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Recommendations and Price Targets
Recommendations
negative: 2, neutral: 0, positive: 11 (total: 13)
-1
+10.69
BrokerPrice targets (in EUR)Recommendations
 CurrentPreviousChangeUpside/DownsideCurrentPreviousChangeLast Update
ABG Sundal Collier 
Carnegie 🔒 🔒 🔒 🔒 
Commerzbank 48.00 48.00 0% 29% Buy Buy Unchanged 2018-05-07 
Credit Suisse 45.00 45.00 0% 21% Outperform Outperform Unchanged 2018-05-03 
Danske Markets 49.00 51.00 -4% 32% Buy Buy Unchanged 2018-05-02 
DNB Markets 46.00 46.00 0% 24% Buy Buy Unchanged 2018-04-29 
Goldman Sachs 45.00 45.00 0% 21% Buy Buy Unchanged 2018-05-08 
Handelsbanken 32.00 32.00 0% -14% Reduce Sell Unchanged 2018-04-26 
HSBC 
Inderes 37.00 40.50 -9% -1% Accumulate Accumulate Unchanged 2018-04-27 
Kepler Cheuvreux 45.00 45.00 0% 21% Buy Buy Unchanged 2018-05-05 
Nordea Markets 47.00 49.00 -4% 26% Buy Buy Unchanged 2018-04-27 
OP Corporate Bank 41.00 39.00 5% 10% Buy Neutral Upgrade 2018-04-27 
SEB Enskilda 43.00 43.00 0% 15% Buy Buy Unchanged 2018-04-26 
UBS 32.00 32.00 0% -14% Sell Sell Unchanged 2018-04-26 
 CurrentUp-/DownsidePreviousChangeRecommendationsCurrentChanges 
Price in EUR (last trading day) 37.26       Number of Analysts 13     
Number of Analysts 13   13   - thereof positive 11 Upgraded: 1 Analysts 
- Highest 49.00 32% 51.00 -4% - in % 85%     
- Mean 42.69 15% 43.04 -1% - thereof neutral Unchanged: 12 Analysts 
- Consensus (Median) 45.00 21% 45.00 0% - in % 0%     
- Lowest 32.00 -14% 32.00 0% - thereof negative Downgraded: 0 Analysts 
          - in % 15%     
 
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) 2,940        
Enterprise value (in EUR m) 3,486        
Share price performance YTD -2.4%        
Equity ratio 2017 29.5%        
Sales, CAGR (17-20) 3.9%        
EPS adj., CAGR (17-20) 41.5%        
 
Valuation 2017 A2018 E2019 E2020 E
EV/Sales 1.13 1.09 1.03 0.99     
EV/EBITDA adj. 12.3 10.5 8.5 7.7     
EV/EBITA adj. 16.4 13.36 10.31 8.94     
P/E adj. 35.0 19.7 14.4 12.1     
Div. yield 3.1% 3.2% 3.5% 3.6%     
 
Consensus estimates (in Euro m) 2017 AQ2 2018 E2018 EYoY in %2019 EYoY in %2020 EYoY in %
Sales 3,136 807 3,201 2.0% 3,369 5.0% 3,515 4.0% 
EBITDA adj. 289 78 333 15.0% 410 23.0% 451 10.0% 
EBITDA adj., margin 9.2% 9.7% 10.4% 12.2% 12.8% 
EBITA adj. 216 62 261 21.0% 338 30.0% 390 15.0% 
EBITA adj., margin 6.9% 7.7% 8.2% 10.0% 11.1% 
EPS adj. (in EUR) 1.09 0.47 1.89 73.0% 2.58 37.0% 3.09 19.0% 
DPS (in EUR) 1.20 1.20 1.30 1.35 
 
 
Annual and Quarterly Estimates Development
 
FY 2018 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 08/05/2018
 
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, Goldman Sachs, Handelsbanken, Inderes, Kepler Cheuvreux, 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.