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Recommendations and Price Targets
Recommendations
negative: 0, neutral: 1, positive: 6 (total: 7)
-1
+10.86
BrokerPrice targets (in EUR)Recommendations
 CurrentPreviousChangeUpside/DownsideCurrentPreviousChangeLast Update
Carnegie 45.00 46.00 -2.2% 29.0% Buy Buy Unchanged 2016-10-26 
Danske Markets 37.00 40.00 -7.5% 6.0% Hold Hold Unchanged 2016-11-22 
Handelsbanken 40.00 14.6% Accumulate 2016-11-28 
Inderes 37.50 37.50 0.0% 7.5% Accumulate Reduce 2016-11-23 
Nordea Markets 40.00 40.00 0.0% 14.6% Buy Hold Upgrade 2016-11-23 
Pohjola Bank 41.00 42.50 -3.5% 17.5% Buy Accumulate Unchanged 2016-11-23 
SEB Enskilda 43.80 45.50 -3.7% 25.5% Buy Buy Unchanged 2016-11-23 
 CurrentPreviousChangeUp-/DownsideRecommendationsCurrentChanges 
Price in EUR  (as of last trading day) 34.89       Number of Analysts     
Number of Analysts     - thereof positive Upgraded: 1 Analysts 
- Highest 45.00 46.00 -2.2% 29.0% - in % 85.7%     
- Consensus 40.61 41.92 -3.1% 16.4% - thereof neutral Unchanged: 4 Analysts 
- Median 40.00 41.25 -3.0% 14.6% - in % 14.3%     
- Lowest 37.00 37.50 -1.3% 6.0% - thereof negative Downgraded: 0 Analysts 
          - in % 0.0%     
 
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) 3,761        
Enterprise value (in EUR m) 4,492        
Equity ratio 2015 43.6%        
Sales, CAGR (15-18) 6.2%        
EPS adj., CAGR (15-18) 10.9%        
Performance YTD (in %) 4.1        

Consensus estimates (in EUR m)2015 AQ4 2016 E2016 EChange YoY in %2017 EChange YoY in %2018 EChange YoY in %
Sales 2,726 739 2,873 5.4% 3,084 7.3% 3,265 5.9% 
EBIT adj. 238 67 269 13.4% 295 9.6% 322 9.0% 
EBIT adj. margin 8.7% 9.1% 9.4% 9.6% 9.9% 
EPS adj. (in EUR) 1.65 0.47 1.86 12.7% 2.04 9.8% 2.25 10.3% 
DPS (in EUR) 0.66 0.76 14.7% 0.85 12.8% 0.97 13.4% 
Valuation 2014 A2015 A2016 E 2017 E 2018 E 
P/E 17.6 20.3 18.8 17.1 15.5 
EV/Sales 1.20 1.54 1.56 1.46 1.38 
EV/EBIT 15.3 17.7 16.7 15.2 14.0 
Div. yield 2.7% 2.0% 2.2% 2.4% 2.8% 
 
 
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 29/11/2016
The earnings estimates of the following institutions were included in the above figures:
Carnegie, Danske Markets, Handelsbanken, Inderes, Nordea Markets, Pohjola 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.