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Recommendations and Price Targets
Recommendations
negative: 2, neutral: 3, positive: 4 (total: 9)
-1
+10.22
BrokerPrice targets (in EUR)Recommendations
 CurrentPreviousChangeUpside/DownsideCurrentPreviousChangeLast Update
ABG Sundal Collier 31.00 Hold 2016-08-30  
Carnegie  
Danske Markets 37.00 35.00 6% 13% Buy Buy Unchanged 2016-10-26  
DNB Markets 32.00 -2% Hold 2016-10-27  
Handelsbanken 25.00 -24% Sell 2016-11-06  
HSBC 35.00 35.00 0% 7% Buy Buy Unchanged 2016-09-01  
Inderes 28.00 28.00 0% -15% Reduce Reduce Unchanged 2016-10-26  
Kepler Cheuvreux 35.00 35.00 0% 7% Buy Buy Unchanged 2016-11-08  
Nordea Markets 35.00 37.00 -5% 7% Buy Buy Unchanged 2016-10-27  
Pohjola Bank 30.00 30.00 0% -8% Neutral Hold Unchanged 2016-10-28  
SEB Enskilda 31.00 31.00 0% -5% Hold Hold Unchanged 2016-10-27  
 CurrentUp-/DownsidePreviousChangeRecommendationsCurrentChanges 
Price in EUR (last trading day) 32.73       Number of Analysts 9.0      
Number of Analysts     - thereof positive Upgraded: 0 Analysts  
- Highest 37.00 13% 37.00 0% - in % 44%      
- Mean 32.00 -2% 32.75 -2% - thereof neutral Unchanged: 7 Analysts  
- Consensus (Median) 32.00 -2% 33.00 -3% - in % 33%      
- Lowest 25.00 -24% 28.00 -11% - thereof negative Downgraded: 0 Analysts  
          - in % 22%      
 
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) 1,921         
Enterprise value (in EUR m) 1,734         
Share price performance YTD 42.9%         
Equity ratio 2015 30.7%         
Sales, CAGR (15-18) 0.7%         
 
Valuation 2015 A2016 E2017 E2018 E
EV/Sales 0.73 0.82 0.82 0.80      
EV/EBIT adj. 13.1 12.7 11.7 10.6      
Div. yield 4.6% 3.2% 3.2% 3.4%      
 
Consensus estimates (in Euro m) 2015 AQ4 2016 E2016 EYoY in %2017 EYoY in %2018 EYoY in %
Sales 2,126 604 2,109 -1.0% 2,124 1.0% 2,171 2.0%  
EBIT adj. 118 48 137 16.0% 148 8.0% 164 11.0%  
EBIT adj., margin 5.5% 8.0% 6.5% 6.9% 7.6%  
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)
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 11/11/2016
 
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:
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.