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21/04/2009 - Company Flash DZ Bank

Mobotix - Fair Value reduced to EUR 25 (EUR 30)
Investment recommendation: Buy
Fair Value: 25.00 EUR

Axis reporting on Q1 confirms that conditions on the market are still very difficult due to the low visibility. We have therefore lowered our estimates and the Fair Value for Mobotix. Based on our new projections, we see the Fair Value at EUR 25 (prev. EUR 30). All in all, we stick to our Buy recommendation for the share.