DHL 2013 Annual Report Download - page 77

Majority of analysts give shares a “buy” rating
At the close of ,  analysts issued a “buy” recommendation on our shares – six
fewer than the year before. Due to the strong share performance, more analysts regard
our stock as appropriately rated. As a result, the number of hold ratings increased from
 to . Only three analysts recommended selling, one more than in the previous year.
e average price target increased from . to . during the year.
Free float rises anew
e convertible bond issued by KfW on  July  and exchangeable for . mil-
lion Deutsche Post shares was converted in full by the bond creditors prior to the end
of July due to the strong performance of the stock. KfW’s stake thus dropped by . 
to .  in advance of the conversion deadline of  July  with the according rise
in the free oat to . . e share of our stock held by private investors rose to . 
(previous year: . ). In terms of the regional distribution of identied institutional
investors, the highest percentage of shares .  continues to be held in the United
Kingdom (previous year: . ). e share of  investors increased to .  (previous
year: . ) whilst that of institutional investors in Germany rose to .  (previous
year: . ). Our  largest institutional investors hold a total of .  of all issued shares.
Focused capital markets communication recognised
We again succeeded in demonstrating the potential of our company and its divisions
to the capital markets in the reporting year. In April, we held two Capital Markets
Tutorial Workshops – one in London and one in Frankfurt am Main – to ensure a
high level of transparency with regard to pensions and other provisions, including their
impact on the nancial statements and free cash ow. In further tutorial workshops in
Leipzig and London in September, we explained the business model of our 
division to investors and analysts with the aim of boosting condence in the division’s
nancial objectives. Our discussions regarding the  division focused on medium-
term prot expectations and growth prospects for the parcel business. With respect to
the  ,  division, discussions revolved around implemen-
tation of our strategic  project, and those regarding the   division
involved the prospects for growth and protability.
We have further developed our investor targeting activities, holding a total of 
one-on-one meetings at national and international conferences and road shows,  of
which involved members of our Board of Management. Our investor relations work was
recognised in the annual survey conducted by the Institutional Investor trade journal,
with both our  and  team winning rst place respectively in the transport sector
in a poll of sell-side analysts. In the opinion of their buy-side counterparts, Dr Frank
Appel and Lawrence Rosen also ranked amongst the top board members in the sector.
Our investor relations site took rst place in the  Global Rankings out of 
participating companies in the category of “ Website”. Furthermore, we have also
been providing up-to-date  and nancial media news for the iPad since June .
In the reporting year alone, our free “  app” has been downloaded more than
, times.
. Shareholder structure 1
1 As at  December .
21.0 % KfW Bankengruppe
79.0 % free float
11.2 % private investors
67.8 % institutional
investors
. Shareholder structure by region 1
1 As at  December .
13.8 % 
14.8 % 
26.9 % Other
44.5 % Germany
73Deutsche Post DHL 2013 Annual Report
Group Management Report Deutsche Post Shares