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Recommendations and Price Targets
Recommendations
negative: 4, neutral:6, positive:6 (total:16)
-1
+10.06
BrokerPrice targets (in Euro)Recommendations
 CurrentPreviousChangeUpside/DownsideCurrentPreviousChangeLast Update
AB Bernstein 33.00 34.00 -2.9% 26.9% Outperform Outperform Unchanged 2016-11-07 
Baader Helvea 28.00 30.00 -6.7% 7.7% Hold 2016-11-15 
Bankhaus Metzler 24.50 Sell 2016-09-27 
Berenberg Bank 29.00 33.00 -12.1% 11.5% Hold Buy Downgrade 2016-11-02 
BoA Merrill Lynch 31.00 31.00 0.0% 19.2% Buy 2016-11-04 
Citigroup 36.00 Buy 2016-11-01 
Commerzbank 33.00 36.00 -8.3% 26.9% Buy Buy Unchanged 2016-11-16 
Credit Suisse 26.80 27.50 -2.5% 3.1% Underperform Underperform Unchanged 2016-11-07 
Deutsche Bank 29.00 31.00 -6.5% 11.5% Hold Hold Unchanged 2016-11-04 
DZ Bank 22.00 22.00 0.0% -15.4% Sell Hold Downgrade 2016-11-18 
Exane BNP Paribas 27.00 28.00 -3.6% 3.8% Underperform Underperform Unchanged 2016-11-07 
Goldman Sachs 21.00 -19.2% Sell Sell Unchanged 2016-11-18 
Hauck & Aufhäuser 32.50 33.00 -1.5% 25.0% Buy Buy Unchanged 2016-11-04 
J.P. Morgan Cazenove 26.00 Neutral 2016-09-27 
Kepler Cheuvreux 23.00 34.00 -32.4% -11.5% Reduce Buy Downgrade 2016-11-07 
LBBW 28.50 9.6% Buy 2016-11-08 
MainFirst Bank 33.00 33.00 0.0% 26.9% Neutral Neutral Unchanged 2016-11-04 
Morgan Stanley 34.00 35.00 -2.9% 30.8% Overweight Overweight Unchanged 2016-11-09 
Société Génerale 31.50 33.00 -4.5% 21.2% Hold Hold Unchanged 2016-10-21 
UBS 26.00 29.50 -11.9% 0.0% Neutral Neutral Unchanged 2016-11-24 
 CurrentPreviousChangeUp-/DownsideRecommendationsCurrentChanges 
Price in EUR (as of last trading day) 26.00       Number of Analysts 17     
Number of Analysts 17 18     - thereof positive Upgraded: 0 Analysts 
- Highest 34.00 36.00 -5.6% 30.8% - in % 35.3%     
- Consensus 28.72 30.92 -7.1% 10.5% - thereof neutral Unchanged: 11 Analysts 
- Median 29.00 32.00 -9.4% 11.5% - in % 35.3%     
- Lowest 21.00 22.00 -4.5% -19.2% - thereof negative Downgraded: 3 Analysts 
          - in % 29.4%     
 
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)Q4 2016 EQoQ in %2016 EYoY in %2017 E YoY in %2018 EYoY in %
Sales 3,066 -4.1% 12,594 -6.8% 13,884 10.3% 14,404 3.7% 
Adjusted EBITDA 421 -15.9% 2,149 -12.8% 2,240 4.2% 2,412 7.6% 
Adjusted EBITDA margin in % 13.7 17.0 16.3 16.9 
EPS adj. (in Euro) 0.33 -24.4% 1.92 -20.5% 1.93 0.3% 2.09 8.4% 
Dividend per share (in Euro) 1.15 0.0% 1.15 0.0% 1.20 4.4% 
 
 
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 29/11/2016
The earnings estimates of the following institutions were included in the above figures:
AB Bernstein, Baader Helvea, Berenberg Bank, BoA Merrill Lynch, Commerzbank, Credit Suisse, Deutsche Bank, DZ Bank, Exane BNP Paribas, Hauck & Aufhäuser, 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.