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Recommendations and Price Targets
Recommendations
negative: 1, neutral: 2, positive: 4 (total: 7)
-1
+10.43
BrokerPrice targets (in EUR)Recommendations
 CurrentPreviousChangeUpside/DownsideCurrentPreviousChangeLast Update
Carnegie 42.00 42.00 0.0% 21.5% Buy Buy Unchanged 2017-04-28 
Danske Markets 36.00 35.00 2.9% 4.1% Hold Hold Unchanged 2017-04-27 
Handelsbanken 39.00 38.00 2.6% 12.8% Accumulate Accumulate Unchanged 2017-04-27 
Inderes 37.50 37.50 0.0% 8.5% Reduce Accumulate 2017-05-03 
Nordea Markets Hold Hold Unchanged 2017-04-28 
OP Corporate Bank 41.00 41.00 0.0% 18.6% Buy Buy Unchanged 2017-04-28 
SEB Enskilda 42.00 42.00 0.0% 21.5% Buy Buy Unchanged 2017-04-28 
 CurrentPreviousChangeUp-/DownsideRecommendationsCurrentChanges 
Price in EUR  (as of last trading day) 34.57       Number of Analysts     
Number of Analysts     - thereof positive Upgraded: 0 Analysts 
- Highest 42.00 42.00 0.0% 21.5% - in % 57.1%     
- Consensus 39.58 39.25 0.8% 14.5% - thereof neutral Unchanged: 6 Analysts 
- Median 40.00 39.50 1.3% 15.7% - in % 28.6%     
- Lowest 36.00 35.00 2.9% 4.1% - thereof negative Downgraded: 1 Analysts 
          - in % 14.3%     
 
Price Target Analysis (in EUR)
Price targets (in EUR)
Share price (in EUR)
Recommendations (in %)
Positive
Neutral
Negative
General Data, Price Targets, Estimates and Valuation
 
General data (as of last trading day) 
Market capitalisation (in EUR m) 3,592        
Enterprise value (in EUR m) 4,328        
Equity ratio 2016 49.4%        
Sales, CAGR (16-19) 6.3%        
EPS adj., CAGR (16-19) 9.4%        
Performance YTD (in %) -2.0        

Consensus estimates (in EUR m)2016 AQ2 2017 E2017 EChange YoY in %2018 EChange YoY in %2019 EChange YoY in %
Sales 2,865 796 3,091 7.9% 3,268 5.7% 3,445 5.4% 
EBIT adj. 268 82 290 8.4% 319 9.9% 343 7.7% 
EBIT adj. margin 9.4% 10.3% 9.4% 9.8% 10.0% 
EPS adj. (in EUR) 1.83 0.56 1.97 7.5% 2.21 12.3% 2.40 8.5% 
DPS (in EUR) 0.73 0.82 12.5% 0.94 14.1% 1.06 12.6% 
Valuation 2015 A2016 A2017 E 2018 E 2019 E 
P/E 20.3 19.3 17.5 15.6 14.4 
EV/Sales 1.54 1.58 1.40 1.32 1.26 
EV/EBIT 17.7 16.9 14.9 13.6 12.6 
Div. yield 2.0% 2.1% 2.4% 2.7% 3.1% 
 
 
Annual and Quarterly Estimates Development
 
FY 2017 consensus estimates (in EUR m) more estimates data
Net Sales (left hand scale)
EBIT adj. (right hand scale)
Quarterly Development (in EUR m) more estimates data
Net Sales (left hand scale)
EBIT adj. (right hand scale)
 
Last update on 08/05/2017
The earnings estimates of the following institutions were included in the above figures:
Carnegie, Danske Markets, Handelsbanken, Inderes, Nordea Markets, OP Corporate Bank, SEB Enskilda
 
Disclaimer
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.