Annual Report 2007 - Muehlhan AG

22
Our Share
Turbulent market price trend after the turn of the year.
Corresponding to the trend for business, 2007 turned out to be quite
variable for the market price of Muehlhan shares as well. The good
market price performance for Muehlhan shares as of the end of 2006
initially continued into the 1st quarter of 2007. As early as the beginning
of January, the market price broke through the EUR 7.00 mark for the first
time: It was able to advance decidedly in the next month as well with
regard to trading volume. However, this trend was supported only in
part by the company’s fundamentals: Momentum based on rising demand
and increasing attention to Muehlhan AG, even in the print and internet
media, initially provided an extra boost the market price as well as
expectations for corporate earnings in 2006. The all-time high of EUR 9.70
at the end of February was followed by a market price correction to
below EUR 5.00 after the publication of the preliminary results for 2006.
because earnings as of the 1st quarter of 2007 and the
first six months were still unable to show any definitive
improvement in Muehlhan aG’s performance in various
regions and sub-markets, this trend continued through
market prices below the Eur 4.00 mark. a drawback for
the shares was noticeable both prior to the publication of
the Q3 report and the preliminary figures for 2007.
price development
in %
7
6
5
4
3
Muehlhan aG
March May July Sept. Nov. Jan.
the share still showed no recovery trend even at the beginning
of the year. However, we assume that these negative
expectations will reverse again with evidence of improved
earnings in 2008.
all in all, during the period from 1 January 2007 through the
end of the year, scarcely 16 million shares of the company
traded.
Muehlhan maintains regular and intensive
contact with institutional investors
Muehlhan fosters regular contact with its investors, and
with institutional investors in particular. Even in the critical
operational phases, the Executive board responded to the
questions of analysts and investors by providing reports
about the company and the prospects in roadshows and
in conference calls. in the meantime, Muehlhan has regular
investors that include investors from all over Europe,
in addition to the well known German fund companies.
the institutional investors make up the bulk of the nearly
42% of free float.