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Last update on 12/07/2018
(in EUR m)H1 2017FY 2017H1 2018 EFY 2018 EFY 2019 EFY 2020 E
Turnover
- No of Est.     10 12 12 12 
- Highest     8,519.0 16,295.7 20,308.2 23,654.6 
- Consensus 6,469.3 12,277.0 7,410.3 14,129.1 16,103.7 17,723.1 
- Median     7,362.0 13,948.0 15,419.2 17,109.4 
- Lowest     6,548.1 12,218.3 13,296.1 14,249.0 
Revenues (excluding precious metals)
- No of Est.     13 19 19 19 
- Highest     1,722.8 3,686.1 4,776.0 5,568.0 
- Consensus 1,453.5 2,916.0 1,613.7 3,365.6 3,950.9 4,536.2 
- Median     1,609.0 3,348.6 3,905.2 4,464.1 
- Lowest     1,507.7 3,154.7 3,503.9 3,834.1 
Recurring/Underlying EBITDA (including associates)
- No of Est.     13 18 18 18 
- Highest     380.7 794.3 993.5 1,221.6 
- Consensus 296.2 599.0 357.3 748.4 884.0 1,034.3 
- Median     354.0 750.5 879.7 1,006.7 
- Lowest     329.8 672.2 808.8 961.0 
Recurring/Underlying EBIT (including associates)
- No of Est.     13 19 19 19 
- Highest     283.4 556.0 720.5 858.7 
- Consensus 203.6 410.0 250.1 528.6 631.2 740.7 
- Median     246.4 528.0 618.6 722.7 
- Lowest     230.9 495.0 555.6 683.1 
Recurring/Underlying EBIT for continued operations only (including associates)
- No of Est.     12 17 17 17 
- Highest     283.4 556.0 720.5 858.7 
- Consensus 195.3 397.6 250.6 529.5 631.3 740.8 
- Median     246.7 529.4 614.9 713.9 
- Lowest     230.9 495.0 555.6 683.1 
Recurring/Underlying EBIT excluding associates (recurring operating profit)
- No of Est.     14 14 14 
- Highest     270.4 539.0 705.0 816.7 
- Consensus 191.5 380.0 241.0 503.2 609.3 715.1 
- Median     240.5 503.0 587.6 693.7 
- Lowest     224.3 472.4 557.7 665.9 
EBIT reported (including associates, including non-recurring elements)
- No of Est.     10 15 14 14 
- Highest     283.4 556.0 720.5 858.7 
- Consensus 186.1 343.0 242.4 506.7 616.2 727.8 
- Median     242.2 505.0 614.2 723.0 
- Lowest     211.3 455.2 518.3 641.9 
Recurring/Underlying net profit (Group share)
- No of Est.     18 18 18 
- Highest     178.5 394.0 507.0 590.4 
- Consensus 134.0 267.0 164.5 359.1 433.8 511.8 
- Median     164.2 365.5 434.0 503.7 
- Lowest     149.5 323.6 365.5 447.7 
Net profit reported (Group share)
- No of Est.     10 16 16 16 
- Highest     192.2 385.4 500.9 593.4 
- Consensus 119.4 212.0 160.8 346.2 415.7 488.2 
- Median     159.0 347.4 423.4 484.5 
- Lowest     135.0 285.0 339.0 393.0 
Capital expenditure (Capex)
- No of Est.     19 19 19 
- Highest     317.5 669.0 626.0 810.1 
- Consensus 140.6 365.0 292.2 605.6 565.0 534.1 
- Median     294.6 613.0 574.2 550.0 
- Lowest     259.8 479.2 460.0 350.0 
Net cashflow before financing (free cashflow)
- No of Est.     13 13 13 
- Highest     -63.8 -129.3 -0.8 311.4 
- Consensus -150.7 -381.0 -164.2 -270.3 -135.9 79.7 
- Median     -125.5 -270.0 -110.4 71.1 
- Lowest     -297.0 -440.8 -432.2 -72.1 
Net financial debt (+)/cash (-)
- No of Est.     18 18 18 
- Highest     331.6 740.0 1,256.0 1,651.0 
- Consensus 556.2 840.0 206.8 416.9 750.4 906.7 
- Median     199.8 398.4 689.0 831.4 
- Lowest     109.6 238.7 422.0 426.4 
Capital employed (average)
- No of Est.     
- Highest     3,281.6 3,600.7 4,309.2 5,195.2 
- Consensus 2,558.4 2,710.0 3,154.8 3,366.1 3,901.5 4,334.0 
- Median     3,186.6 3,407.9 3,771.3 4,220.7 
- Lowest     2,964.5 3,170.4 3,552.0 3,816.5 
Recurring/Underlying EPS (basic)
- No of Est.     18 18 18 
- Highest     0.76 1.60 2.06 2.44 
- Consensus 0.62 1.22 0.68 1.47 1.77 2.09 
- Median     0.68 1.49 1.77 2.04 
- Lowest     0.61 1.34 1.50 1.85 
EPS reported (basic)
- No of Est.     16 16 16 
- Highest     0.76 1.61 2.07 2.45 
- Consensus 0.55 0.97 0.65 1.43 1.71 2.00 
- Median     0.65 1.44 1.74 1.99 
- Lowest     0.56 1.18 1.40 1.61 
Gross Dividend
- No of Est.     18 18 18 
- Highest     0.35 0.92 1.12 1.35 
- Consensus 0.33 0.70 0.35 0.77 0.84 0.91 
- Median     0.35 0.75 0.80 0.85 
- Lowest     0.35 0.64 0.67 0.70 
All data per share have been adjusted for the two-for-one share split, which took place on 16 October 2017
Last update on 12/07/2018
The earnings estimates of the following institutions were included in the above figures:
AB Bernstein, ABN AMRO, Barclays, Berenberg Bank, BoA Merrill Lynch, Citigroup, Credit Suisse, Degroof-Petercam, Deutsche Bank, Equita, Exane BNP Paribas, HSBC, ING, Investec Securities, J.P. Morgan Cazenove, KBC , Kepler Cheuvreux, Liberum Capital, Morgan Stanley, Redburn, 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.