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Recommendations and Price Targets
Recommendations
negative: 3, neutral: 1, positive: 12 (total: 16)
-1
+10.56
BrokerPrice targets (in Euro)Recommendations
 CurrentPreviousChangeUpside/DownsideCurrentPreviousChangeLast Update
AB Bernstein 37.00 37.00 0.0% 21.2% Outperform Outperform Unchanged 2018-05-16 
Baader Helvea 37.00 37.00 0.0% 21.2% Buy Hold Upgrade 2018-05-08 
Barclays 34.00 37.00 -8.1% 11.4% Overweight Overweight Unchanged 2018-03-07 
Berenberg Bank 37.00 37.00 0.0% 21.2% Buy Hold Upgrade 2018-05-08 
BoA Merrill Lynch 29.00 29.00 0.0% -5.0% Underperform Neutral Downgrade 2018-04-12 
Citigroup 36.00 36.00 0.0% 18.0% Buy Buy Unchanged 2018-05-16 
Commerzbank 39.00 39.00 0.0% 27.8% Buy Buy Unchanged 2018-05-09 
Credit Suisse 34.30 34.30 0.0% 12.4% Outperform Outperform Unchanged 2018-05-08 
Deutsche Bank 40.00 40.00 0.0% 31.1% Buy Hold Upgrade 2018-05-23 
DZ Bank 34.00 34.00 0.0% 11.4% Buy Hold Upgrade 2018-03-08 
ISI Evercore 31.00 Hold 2018-03-19 
J.P. Morgan Cazenove 25.00 25.00 0.0% -18.1% Underweight Underweight Unchanged 2018-05-09 
Kepler Cheuvreux 31.00 31.00 0.0% 1.6% Hold Reduce Upgrade 2018-05-14 
MainFirst Bank 38.00 38.00 0.0% 24.5% Outperform Neutral Upgrade 2018-05-08 
Morgan Stanley 38.00 38.00 0.0% 24.5% Overweight Overweight Unchanged 2018-05-20 
Société Génerale 39.00 39.00 0.0% 27.8% Buy Buy Unchanged 2018-05-21 
UBS 27.00 27.00 0.0% -11.5% Sell Hold Downgrade 2018-05-11 
 CurrentPreviousChangeUp-/DownsideRecommendationsCurrentChanges 
Price in EUR (as of last trading day) 30.52       Number of Analysts 16     
Number of Analysts 16 17     - thereof positive 12 Upgraded: 6 Analysts 
- Highest 40.00 40.00 0.0% 31.1% - in % 75.0%     
- Consensus 34.71 34.66 0.1% 13.7% - thereof neutral Unchanged: 8 Analysts 
- Median 36.50 37.00 -1.4% 19.6% - in % 6.3%     
- Lowest 25.00 25.00 0.0% -18.1% - thereof negative Downgraded: 2 Analysts 
          - in % 18.8%     
 
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)Q2 2018 EQoQ in %2018 EYoY in %2019 E YoY in %2020 EYoY in %
Sales 3,797 4.9% 14,884 3.5% 15,420 3.6% 16,010 3.8% 
Adjusted EBITDA 688 7.4% 2,526 7.2% 2,635 4.3% 2,770 5.1% 
Adjusted EBITDA margin in % 18.2 17.0 17.0 17.2 
Adjusted net income* 331 14.6% 1,132 12.4% 1,162 2.7% 1,257 8.1% 
EPS adj. (in Euro)* 0.71 12.8% 2.43 12.4% 2.49 2.7% 2.70 8.1% 
 
 
Annual and Quarterly Estimates Development
 
2018 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 25/05/2018
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, 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.