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Recommendations and Price Targets
Recommendations
negative: 1, neutral: 2, positive: 5 (total: 8)
-1
+10.50
BrokerPrice targets (in EUR)Recommendations
 CurrentPreviousChangeUpside/DownsideCurrentPreviousChangeLast Update
Carnegie 36.00 31.00 16.1% -1.0% Hold Hold Unchanged 2016-04-21 
Danske Markets 34.50 33.00 4.5% -5.1% Hold Hold Unchanged 2016-04-22 
Evli Bank 36.00 34.00 5.9% -1.0% Accumulate Accumulate Unchanged 2016-04-22 
Handelsbanken 38.00 36.00 5.6% 4.5% Accumulate Accumulate Unchanged 2016-04-21 
Inderes 32.50 31.00 4.8% -10.6% Reduce Reduce Unchanged 2016-04-22 
Nordea Markets 38.50 36.00 6.9% 5.9% Buy Buy Unchanged 2016-04-22 
Pohjola Bank 37.50 33.50 11.9% 3.2% Accumulate Accumulate Unchanged 2016-04-22 
SEB Enskilda 40.10 37.50 6.9% 10.3% Buy Buy Unchanged 2016-04-22 
 CurrentPreviousChangeUp-/DownsideRecommendationsCurrentChanges 
Price in EUR  (as of last trading day) 36.35       Number of Analysts     
Number of Analysts     - thereof positive Upgraded: 0 Analysts 
- Highest 40.10 37.50 6.9% 10.3% - in % 62.5%     
- Consensus 36.64 34.00 7.8% 0.8% - thereof neutral Unchanged: 8 Analysts 
- Median 36.75 33.75 8.9% 1.1% - in % 25.0%     
- Lowest 32.50 31.00 4.8% -10.6% - thereof negative Downgraded: 0 Analysts 
          - in % 12.5%     
 
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) 3,919        
Enterprise value (in EUR m) 4,509        
Equity ratio 2015 43.6%        
Sales, CAGR (15-18) 5.3%        
EPS adj., CAGR (15-18) 9.3%        
Performance YTD (in %) 9.8        

Consensus estimates (in EUR m)2015 AQ2 2016 E2016 EChange YoY in %2017 EChange YoY in %2018 EChange YoY in %
Sales 2,726 752 2,875 5.4% 3,039 5.7% 3,186 4.9% 
EBIT adj. 238 75 267 12.4% 285 6.9% 302 5.9% 
EBIT adj. margin 8.7% 10.0% 9.3% 9.4% 9.5% 
EPS adj. (in EUR) 1.65 0.53 1.88 14.0% 2.02 7.4% 2.15 6.7% 
DPS (in EUR) 0.66 0.77 16.1% 0.83 8.6% 0.92 10.2% 
Valuation 2014 A2015 A2016 E 2017 E 2018 E 
P/E 17.8 20.1 19.3 18.0 16.9 
EV/Sales 1.21 1.53 1.57 1.48 1.42 
EV/EBIT 15.4 17.5 16.9 15.8 14.9 
Div. yield 2.7% 2.0% 2.1% 2.3% 2.5% 
 
 
Annual and Quarterly Estimates Development
 
FY 2015 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 26/04/2016
The earnings estimates of the following institutions were included in the above figures:
Carnegie, Danske Markets, Evli Bank, 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.