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Recommendations and Price Targets
Recommendations
negative: 3, neutral: 10, positive: 5 (total: 18)
-1
+10.11
BrokerPrice targets (in Euro)Recommendations
 CurrentPreviousChangeUpside/DownsideCurrentPreviousChangeLast Update
Baader Helvea 31.00 28.00 10.7% -1.1% Hold 2017-03-29 
Bankhaus Lampe 32.00 Buy 2017-02-07 
Bankhaus Metzler 35.00 33.00 6.1% 11.6% Buy Buy Unchanged 2017-03-06 
BoA Merrill Lynch 31.00 31.00 0.0% -1.1% Neutral 2017-04-12 
Berenberg Bank 31.00 31.00 0.0% -1.1% Hold Hold Unchanged 2017-04-10 
Citigroup 36.00 36.00 0.0% 14.8% Buy Buy Unchanged 2017-04-18 
Commerzbank 33.00 Buy 2017-02-07 
Credit Suisse 32.00 32.00 0.0% 2.1% Neutral Underperform Upgrade 2017-04-19 
Deutsche Bank 32.00 32.00 0.0% 2.1% Hold Hold Unchanged 2017-04-13 
DZ Bank 28.00 28.00 0.0% -10.7% Sell Sell Unchanged 2017-04-11 
Exane BNP Paribas 28.00 28.00 0.0% -10.7% Neutral Neutral Unchanged 2017-04-13 
Goldman Sachs 26.00 21.00 23.8% -17.1% Sell Sell Unchanged 2017-04-04 
Hauck & Aufhäuser 32.50 Buy 2017-02-07 
J.P. Morgan Cazenove 28.00 Neutral 2017-02-07 
Kepler Cheuvreux 27.00 26.00 3.8% -13.9% Reduce Reduce Unchanged 2017-03-28 
MainFirst Bank 36.00 36.00 0.0% 14.8% Outperform Neutral Upgrade 2017-04-12 
Morgan Stanley 36.00 34.00 5.9% 14.8% Overweight Overweight Unchanged 2017-04-13 
UBS 29.00 30.00 -3.3% -7.5% Neutral Neutral Unchanged 2017-04-13 
Société Génerale 31.50 31.50 0.0% 0.5% Hold Hold Unchanged 2017-03-03 
AB Bernstein 35.00 34.00 2.9% 11.6% Outperform Outperform Unchanged 2017-04-13 
LBBW 31.50 28.50 10.5% 0.5% Hold 2017-03-06 
ISI Evercore 31.00 -1.1% Neutral 2017-04-11 
 CurrentPreviousChangeUp-/DownsideRecommendationsCurrentChanges 
Price in EUR (as of last trading day) 31.35       Number of Analysts 18     
Number of Analysts 18 21     - thereof positive Upgraded: 2 Analysts 
- Highest 36.00 36.00 0.0% 14.8% - in % 27.8%     
- Consensus 31.50 30.74 2.5% 0.5% - thereof neutral 10 Unchanged: 12 Analysts 
- Median 31.25 31.50 -0.8% -0.3% - in % 55.6%     
- Lowest 26.00 21.00 23.8% -17.1% - thereof negative Downgraded: 0 Analysts 
          - in % 16.7%     
 
Price Target Analysis (in Euro)
PT Consensus
Share price
Recommendations (in %)
Positive
Neutral
Negative
General Data, Price Targets, Estimates and Valuation
Consensus estimates (in Euro)Q1 2017 EQoQ in %2017 EYoY in %2018 E YoY in %2019 EYoY in %
Sales 3,520 13.3% 14,318 12.5% 14,979 4.6% 15,541 3.8% 
Adjusted EBITDA 602 6.5% 2,324 7.3% 2,476 6.5% 2,564 3.6% 
Adjusted EBITDA margin in % 17.0 16.4 16.6 16.9 
Adjusted net income 244 -4.1% 937 0.7% 1,030 10.0% 1,081 5.0% 
EPS adj. (in Euro) 0.52 -5.0% 2.01 1.0% 2.21 10.0% 2.32 5.0% 
 
 
Annual and Quarterly Estimates Development
 
2017 EBITDA adjusted margin in % Key Estimates
Highest
Consensus
Lowest
Quarterly Development (in Euro m) Key Estimates
Sales (left hand scale)
Adjusted EBITDA (right hand scale)
Last update on 19/04/2017
The earnings estimates of the following institutions were included in the above figures:
AB Bernstein, Baader Helvea, Bankhaus Metzler, Berenberg Bank, BoA Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank, DZ Bank, Exane BNP Paribas, Goldman Sachs, ISI Evercore, Kepler Cheuvreux, LBBW, MainFirst Bank, Morgan Stanley, Société Génerale, UBS
 
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.