Germany - 2006
Handelsblatt and StarMine Present Germany's Top Analysts of 2006
Handelsblatt and StarMine, the leading provider of objective ratings of securities analysts, are pleased to announce the results of StarMine's 2006 annual survey of analyst performance for Germany. StarMine measures analysts' performance based on the return of their stock recommendations and the accuracy of their earnings estimates. The 2006 StarMine Analyst Awards program utilized the I/B/E/S system as its data source.
Spotlight on Germany's Top Stock Picker
Dirk Schlamp of DZ Bank is Germany's top stock picker for 2005. He earned his title by making a number of stellar "buy" recommendations in the industrials and technology industries. Dirk's best recommendations in the industrials industry were on Salzgitter and Muehlbauer Holding, which returned 174% and 40%, respectively. His most lucrative calls in the technology industry were on PVA Telpla and LPKF Laser & Electronics, which climbed by 136% and 58%, respectively. In addition to being the best stock picker overall, Dirk is also Germany's top stock picker in the industrial industry.
Methodology: View our awards methodology
| StarMine Analyst Awards Methodology | |
| StarMine objectively measures
the performance of analysts based on the returns of their buy/sell
recommendations and the accuracy of their earnings estimates. The
2006 awards are based on the 2005 calendar-year performance of
recommendations and estimates on companies that are based in
Germany. Data Source StarMine's German awards are based on the estimates and recommendations as recorded in the Thomson Financial I/B/E/S database. StarMine uses the GICS (Global Industry Classification System) for its industry definitions. In some instances in Germany, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, StarMine has combined multiple industries to reflect the way German analysts organize their coverage. For example, StarMine's "Health Care" industry is a composite of the following GICS industries: Health Care Equipment & Supplies, Health Care Providers & Services, Biotechnology, and Pharmaceuticals. Industry Stock Picking Awards Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award. Calculation of Industry Excess Return All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry. For comparison purposes, StarMine builds a non-leveraged portfolio for each analyst based on his recommendations. For each "Buy" recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units short the benchmark. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero). "Sells" are the reverse: long the benchmark and short the stock. "Strong Sells" get a larger investment of two units long the benchmark and short the stock. The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating. Qualification Criteria To qualify for a 2006 Industry Stock Picking Award, an analyst must have met the following criteria:
Overall Stock Picking Awards go to the top ten qualifying analysts, based on overall excess return. To calculate overall excess return, StarMine uses the weighted average of each analyst's Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry. Qualification Criteria To qualify for the overall stock-picking awards, an analyst must have covered at least five stocks. In addition, StarMine requires an analyst to have earned at least a 4-star rating on his overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating. Overview of Earnings Estimate Awards StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, an analyst is compared against his peers. An analyst's SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates. SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score). Industry Earnings Estimate Awards To determine the winners of Industry Earnings Estimate Awards, StarMine ranks qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry. Qualification Criteria To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout 2005. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater. Overall Earnings Estimate Awards The ten qualifying analysts with the highest Overall Estimate Scores earn StarMine's Overall Earnings Estimate Awards. Qualification Criteria To qualify for StarMine's Top 10 list, an analyst must have had coverage on at least five stocks throughout 2005. Non-Participating Firms The following firm did not participate in StarMine's 2006 Annual Analyst Awards for Germany: Lehman Brothers and Sanford C. Bernstein & Co., Llc. |
Trophies: Place an order
Handelsblatt and StarMine Present Germany's Top Analysts of 2006
Top Stock Pickers
| Rank | Analyst | Firm | Industries |
|---|---|---|---|
| 1 | Schlamp, Dirk | DZ Bank | Industrials; Technology |
| 2 | Obst, Christian | HVB | Industrials; Consumer & Retail |
| 3 | Hasler, Peter-Thilo | HVB | Media; Banks & Financial Services; Others |
| 4 | Hopkinson, Adrian | WestLB Capital Markets | Technology; Software |
| 5 | Biller, Frank | SES Research | Software; Media |
| 6 | Inderst, Andreas | ABN Amro | Consumer & Retail |
| 7 | Marinoni, Ralf | equinet (ESN) | Media; Industrials; Others |
| 8 | Müll, Bernd | DZ Bank | Consumer & Retail; Industrials |
