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Recommendations and Price Targets
Recommendations
negative: 3, neutral:8, positive:3 (total:14)
-1
+10.00
BrokerPrice targets (in EUR)Recommendations
 CurrentPreviousChangeUpside/DownsideCurrentPreviousChangeLast Update
ABG Sundal Collier 55.00 55.00 0.0% 0.0% Hold Hold Unchanged 2017-10-25 
BoA Merrill Lynch 58.00 60.00 -3.3% 5.5% Neutral Neutral Unchanged 2017-10-25 
Carnegie 53.00 Sell 2017-10-13 
Credit Suisse 48.00 49.00 -2.0% -12.7% Underperform Underperform Unchanged 2017-11-01 
DNB Markets 58.00 59.00 -1.7% 5.5% Hold Hold Unchanged 2017-10-25 
Handelsbanken 72.00 Buy 2017-10-02 
HSBC 63.00 63.00 0.0% 14.5% Hold Hold Unchanged 2017-10-06 
Inderes 57.00 57.00 0.0% 3.6% Reduce Reduce Unchanged 2017-10-26 
Jefferies 52.00 -5.5% Hold 2017-11-03 
JPMorgan Cazenove 54.00 57.50 -6.1% -1.8% Neutral Neutral Unchanged 2017-11-01 
Kepler Cheuvreux 49.00 49.00 0.0% -10.9% Reduce Reduce Unchanged 2017-10-26 
Morgan Stanley 61.00 61.00 0.0% 10.9% Overweight Overweight Unchanged 2017-10-26 
Nordea Markets 65.00 65.00 0.0% 18.2% Buy Buy Unchanged 2017-10-26 
OP Corporate Bank 57.00 56.00 1.8% 3.6% Neutral Neutral Unchanged 2017-10-26 
Pareto Securities 60.00 Hold 2017-10-10 
SEB Enskilda 73.00 73.00 0.0% 32.7% Buy Buy Unchanged 2017-10-26 
UBS 58.00 58.00 0.0% 5.5% Neutral Neutral Unchanged 2017-11-02 
 CurrentPreviousChangeUp-/DownsideRecommendationsCurrentChanges 
Price in EUR (as of last trading day) 55.00       Number of Analysts 14     
Number of Analysts 14 16     - thereof positive Upgraded: 0 Analysts 
- Highest 73.00 73.00 0.0% 32.7% - in % 21.4%     
- Consensus 57.71 59.22 -2.5% 4.9% - thereof neutral Unchanged: 13 Analysts 
- Median 57.50 58.50 -1.7% 4.5% - in % 57.1%     
- Lowest 48.00 49.00 -2.0% -12.7% - thereof negative Downgraded: 0 Analysts 
          - in % 21.4%     
 
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) 10,846        
Enterprise value (in EUR m) 11,308        
Equity ratio 2016 42.4%        
Sales, CAGR (16-19) 6.2%        
EPS adj. (in EUR), CAGR (16-19) 13.3%        
Performance YTD 28.9%        
 
Consensus estimates (in Euro m)2016 AQ4 2017 E2017 EChange YoY in %2018 EChange YoY in %2019 EChange YoY in %
Order intake 4,927 1,426 5,556 12.8% 5,814 4.6% 6,179 6.3% 
Sales 4,801 1,520 4,997 4.1% 5,362 7.3% 5,754 7.3% 
EBIT adj. 583.0 249.5 596.5 2.3% 704.2 18.1% 785.7 11.6% 
EBIT adj. margin 12.1% 16.4% 11.9% 13.1% 13.7% 
EPS adj. (in EUR) 2.05 0.97 2.16 5.5% 2.64 21.9% 2.98 13.0% 
DPS (in EUR) 1.30 1.39 7.1% 1.49 6.7% 1.58 6.5% 
Valuation                 
P/E 20.8 25.5 20.8 18.5 
EV/Sales 1.79 2.26 2.11 1.97 
EV/EBIT 14.8 19.0 16.1 14.4 
Div. Yield 3.0% 2.5% 2.7% 2.9% 
 
 
Annual and Quarterly Estimates Development
 
FY 2017 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 06/11/2017
The earnings estimates of the following institutions were included in the above figures:
ABG Sundal Collier, BoA Merrill Lynch, Credit Suisse, DNB Markets, HSBC, Inderes, Jefferies, JPMorgan Cazenove, Kepler Cheuvreux, Morgan Stanley , 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.