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Recommendations and Price Targets
Recommendations
negative: 2, neutral: 8, positive: 6 (total: 16)
-1
+10.25
BrokerPrice targets (in Euro)Recommendations
 CurrentPreviousChangeUpside/DownsideCurrentPreviousChangeLast Update
Baader Helvea 41.00 Hold 2017-07-21 
BoA Merrill Lynch 31.00 31.00 0.0% 13.6% Neutral Neutral Unchanged 2017-08-10 
Berenberg Bank 33.00 31.00 6.5% 20.9% Buy Hold Upgrade 2017-08-15 
Citigroup 36.00 Buy 2017-05-23 
Commerzbank 33.00 33.00 0.0% 20.9% Buy Buy Unchanged 2017-07-18 
Credit Suisse 32.00 32.00 0.0% 17.2% Neutral Neutral Unchanged 2017-08-09 
Deutsche Bank 32.00 32.00 0.0% 17.2% Hold Hold Unchanged 2017-08-17 
DZ Bank 28.00 24.00 16.7% 2.6% Hold Sell Upgrade 2017-08-11 
Exane BNP Paribas 29.00 29.00 0.0% 6.2% Neutral Neutral Unchanged 2017-08-10 
Goldman Sachs 28.00 28.00 0.0% 2.6% Neutral Neutral Unchanged 2017-08-14 
J.P. Morgan Cazenove 26.00 28.00 -7.1% -4.8% Underweight Neutral Downgrade 2017-08-09 
Kepler Cheuvreux 27.00 27.00 0.0% -1.1% Reduce Reduce Unchanged 2017-07-18 
MainFirst Bank 35.00 35.00 0.0% 28.2% Outperform Neutral Upgrade 2017-08-04 
Morgan Stanley 36.00 Overweight 2017-07-21 
UBS 29.00 31.00 -6.5% 6.2% Hold Neutral Unchanged 2017-08-10 
Société Génerale 36.00 36.00 0.0% 31.9% Buy Buy Unchanged 2017-08-03 
AB Bernstein 33.00 33.00 0.0% 20.9% Outperform Outperform Unchanged 2017-08-04 
LBBW 33.50 33.50 0.0% 22.7% Buy Hold Upgrade 2017-08-07 
ISI Evercore 29.00 30.00 -3.3% 6.2% Hold Neutral Unchanged 2017-08-07 
 CurrentPreviousChangeUp-/DownsideRecommendationsCurrentChanges 
Price in EUR (as of last trading day) 27.30       Number of Analysts 16     
Number of Analysts 16 19     - thereof positive Upgraded: 4 Analysts 
- Highest 36.00 41.00 -12.2% 31.9% - in % 37.5%     
- Consensus 30.91 31.92 -3.2% 13.2% - thereof neutral Unchanged: 11 Analysts 
- Median 31.50 32.00 -1.6% 15.4% - in % 50.0%     
- Lowest 26.00 24.00 8.3% -4.8% - thereof negative Downgraded: 1 Analysts 
          - in % 12.5%     
 
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)Q3 2017 EQoQ in %2017 EYoY in %2018 E YoY in %2019 EYoY in %
Sales 3,507 10.8% 14,332 12.6% 14,894 3.9% 15,474 3.9% 
Adjusted EBITDA 602 4.1% 2,322 7.3% 2,415 4.0% 2,525 4.6% 
Adjusted EBITDA margin in % 17.2 16.2 16.2 16.3 
Adjusted net income* 251 1.6% 959 3.1% 1,001 4.4% 1,063 6.2% 
EPS adj. (in Euro)* 0.54 1.6% 2.06 3.4% 2.15 4.4% 2.28 6.2% 
 
 
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 18/08/2017
The earnings estimates of the following institutions were included in the above figures:
AB Bernstein, Berenberg Bank, BoA Merrill Lynch, Commerzbank, Credit Suisse, Deutsche Bank, DZ Bank, Exane BNP Paribas, Goldman Sachs, ISI Evercore, J.P. Morgan Cazenove, Kepler Cheuvreux, LBBW, MainFirst Bank, 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.