| 9 | Schlüter, Oliver* | DZ Bank | Health Care |
| 10 | Faust, Ingbert | equinet (ESN) | Consumer & Retail; Industrials |
Top Earnings Estimators
| Rank | Analyst | Firm | Industries |
|---|---|---|---|
| 1 | Reigber, Thorsten | DZ Bank | Software |
| 2 | Wittwer, Stephan | LBBW | Technology |
| 3 | Dürr, Matthias | DZ Bank | Banks & Financial Services |
| 4 | Rothenaicher, Peter | HVB | Industrials |
| 5 | Rothäusler, Thomas | Oppenheim Research | Banks & Financial Services |
| 6 | Dopke, Sven | M.M. Warburg Bank | Chemicals; Consumer & Retail |
| 7 | Gehrke, Jochen | Kepler Equities | Automobiles |
| 8 | Gscheidlen, Stephan* | LBBW | Industrials |
| 9 | Pieper, Jürgen | Bankhaus Metzler | Automobiles; Industrials |
| 10 | Geronimo, Lucio Di | HVB | Insurance; Banks & Financial Services |
Top Most Award-Winning Brokers
| Rank | Analyst | Number of Awards |
|---|---|---|
| 1 | DZ Bank | 12 |
| 2 | HVB | 11 |
| 3 | equinet (ESN) | 6 |
| 3 | Oppenheim Research | 6 |
| 3 | LBBW | 6 |
| 6 | SES Research | 4 |
| 7 | Bankhaus Metzler | 3 |
| 7 | Bayerische Landesbank | 3 |
| 7 | Deutsche Bank Securities | 3 |
| 7 | M.M. Warburg Bank | 3 |
Automobiles
Top Earnings Estimators
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Pieper, Jürgen | Bankhaus Metzler |
| 2 | Woller, Rolf | HVB |
| 3 | Ellinghorst, Arndt | Dresdner Kleinwort Wasserstein |
Top Stock Pickers
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Woller, Rolf | HVB |
| 2 | Fahrenholz, Tobias | Berenberg Bank |
| 3 | Heberger, Robert | Merck Finck |
Banks & Financial Services
Top Earnings Estimators
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Dürr, Matthias | DZ Bank |
| 2 | Rothäusler, Thomas | Oppenheim Research |
| 3 | Weese, Andreas | HVB |
Top Stock Pickers
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Schlienkamp, Christoph | Bankhaus Lampe |
| 2 | Thormann, Johannes | WestLB Capital Markets |
| 3 | Hendricks, Alexander | Deutsche Bank Securities |
Chemicals
Top Earnings Estimators
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Stegemann, Silke | Landesbank Rheinland-Pfalz |
| 2 | Dopke, Sven | M.M. Warburg Bank |
Top Stock Pickers
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Rödiger, Martin | CA Cheuvreux |
Consumer & Retail
Top Earnings Estimators
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Bosse, Volker | HVB |
| 2 | Kolb, Jürgen | CA Cheuvreux |
| 3 | Gmeinwieser, Matthias | Bayerische Landesbank |
Top Stock Pickers
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Müll, Bernd | DZ Bank |
| 2 | Inderst, Andreas | ABN Amro |
| 3 | Faust, Ingbert | equinet (ESN) |
Health Care
Top Earnings Estimators
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Scheunemann, Karl-Heinz | Bankhaus Metzler |
| 2 | Possienke, Martin | equinet (ESN) |
| 3 | Blum, Holger | Deutsche Bank Securities |
Top Stock Pickers
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Schlüter, Oliver* | DZ Bank |
| 2 | Frohnmeyer, Hanns | LBBW |
| 3 | Blum, Holger | Deutsche Bank Securities |
Industrials
Top Earnings Estimators
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Gscheidlen, Stephan* | LBBW |
| 2 | Scholz, Ulrich | Oppenheim Research |
| 3 | Rothenaicher, Peter | HVB |
Top Stock Pickers
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Schlamp, Dirk | DZ Bank |
| 2 | Endner, Mario | Bayerische Landesbank |
| 3 | Rothenbacher, Jochen | equinet (ESN) |
Insurance
Top Earnings Estimators
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Shea, Brian | Merrill Lynch |
| 2 | Geronimo, Lucio Di | HVB |
| 3 | Kalb, Stephan | Oppenheim Research |
Top Stock Pickers
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Mitra, Robin | Credit Suisse - Europe |
| 2 | Huttner, Michael | J.P. Morgan |
| 3 | Niggeling, Lars | Bank Vontobel |
Media
Top Earnings Estimators
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Heider, Harald | DZ Bank |
Top Stock Pickers
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Heider, Harald | DZ Bank |
| 2 | Grillenberger, Thomas* | Bayerische Landesbank |
Software
Top Earnings Estimators
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Reigber, Thorsten | DZ Bank |
| 2 | Rohleder, Gerrit | equinet (ESN) |
| 3 | Ellmann, Felix | SES Research |
Top Stock Pickers
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Biller, Frank | SES Research |
| 2 | Reichert, Jochen | SES Research |
| 3 | Woller, Knut | HVB |
Technology
Top Earnings Estimators
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Wittwer, Stephan | LBBW |
Top Stock Pickers
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Wittwer, Stephan | LBBW |
| 2 | Queiser, Ingo | Kepler Equities |
| 3 | Bahlmann, Michael | M.M. Warburg Bank |
Telecommunications Services
Top Earnings Estimators
No analysts qualified for this industry's awards.Top Stock Pickers
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Rothauge, Frank and Sander, Marcus | Oppenheim Research |
Utilities
Top Earnings Estimators
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Heck, Matthias and Wulf, Stephan | Oppenheim Research |
Top Stock Pickers
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Deschamps, Grégory | ODDO Securities |