pdf (22.8 MB) - METRO Group

METRO GROUP : ANNUAL REPORT 2011 : INvEsTMENT
→ Metro MeTRo sHaRes SHareS
In 2011, we continued our direct dialogue with shareholders,
potential investors and analysts through presentations in key
financial markets in europe, the Usa and asia. 8 conferences
and 34 road show days in 14 countries as well as a direct
exchange and store visits at the MeTRo aG location in Düsseldorf
supported the Group’s capital market communication.
The investor relations team again conducted numerous
one-on-one and group meetings in 2011.
MeTRo GRoUp is covered by about 40 analysts from
respected national and international banks. MeTRo GRoUp
regularly reports the respective recommendations and share
price targets on its investor relations pages on the Internet.
Following the adjustment of Group guidance in December
2011, nearly all analysts revised their recommendations. as
of the end of 2011, 31 percent (previous year: 50 percent) of
analysts recommended the Metro share as a “buy”; 56 percent
(previous year: 38 percent) reduced it to “hold” and
13 percent (previous year: 12 percent) rated the share a “sell”.
The median value of share price targets declined to €35 compared
to €58 at the end of 2010.
private investors are another important shareholder group –
the largest in terms of numbers. MeTRo GRoUp’s investor
relations pages on the Internet are their first point of call and
offer them insights into the Company’s strategy and business
development as well as new publications. In addition, they
can contact the investor relations team directly. The number
→ p. 066
of questions addressed to this team increased markedly in
2011. The dialogue with investors also includes on-site events
such as the annual General Meeting, shareholder days and
stock market days. at the “FinanceDays” investor fair, for
example, which was held in Cologne in november 2011, corporate
issuers, banks and asset managers provided information
on capital investments. MeTRo GRoUp used this
opportunity to present itself to interested private investors.
In 2011, MeTRo GRoUp again received several awards for its
investor relations work. For example, MeTRo aG came
second in the DaX category for the German Investor Relations
award presented by the German Investor Relations
association in cooperation with “WirtschaftsWoche” business
magazine. For a repeated time, MeTRo aG also ranked first
in the trade sector in Thomson Reuters’ “extel pan-european
survey” – both in the individual and in the team assessment.
For the eighth consecutive time, the international business
magazine “Institutional Investor” presented MeTRo GRoUp
with the award for the best investor relations work in the
european trade industry.
We regard these and various other awards as an endorsement
of our successful investor relations communication.
nonetheless, we continue to strive for a comprehensive and
transparent capital market dialogue, which is indispensable –
irrespective of the current market mood or the performance
of the Metro share.