DHL 2014 Annual Report Download - page 78

Majority of analysts give shares a “buy” rating
At the close of ,  analysts issued a “buy” recommendation on our shares, which is
one more than the year before. e number of “hold” ratings remained the same, how-
ever, at . Four analysts gave a “sell” recommendation – one more than in the prior year.
e average price target increased from . to . during the year.
Free float remains the same
e investment share of our largest investor – KfW Bankengruppe – remains at . 
(previous year: . ). As a result, the free oat also remained unchanged at . . 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  (previous year: . ). e share of 
investors decreased to .  (previous year: . ) and that of institutional investors
in Germany to .  (previous year: . ). Our  largest institutional investors hold
a total of .  of all issued shares (previous year: . ).
Recognition for investor relations work
We held a total of  individual and group meetings with more than  investors
at conferences and road shows during the reporting year. In addition to maintaining
close contact with institutional investors on the global nancial markets, we also took
advantage of numerous local investor events to cultivate our base of private investors in
Germany. Key topics of discussion in the Post - eCommerce - Parcel division revolved
around medium-term strategic issues and the growth potential of e-commerce activities.
In the Express division, focus was upon the strong performance of volumes and margins.
Investor talks relating to the Global Forwarding, Freight division concentrated on the
uctuating market conditions and the strategic  project. At the Group level, cash
ow was an important topic for our investors.
We presented our Strategy  at a Capital Markets Day in April and in November
we held a Capital Market Tutorial Workshop in London at which the focus of attention
was the Supply Chain division. is event was dedicated specically to implementing
Group strategy at the divisional level. We plan to continue holding tutorial workshops
in the future to give investors a closer look at our daily activities as well as the strategic
projects being carried out by the individual divisions.
Our investor relations activities received several awards from the renowned 
Magazine in the reporting year. In a survey of  analysts and fund managers from 
countries, our  team was ranked th in the Global Top  and th in the European
Top . In addition, our  activities were regarded as the Best in Sector.
. Shareholder structure 1
1 As at  December .
21.0 % KfW Bankengruppe
79.0 % Free float
13.4 % Private investors
65.6 % Institutional
investors
. Shareholder structure by region 1
1 As at  December .
13.7 % 
16.3 % 
24.8 % Other
45.2 % Germany
Deutsche Post  Group —  Annual Report
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