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Recommendations and Price Targets
Recommendations
negative: 1, neutral: 1, positive: 4 (total: 6)
-1
+10.50
BrokerPrice targets (in EUR)Recommendations
 CurrentPreviousChangeUpside/DownsideCurrentPreviousChangeLast Update
ABG Sundal Collier 🔒 🔒 🔒 🔒 
Carnegie 🔒 🔒 🔒 🔒 
Handelsbanken 38.00 36.00 5.6% 9.4% Accumulate Accumulate Unchanged 2018-04-25 
Inderes 35.00 35.00 0.0% 0.7% Reduce Accumulate Downgrade 2018-05-03 
Nordea Markets Hold Hold Unchanged 2018-04-26 
OP Corporate Bank 38.00 38.00 0.0% 9.4% Accumulate Accumulate Unchanged 2018-04-27 
SEB Enskilda 39.00 39.00 0.0% 12.2% Buy Buy Unchanged 2018-04-26 
 
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) 3,746        
Enterprise value (in EUR m) 4,502        
Equity ratio 2017 50.4%        
Sales, CAGR (16-19) 4.3%        
EPS adj., CAGR (16-19) 6.4%        
Performance YTD (in %) -0.7%        

Consensus estimates (in EUR m)2017 AQ2 2018 E2018 EChange YoY in %2019 EChange YoY in %2020 EChange YoY in %
Sales 2,989 787 3,063 2.5% 3,247 6.0% 3,412 5.1% 
EBIT adj. 268 77 283 5.6% 316 11.8% 343 8.7% 
EBIT adj. margin 9.0% 9.7% 9.2% 9.7% 10.1% 
EPS adj. (in EUR) 1.90 0.54 1.97 3.7% 2.20 11.9% 2.42 9.8% 
DPS (in EUR) 0.80 0.87 8.5% 0.98 12.7% 1.08 10.8% 
Valuation 2016 A2017 A2018 E 2019 E 2020 E 
P/E 18.9 18.4 17.6 15.8 14.4 
EV/Sales 1.55 1.51 1.47 1.39 1.32 
EV/EBIT 16.6 16.9 15.9 14.3 13.2 
Div. yield 2.1% 2.3% 2.5% 2.8% 3.1% 
 
 
Annual and Quarterly Estimates Development
 
FY 2018 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 23/05/2018
 
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.