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Recommendations and Price Targets
Recommendations
negative: 1, neutral: 8, positive: 10 (total: 19)
-1
+10.47
BrokerPrice targets (in Euro)Recommendations
 CurrentPreviousChangeUpside/DownsideCurrentPreviousChangeLast Update
Baader Helvea 38.00 38.00 0.0% 21.8% Buy Hold Upgrade 2017-11-13 
BoA Merrill Lynch 34.00 31.00 9.7% 8.9% Neutral Neutral Unchanged 2017-11-06 
Barclays 35.50 34.50 2.9% 13.7% Overweight Overweight Unchanged 2017-11-06 
Berenberg Bank 37.00 33.00 12.1% 18.6% Buy Hold Upgrade 2017-11-06 
Citigroup 36.00 36.00 0.0% 15.3% Buy Buy Unchanged 2017-11-06 
Commerzbank 39.00 33.00 18.2% 25.0% Buy Buy Unchanged 2017-11-09 
Credit Suisse 34.30 34.30 0.0% 9.9% Outperform Outperform Unchanged 2017-11-06 
Deutsche Bank 34.00 32.00 6.3% 8.9% Hold Hold Unchanged 2017-11-06 
DZ Bank 34.00 32.00 6.3% 8.9% Hold Hold Unchanged 2017-11-03 
Exane BNP Paribas 31.00 29.00 6.9% -0.7% Hold Neutral Unchanged 2017-11-07 
Goldman Sachs 29.00 28.00 3.6% -7.1% Neutral Neutral Unchanged 2017-10-10 
J.P. Morgan Cazenove 25.00 26.00 -3.8% -19.9% Underweight Underweight Unchanged 2017-11-14 
Kepler Cheuvreux 31.00 31.00 0.0% -0.7% Hold Reduce Upgrade 2017-11-14 
MainFirst Bank 38.00 35.00 8.6% 21.8% Outperform Neutral Upgrade 2017-11-08 
Morgan Stanley 37.00 36.00 2.8% 18.6% Overweight Overweight Unchanged 2017-11-09 
UBS 31.60 29.00 9.0% 1.2% Hold Hold Unchanged 2017-10-13 
Société Génerale 39.00 36.00 8.3% 25.0% Buy Buy Unchanged 2017-11-08 
AB Bernstein 36.00 35.00 2.9% 15.3% Outperform Outperform Unchanged 2017-11-06 
LBBW 33.50 Hold 2017-10-17 
ISI Evercore 31.00 30.00 3.3% -0.7% Hold Hold Unchanged 2017-11-10 
 CurrentPreviousChangeUp-/DownsideRecommendationsCurrentChanges 
Price in EUR (as of last trading day) 31.21       Number of Analysts 19     
Number of Analysts 19 20     - thereof positive 10 Upgraded: 4 Analysts 
- Highest 39.00 38.00 2.6% 25.0% - in % 52.6%     
- Consensus 34.23 32.62 5.0% 9.7% - thereof neutral Unchanged: 15 Analysts 
- Median 34.30 33.00 3.9% 9.9% - in % 42.1%     
- Lowest 25.00 26.00 -3.8% -19.9% - thereof negative Downgraded: 0 Analysts 
          - in % 5.3%     
 
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 2017 EQoQ in %2017 EYoY in %2018 E YoY in %2019 EYoY in %
Sales 3,578 11.6% 14,431 13.3% 14,868 3.0% 15,463 4.0% 
Adjusted EBITDA 498 14.0% 2,384 10.1% 2,486 4.3% 2,606 4.8% 
Adjusted EBITDA margin in % 14.1 16.6 16.6 16.8 
Adjusted net income* 183 0.2% 1,008 8.4% 1,088 7.9% 1,169 7.4% 
EPS adj. (in Euro)* 0.39 0.9% 2.16 8.7% 2.33 7.9% 2.51 7.4% 
 
 
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)
*Evonik definition: before amortization and impairment losses on intangible assets and adjustment items as defined by Evonik
Last update on 15/11/2017
The earnings estimates of the following institutions were included in the above figures:
AB Bernstein, Baader Helvea, Barclays, Berenberg Bank, BoA Merrill Lynch, Citigroup, Commerzbank, Credit Suisse, Deutsche Bank, DZ Bank, Exane BNP Paribas, Goldman Sachs, ISI Evercore, J.P. Morgan Cazenove, Kepler Cheuvreux, 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.