First Berlin: Buy Splendid Medien (target price: EUR 3.60)

Press release - July 05, 2007

The analysts at First Berlin Equity Research have a buy rating on shares in Splendid Medien AG. Some of the reasons for this stated by First Berlin in their research report dated 4 July 2007 are: Splendid is achieving both strong sales growth as well as a growing EBIT margin. The analysts say that the company is working on various, highly promising projects that, together with the brisk market, promise good continued business growth both in the short and the medium term. Furthermore, the unique product portfolio and the lean distribution structure support good margin growth. The analysts forecast 12.1% average sales growth and 12% EBIT margin growth in 2010.

Further recommendations were made regarding Splendid shares in a number of reports including the 3 July 2007 issue of Nebenwerte Investors. Experts in this market letter see Splendid shares as an attractive media value with a € 3 target price for the year. In the July issue of Smart Investor Splendid shares were given a P/E ratio of 7.7. The 22 June 2007 issue of Capital Depesche sees the Splendid share as an "attractive rating."

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