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Recommendations and Price Targets
Recommendations
negative: 2, neutral: 6, positive: 3 (total: 11)
-1
+10.09
BrokerPrice targets (in EUR)Recommendations
 CurrentPreviousChangeUpside/DownsideCurrentPreviousChangeLast Update
ABG Sundal Collier 24.00 20.00 20% -7% Hold Hold Unchanged 2016-07-11 
Carnegie 21.00 21.00 0% -18% Hold Hold Unchanged 2016-04-28 
Danske Markets 25.00 20.00 25% -3% Hold Hold Unchanged 2016-07-07 
DNB Markets 28.00 20.00 40% 9% Buy Hold Upgrade 2016-06-20 
Handelsbanken 18.00 18.00 0% -30% Reduce Reduce Unchanged 2016-04-27 
HSBC 25.00 21.00 19% -3% Hold Hold Unchanged 2016-05-17 
Inderes 20.00 20.00 0% -22% Reduce Reduce Unchanged 2016-04-28 
Kepler Cheuvreux 28.00 21.00 33% 9% Buy Hold Upgrade 2016-07-07 
Nordea Markets 23.00 20.50 12% -11% Hold Hold Unchanged 2016-07-11 
Pohjola Bank 24.00 24.00 0% -7% Buy Buy Unchanged 2016-04-28 
SEB Enskilda 20.50 20.50 0% -20% Hold Hold Unchanged 2016-04-27 
 CurrentUp-/DownsidePreviousChangeRecommendationsCurrentChanges 
Price in EUR (last trading day) 25.74       Number of Analysts 11     
Number of Analysts 11   11   - thereof positive Upgraded: 2 Analysts 
- Highest 28.00 9% 24.00 17% - in % 27%     
- Mean 23.32 -9% 20.55 13% - thereof neutral Unchanged: 9 Analysts 
- Consensus (Median) 24.00 -7% 20.50 17% - in % 55%     
- Lowest 18.00 -30% 18.00 0% - thereof negative Downgraded: 0 Analysts 
          - in % 18%     
 
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) 1,511        
Enterprise value (in EUR m) 1,718        
Share price performance YTD 12.4%        
Equity ratio 2015 30.7%        
Sales, CAGR (15-18) 0.8%        
EPS adj., CAGR (15-18) 7.0%        
 
Valuation 2015 A2016 E2017 E2018 E
EV/Sales 0.73 0.81 0.81 0.79     
EV/EBIT adj. 24.5 17.7 12.4 11.2     
P/E adj. 15.7 18.0 16.5 14.4     
Div. yield 4.6% 4.1% 4.1% 4.3%     
 
Consensus estimates (in Euro m) 2015 AQ2 2016 E2016 EYoY in %2017 EYoY in %2018 EYoY in %
Sales 2,126 526 2,114 -1.0% 2,114 0.0% 2,180 3.0% 
EBIT adj. 63 24 97 53.0% 138 42.0% 154 12.0% 
EBIT adj., margin 3.0% 4.6% 4.6% 6.5% 7.1% 
EPS adj. (in EUR) 1.46 0.32 1.43 -2.0% 1.56 9.0% 1.79 15.0% 
DPS (in EUR) 1.05 1.05 0.0% 1.05 0.0% 1.10 5.0% 
 
 
Annual and Quarterly Estimates Development
 
FY 2016 Consensus Estimates (in EUR m) more estimates data
Sales total (left hand scale)
Reported operating profit (right hand scale)
Quarterly Development (in EUR m) more estimates data
Sales total (left hand scale)
Reported operating profit (right hand scale)
Last update on 13/07/2016
 
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.