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Last update 11/07/2018

1. The current consensus displays estimates on a reported basis (including the effect from the US tax reform, VA association and natural disaster costs).
2. The estimates neither include the announced sale of Sound Inpatient Physicians Holdings nor the planned acquisition of NxStage for the time being.
 
Recommendations and Price Targets
Recommendations
Negative: 0, Neutral: 10, Positive: 10 (Total: 20)
-1
+10.50
BrokerPrice Targets (in EUR)Recommendations
 CurrentPreviousChangeUpside/DownsideCurrentPreviousChangeLast Update
AB Bernstein 107.00 107.00 0.0% 25.0% Outperform Outperform Unchanged 2018-05-15 
Bankhaus Lampe 88.00 Hold 2018-02-19 
Barclays 90.00 90.00 0.0% 5.1% Equalweight Equalweight Unchanged 2018-05-03 
Berenberg Bank 98.70 98.70 0.0% 15.3% Buy Buy Unchanged 2018-05-03 
BoA Merrill Lynch 102.00 102.00 0.0% 19.2% Buy Buy Unchanged 2018-07-09 
Bryan, Garnier & Co. 92.00 92.00 0.0% 7.5% Neutral Neutral Unchanged 2018-04-23 
Commerzbank 82.00 82.00 0.0% -4.2% Hold Hold Unchanged 2018-04-24 
Credit Suisse 91.00 96.00 -5.2% 6.3% Neutral Outperform Downgrade 2018-07-04 
Deutsche Bank 105.00 102.00 2.9% 22.7% Buy Buy Unchanged 2018-05-05 
DZ Bank 98.00 105.00 -6.7% 14.5% Buy Buy Unchanged 2018-04-23 
Exane BNP Paribas 80.00 Neutral 2018-04-23 
Goldman Sachs 97.00 97.00 0.0% 13.3% Buy Buy Unchanged 2018-04-23 
HSBC 85.00 Hold 2018-02-14 
Independent Research 88.00 Hold 2017-08-07 
J.P. Morgan Cazenove 96.10 95.60 0.5% 12.3% Overweight Overweight Unchanged 2018-04-23 
Jefferies 84.00 83.00 1.2% -1.9% Hold Hold Unchanged 2018-04-25 
Kepler Cheuvreux 100.00 100.00 0.0% 16.8% Buy Buy Unchanged 2018-05-03 
LBBW 102.00 Buy 2018-01-08 
MainFirst Bank 93.00 88.00 5.7% 8.6% Outperform Outperform Unchanged 2018-04-21 
Morgan Stanley 93.00 90.00 3.3% 8.6% Equalweight Equalweight Unchanged 2018-07-03 
Oddo BHF 96.00 Buy 2018-02-05 
RBC Capital Markets 89.00 81.00 9.9% 4.0% Sector Perform Sector Perform Unchanged 2018-05-16 
Redburn 90.00 Neutral Neutral Unchanged 2018-04-24 
Société Générale 87.00 87.00 0.0% 1.6% Hold Hold Unchanged 2018-04-24 
SunTrust Banks 101.00 100.00 1.0% 18.0% Buy Buy Unchanged 2018-04-23 
UBS 87.00 87.00 0.0% 1.6% Neutral Neutral Unchanged 2018-04-23 
Warburg Research 85.00 Hold 2017-02-13 
 CurrentPreviousChangeUpside/DownsideRecommendationsCurrentChanges 
Price (in EUR)  (as of last trading day) 85.60       Number of Analysts 20     
Number of Analysts 19 27     - thereof positive 10 Upgraded: 0 Analysts 
- Highest 107.00 107.00 0.0% 25.0% - in % 50.0%     
- Consensus 94.36 92.49 2.0% 10.2% - thereof neutral 10 Unchanged: 19 Analysts 
- Median 93.00 90.00 3.3% 8.6% - in % 50.0%     
- Lowest 82.00 80.00 2.5% -4.2% - thereof negative Downgraded: 1 Analysts 
          - in % 0.0%     
 
Price Target Analysis (in EUR)
Price Targets (in EUR)
Share Price (in EUR)
Recommendations (in %)
Positive
Neutral
Negative
General Data, Estimates and Valuation
 
General data (as of last trading day) 
Market capitalisation (in EUR m) 26,245        
Enterprise value (in EUR m) 32,825        
Equity ratio 2017 42.5%        
Sales, CAGR (17-20) 2.6%        
EPS CAGR (17-20) 8.9%        
Performance YTD (in %) -2.5        
 
 2017 A 2018 EChange YoY in %2019 EChange YoY in %2020 EChange YoY in %
Consensus estimates (in EUR m)                 
Sales 17,784 17,200 -3.3% 18,039 4.9% 19,211 6.5% 
EBIT 2,362 2,499 5.8% 2,697 7.9% 2,919 8.2% 
EBIT margin 13.3% 14.5% 14.9% 15.2% 
EPS (in EUR) 4.17 4.49 7.6% 4.88 8.8% 5.38 10.2% 
Dividend per share (in EUR) 1.06 1.14 7.5% 1.27 11.4% 1.45 14.1% 
Valuation                
P/E 20.2  19.1 17.5 15.9 
EV/Sales 1.8  1.9 1.8 1.7 
EV/EBIT 13.7  13.1 12.2 11.2 
P/B 2.4  2.2 
Dividend yield 1.3%  1.3% 1.5% 1.7% 
 
 
Last update on 11/07/2018
The earnings estimates of the following institutions were included in the above figures:
AB Bernstein, Barclays, Berenberg Bank, BoA Merrill Lynch, Bryan, Garnier & Co., Commerzbank, Credit Suisse, Deutsche Bank, DZ Bank, Exane BNP Paribas, Goldman Sachs, J.P. Morgan Cazenove, Jefferies, Kepler Cheuvreux, MainFirst Bank, Morgan Stanley, RBC Capital Markets, Redburn, Société Générale, SunTrust Banks, 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.