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Recommendations and Price Targets
Recommendations
negative: 3, neutral:5, positive:7 (total:15)
-1
+10.27
BrokerPrice targets (in EUR)Recommendations
 CurrentPreviousChangeUpside/DownsideCurrentPreviousChangeLast Update
ABG Sundal Collier 18.50 Hold 2018-04-09 
BoA Merrill Lynch 18.50 18.33 0.9% -0.9% Neutral Neutral Unchanged 2018-04-24 
Citigroup 21.00 22.00 -4.5% 12.5% Buy Buy Unchanged 2018-04-25 
Credit Suisse 16.00 15.67 2.1% -14.3% Underperform Underperform Unchanged 2018-04-25 
Danske Markets 22.00 22.00 0.0% 17.8% Buy Buy Unchanged 2018-05-03 
DNB Markets 18.50 19.00 -2.6% -0.9% Hold Hold Unchanged 2018-05-03 
Goldman Sachs 15.00 15.67 -4.3% -19.7% Sell Sell Unchanged 2018-04-30 
Handelsbanken 22.50 22.50 0.0% 20.5% Buy Buy Unchanged 2018-04-24 
HSBC 21.00 Hold 2018-04-13 
Inderes 19.00 19.30 -1.6% 1.8% Reduce Reduce Unchanged 2018-04-25 
JPMorgan Cazenove 17.75 18.00 -1.4% -4.9% Neutral Neutral Unchanged 2018-05-02 
Morgan Stanley 18.00 19.00 -5.3% -3.6% Equal Weight Equal-Weight Unchanged 2018-04-24 
Nordea Markets 21.50 15.2% Buy 2018-04-25 
OP Corporate Bank 20.00 19.70 1.5% 7.1% Accumulate Accumulate Unchanged 2018-04-25 
Pareto Securities 20.00 21.00 -4.8% 7.1% Hold Buy Downgrade 2018-04-24 
SEB Enskilda 24.00 24.00 0.0% 28.5% Buy Buy Unchanged 2018-04-25 
UBS 22.00 19.30 14.0% 17.8% Buy Neutral Upgrade 2018-05-03 
 CurrentPreviousChangeUp-/DownsideRecommendationsCurrentChanges 
Price in EUR (as of last trading day) 18.67       Number of Analysts 15     
Number of Analysts 15 16     - thereof positive Upgraded: 1 Analysts 
- Highest 24.00 24.00 0.0% 28.5% - in % 46.7%     
- Consensus 19.72 19.69 0.2% 5.6% - thereof neutral Unchanged: 12 Analysts 
- Median 20.00 19.30 3.6% 7.1% - in % 33.3%     
- Lowest 15.00 15.67 -4.3% -19.7% - thereof negative Downgraded: 1 Analysts 
          - in % 20.0%     
 
Price Target Analysis (in EUR)
Price targets (in EUR)
Share price (in EUR)
Recommendations (in %)
Positive
Neutral
Negative
General Data, Price Targets, Estimates and Valuation
General data (as of last trading day) 
Market capitalisation (in EUR m) 11,047        
Enterprise value (in EUR m) 11,513        
Equity ratio 2017 44.0%        
Sales, CAGR (17-20) 8.2%        
EPS adj. (in EUR), CAGR (17-20) 14.5%        
Performance YTD 6.5%        
 
Consensus estimates (in Euro m)2017 AQ2 2018 E2018 EChange YoY in %2019 EChange YoY in %2020 EChange YoY in %
Order intake 5,644 1,455 6,020 6.7% 6,355 5.6% 6,655 4.7% 
Sales 4,923 1,381 5,359 8.9% 5,831 8.8% 6,233 6.9% 
EBIT adj. 590.0 150.6 674.0 14.2% 773.5 14.8% 845.5 9.3% 
EBIT adj. margin 12.0% 10.9% 12.6% 13.3% 13.6% 
EPS adj. (in EUR) 0.71 0.18 0.84 18.2% 0.98 15.9% 1.07 9.5% 
DPS (in EUR) 0.46 0.49 7.3% 0.54 9.3% 0.58 8.1% 
Valuation                 
P/E 24.3 22.2 19.1 17.4 
EV/Sales 2.14 2.15 1.97 1.85 
EV/EBIT 17.8 17.1 14.9 13.6 
Div. Yield 2.7% 2.6% 2.9% 3.1% 
 
 
Annual and Quarterly Estimates Development
 
FY 2018 consensus estimates (in EUR m) more estimates data
Net Sales (left hand scale)
EBIT adj. (right hand scale)
Quarterly Development (in EUR m) more estimates data
Net Sales (left hand scale)
EBIT adj. (right hand scale)
 
Last update on 08/05/2018
The earnings estimates of the following institutions were included in the above figures:
BoA Merrill Lynch, Citigroup, Credit Suisse, Danske Markets, DNB Markets, Goldman Sachs, Handelsbanken, Inderes, JPMorgan Cazenove, Morgan Stanley , Nordea Markets, OP Corporate Bank, Pareto Securities, 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.