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Presentation Acquisition of a 25% stake in Hochtief - Grupo ACS

Presentation Acquisition of a 25% stake in Hochtief - Grupo ACS

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Valuation: Analyst Consensus 2007<strong>Acquisition</strong> <strong>of</strong> a <strong>25%</strong><strong>stake</strong> <strong>in</strong>PublicationTarget PriceBroker Recommendationdate(€/sh)21-Mar-07 Dresdner Kle<strong>in</strong>wort Buy 9116-Mar-07 DZ Bank Buy 6919-Feb-07 Bankhaus Lampe Buy 5714-Feb-07 WestLB Equity Markets Buy 7713-Feb-07 Société Générale Buy 7812-Feb-07 UBS Buy 737-Feb-07 Merrill Lynch Buy 6924-Jan-07 HypoVere<strong>in</strong>sbank Hold 651-Jan-07 M.M. Warburg Sell 57Mean 69Average 71Source: I/B/E/S Consensus 200712

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