KEMIRA - OVERVIEW

Price targets (in EUR)
Number of published price-targets		9
- Highest		14.00
- Average		11.33
- Median		11.00
- Lowest		8.50

Recommendations
Number of published Recommendations		9
-thereof positive		6
-thereof neutral		2
-thereof negative		1

(in Euro m)		Q4 2010	FY 2010	Q4 2011E	FY 2011E	FY 2012E	FY 2013E
Revenue
Number of estimates				9	9	9	9
- Highest				583	2,247	2,306	2,424
- Average		547	2,161	561	2,225	2,243	2,312
- Median				561	2,225	2,239	2,313
- Lowest				547	2,211	2,196	2,223
EBITDA
Number of estimates				9	9	9	9
- Highest				76	270	285	313
- Average		64	266	67	261	267	289
- Median				66	260	272	286
- Lowest				56	250	243	264
Operative EBIT
Number of estimates				9	9	9	9
- Highest				48	171	185	216
- Average		40	162	43	166	170	189
- Median				43	166	173	186
- Lowest				38	161	156	168
EBIT
Number of estimates				9	9	9	9
- Highest				48	171	185	216
- Average		27	156	43	166	171	189
- Median				43	166	175	186
- Lowest				38	161	156	168
Financial expenses
Number of estimates				8	8	8	7
- Highest				-3	-18	-16	-15
- Average		-7	-27	-5	-20	-20	-19
- Median				-5	-21	-20	-20
- Lowest				-7	-22	-24	-24
Income from associated companies
Number of estimates				8	8	8	7
- Highest				9	33	35	33
- Average		1	9	8	32	31	27
- Median				8	32	32	28
- Lowest				6	30	23	15
Profit before tax
Number of estimates				9	9	9	9
- Highest				51	183	199	232
- Average		23	138	46	177	181	194
- Median				46	178	183	196
- Lowest				41	173	167	169
Net profit attributable to equity holders of the parent company
Number of estimates				9	9	9	9
- Highest				36	137	152	182
- Average		24	111	32	134	136	146
- Median				32	134	134	146
- Lowest				27	130	129	129
EPS reported (in Euro)
Number of estimates				9	9	9	9
- Highest				0.25	0.90	1.00	1.20
- Average		0.15	0.73	0.22	0.88	0.90	0.96
- Median				0.23	0.88	0.88	0.96
- Lowest				0.19	0.85	0.85	0.85
EPS adjusted (in Euro)
Number of estimates				9	9	9	9
- Highest				0.25	0.90	1.00	1.20
- Average		0.15	0.70	0.22	0.88	0.90	0.96
- Median				0.23	0.88	0.88	0.96
- Lowest				0.19	0.85	0.85	0.85
Dividend per share (in Euro)
Number of estimates					9	9	9
- Highest					0.60	0.65	0.72
- Average		-	0.48	-	0.50	0.53	0.56
- Median					0.49	0.53	0.55
- Lowest					0.34	0.35	0.37
Capital expenditures
Number of estimates					8	8	8
- Highest					-93	-101	-103
- Average		-29	-107	-35	-107	-120	-118
- Median					-104	-118	-115
- Lowest					-134	-140	-140
Last update on 2011-14-11 The earnings estimates of the following institutions were included in the above figures: Nordea, Handelsbanken, Carnegie, Pohjola, FIM, Enskilda, Danske Markets, Deutsche Bank, Cazenove and Cheuvreux   Disclaimer This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.

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