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Recommendations and Price Targets
Recommendations
negative: 3, neutral: 3, positive: 5 (total: 11)
-1
+10.18
BrokerPrice targets (in EUR)Recommendations
 CurrentPreviousChangeUpside/DownsideCurrentPreviousChangeLast Update
ABG Sundal Collier 32.00 32.00 0% -9% Hold Hold Unchanged 2017-02-08  
Carnegie 40.00 40.00 0% 14% Buy Buy Unchanged 2017-02-09  
Danske Markets 40.00 37.00 8% 14% Buy Buy Unchanged 2017-02-08  
DNB Markets 33.00 32.00 3% -6% Hold Hold Unchanged 2017-02-09  
Handelsbanken 25.00 25.00 0% -29% Sell Sell Unchanged 2017-02-08  
HSBC 34.00 38.00 -11% -3% Buy Buy Unchanged 2017-03-07  
Inderes 32.00 32.00 0% -9% Reduce Reduce Unchanged 2017-02-09  
Kepler Cheuvreux 41.00 41.00 0% 17% Buy Buy Unchanged 2017-02-14  
Nordea Markets 41.00 41.00 0% 17% Buy Buy Unchanged 2017-02-09  
Pohjola Bank 32.00 32.00 0% -9% Reduce Reduce Unchanged 2017-02-10  
SEB Enskilda 33.00 33.00 0% -6% Hold Hold Unchanged 2017-02-09  
 CurrentUp-/DownsidePreviousChangeRecommendationsCurrentChanges 
Price in EUR (last trading day) 35.01       Number of Analysts 11      
Number of Analysts 11   11   - thereof positive Upgraded: 0 Analysts  
- Highest 41.00 17% 41.00 0% - in % 45%      
- Mean 34.82 -1% 34.82 0% - thereof neutral Unchanged: 11 Analysts  
- Consensus (Median) 33.00 -6% 33.00 0% - in % 27%      
- Lowest 25.00 -29% 25.00 0% - thereof negative Downgraded: 0 Analysts  
          - in % 27%      
 
Price Target Analysis (in EUR)
PT Consensus (right hand scale)
Share price (right hand scale)
Recommendations (in %)
Positive (left hand scale)
Neutral (left hand scale)
Negative (left hand scale)
General Data, Price Targets, Estimates and Valuation
 
General data (as of last trading day) 
Market capitalisation (in EUR m) 2,055         
Enterprise value (in EUR m) 2,211         
Share price performance YTD 3.6%         
Equity ratio 2016 30.7%         
Sales, CAGR (16-19) 18.1%         
 
Valuation 2016 A2017 E2018 E2019 E
EV/Sales 1.01 0.67 0.65 0.63      
EV/EBIT adj. 15.2 11.3 8.7 7.4      
Div. yield 3.1% 3.0% 3.0% 3.3%      
 
Consensus estimates (in Euro m) 2016 AQ1 2017 E2017 EYoY in %2018 EYoY in %2019 EYoY in %
Sales 2,118 710 3,290 55.0% 3,389 3.0% 3,493 3.0%  
EBIT adj. 141 23 196 39.0% 254 30.0% 299 18.0%  
EBIT adj., margin 6.6% 3.2% 5.9% 7.5% 8.6%  
DPS (in EUR) 1.05 1.05 0.0% 1.05 0.0% 1.14 8.0%  
 
 
Annual and Quarterly Estimates Development
 
FY 2017 Consensus Estimates (in EUR m) more estimates data
Sales total (left hand scale)
Adjusted operating profit (right hand scale)
Quarterly Development (in EUR m) more estimates data
Sales total (left hand scale)
Adjusted operating profit (right hand scale)
Last update on 13/03/2017
 
Forward 12 months = (days till end of year/365) * (sales FY1) + (1-days till end of year/365) * (sales FY2)
Enterprise value = market capitalisation + net debt
Net debt = interest bearing liabilities - cash and cash equivalents
We used year end stock prices for valuation metrics
 
The earnings estimates of the following institutions were included in the above figures:
ABG Sundal Collier, Carnegie, Danske Markets, DNB Markets, Handelsbanken, HSBC, Inderes, Kepler Cheuvreux, Nordea Markets, Pohjola Bank, SEB Enskilda
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.