In this context, the performance of Amadeus shares during 2012 was exceptional. At December 31, 2012 our share price stood at €19.05, an increase of 52.0% vs. the closing price of 2011. Our share price grew moderately during the first quarter of the year, having climbed around 12% by April. It was mainly after that, during the summer period, that our share price heavily outperformed the market, having climbed +47% by the beginning of August. During the next four months, our stock continued to outperform, and despite the high volatility observed in the period, it steadily increased to finish 2012 with an increase of 52% vs. 2011, considerably better than the peformance of the best European indices, DAX or CAC 40.
Our market capitalisation as of December 31, 2012 was €8,526 million. Amadeus shares hit their maximum daily closing price on November 13, 2012 (€19.36) and their intraday high on November 12, 2012 (€19.55). Average daily trading volume was over 4.0 million shares or €65.2 million, for a total traded volume of €16.7 billion for the year. The proportion of our stock in free float increased during the year, to 89.3%, as our airline shareholders placed 19.4% of total shares outstanding with institutional investors.
Since its inclusion in the Ibex-35, on January 3, 2011, Amadeus weight in the index has progressively increased its weight. By the end of 2012 it was the 12th largest company by market capitalisation in the index, with a weight of 2.63%, compared to being ranked 14th, with a weight of 1.40%, a year before. In 2012, adjusted earnings per share stood at €1.30, and at December 31, 2012 the price to earnings ratio was 14.6x.
Around 34 financial analysts follow the Amadeus equity story and regularly publish research reports in Amadeus. At the end of 2012, 53% of those analysts had a “buy” recommendation for our stock, while 41% had a “neutral” rating. Only 6% had an underweight recommendation. As of December 31, 2012 the average target price was €19.2.