(Q1 figures 2004)
Independent Research /
Ronald Reepel
€ 5,90 Add PDF 81 K
13.05.2004 / Research Flash
(Q1 figures 2004)
Independent Research /
Ronald Reepel
€ 5,90 Add PDF 49 K
11.05.2004 / "Encouraging Q1"
(Q1 figures 2004)
HSBC / Peter Barkow € 6,00 Add PDF 51 K
22.03.2004 / Research Flash
(Key figures for the financial year 2003)
Independent Research /
Ronald Reepel
- Hold PDF 36 K
04.03.2004 / Research Flash
(Acquisition A Med-World AG)
Independent Research /
Ronald Reepel
€ 5,90 Hold PDF 52 K

*For legal reasons not all studies can be offered here for download.
Some of the studies are only available in a German language version.