Share price drop, estimate boost prompt upgrade (from Sell to Buy)

- Based on higher estimates, we raise our target price from EUR 17.2 to EUR 22.0, while the share price has declined since our last report. We consequently upgrade our recommendation from Sell to Buy. 
- Estimate changes: We raise our EBIT estimate for FY13e by 11% and for FY14e by 8%, putting them 14-15% above consensus expectations. 
- Market: Civil engineering demand in Germany, the company’s most important market, should have seen its lows and start to improve this year, while most other markets should remain weak for the time being.
- Share buybacks: The share buyback program is very close to its end, with 9.96% of a maximum 10.0% of shares bought back. However, we believe that the impact on the share has been quite limited recently.
- Possible ATX comeback: Should the stock price continue to recover, we regard a comeback into the ATX as realistic in the next regular reshuffling in September.