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Recommendations and Price Targets
Recommendations
negative: 3, neutral: 1, positive: 7 (total: 11)
-1
+10.36
BrokerPrice targets (in EUR)Recommendations
 CurrentPreviousChangeUpside/DownsideCurrentPreviousChangeLast Update
ABG Sundal Collier 
Carnegie 50.00 44.00 14% 25% Buy Buy Unchanged 2017-10-26 
Commerzbank 51.00 46.00 11% 28% Buy Buy Unchanged 2017-10-27 
Credit Suisse 44.00 43.00 2% 10% Outperform Outperform Unchanged 2017-11-03 
Danske Markets 52.00 48.00 8% 30% Buy Buy Unchanged 2017-10-25 
DNB Markets 47.00 46.00 2% 18% Buy Buy Unchanged 2017-10-26 
Handelsbanken 32.00 30.00 7% -20% Sell Sell Unchanged 2017-10-25 
HSBC 
Inderes 40.00 40.00 0% 0% Reduce Reduce Unchanged 2017-10-26 
Kepler Cheuvreux 45.00 Buy 2017-10-19 
Nordea Markets 49.00 46.00 7% 23% Buy Buy Unchanged 2017-10-26 
OP Corporate Bank 41.00 39.00 5% 3% Neutral Neutral Unchanged 2017-10-26 
SEB Enskilda 45.00 45.00 0% 13% Buy Buy Unchanged 2017-10-26 
UBS 32.00 32.00 0% -20% Sell Sell Unchanged 2017-10-25 
 CurrentUp-/DownsidePreviousChangeRecommendationsCurrentChanges 
Price in EUR (last trading day) 40       Number of Analysts 11     
Number of Analysts 11   12   - thereof positive Upgraded: 0 Analysts 
- Highest 52.00 30.30% 48.00 8% - in % 64%     
- Mean 43.91 10.10% 42.00 5% - thereof neutral Unchanged: 11 Analysts 
- Consensus (Median) 45.00 12.80% 44.50 1% - in % 9%     
- Lowest 32.00 -19.80% 30.00 7% - 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) 3,116.19        
Enterprise value (in EUR m) 3,705        
Share price performance YTD 18%        
Equity ratio 2016 30.7%        
Sales, CAGR (16-19) 1.3%        
EPS adj., CAGR (16-19) n.a.        
 
Valuation 2016 A2017 E2018 E2019 E
EV/Sales 0.66 1.19 1.14 1.09     
EV/EBITDA adj. 8.3 12.5 10.0 8.6     
EV/EBITA adj. 11.7 16.8 12.6 10.4     
P/E adj. n.a. 32.4 18.7 14.6     
Div. yield 3.1% 2.6% 2.8% 2.9%     
 
Consensus estimates (in Euro m) 2016 AQ4 2017 E2017 EYoY in %2018 EYoY in %2019 EYoY in %
Sales 3,278 898 3,124 -5.0% 3,245 4.0% 3,410 5.0% 
EBITDA adj. 259 105 297 15.0% 371 25.0% 430 16.0% 
EBITDA adj., margin 7.9% 11.7% 9.5% 11.4% 12.6% 
EBITA adj. 184 84 220 20.0% 293 33.0% 356 21.0% 
EBITA adj., margin 5.6% 9.3% 7.0% 9.0% 10.4% 
EPS adj. (in EUR) n.a. 0.62 1.23 n.a. 2.13 73.0% 2.73 28.0% 
DPS (in EUR) 1.05 1.05 1.10 1.15 
 
 
Annual and Quarterly Estimates Development
 
FY 2017 Consensus Estimates (in EUR m) more estimates data
Sales total (left hand scale)
EBITDA adjusted (right hand scale)
Quarterly Development (in EUR m) more estimates data
Sales total (left hand scale)
EBITDA adjusted (right hand scale)
Last update on 03/11/2017
 
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:
Carnegie, Commerzbank, Credit Suisse, Danske Markets, DNB Markets, Handelsbanken, Inderes, Nordea Markets, OP Corporate Bank, SEB Enskilda, 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.