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Last update 16/11/2017

The current consensus displays estimates in EUR according to IFRS accounting.
Historic figures are restated in EUR according to IFRS.
 
Recommendations and Price Targets
Recommendations
Negative: 1, Neutral: 12, Positive: 14 (Total: 27)
-1
+10.48
BrokerPrice Targets (in EUR)Recommendations
 CurrentPreviousChangeUpside/DownsideCurrentPreviousChangeLast Update
AB Bernstein 100.00 100.00 0.0% 14.3% Outperform Outperform Unchanged 2017-10-20 
Bankhaus Lampe 88.00 88.00 0.0% 0.6% Hold Hold Unchanged 2017-10-23 
Berenberg Bank 95.60 95.60 0.0% 9.3% Buy Buy Unchanged 2017-10-23 
BoA Merrill Lynch 95.00 97.00 -2.1% 8.6% Buy Buy Unchanged 2017-10-23 
Bryan, Garnier & Co. 90.00 90.00 0.0% 2.9% Neutral Neutral Unchanged 2017-10-19 
Citigroup 92.00 92.00 0.0% 5.1% Buy Buy Unchanged 2017-10-24 
Commerzbank 87.00 87.00 0.0% -0.6% Hold Hold Unchanged 2017-10-24 
Credit Suisse 92.00 90.00 2.2% 5.1% Outperform Outperform Unchanged 2017-11-06 
Deutsche Bank 83.00 84.00 -1.2% -5.1% Hold Hold Unchanged 2017-10-19 
DZ Bank 91.00 91.00 0.0% 4.0% Buy Buy Unchanged 2017-10-20 
Exane BNP Paribas 80.00 80.00 0.0% -8.6% Neutral Neutral Unchanged 2017-07-24 
Goldman Sachs 97.00 97.00 0.0% 10.9% Buy Buy Unchanged 2017-11-14 
Independent Research 88.00 85.00 3.5% 0.6% Hold Buy Downgrade 2017-08-07 
J.P. Morgan Cazenove 95.40 106.40 -10.3% 9.0% Overweight Overweight Unchanged 2017-10-19 
Jefferies 83.00 83.00 0.0% -5.1% Hold Hold Unchanged 2017-10-20 
Kepler Cheuvreux 95.00 95.00 0.0% 8.6% Buy Buy Unchanged 2017-10-24 
LBBW 90.00 95.50 -5.8% 2.9% Buy Buy Unchanged 2017-10-19 
MainFirst Bank 88.00 88.00 0.0% 0.6% Outperform Outperform Unchanged 2017-10-18 
Morgan Stanley 90.00 90.00 0.0% 2.9% Overweight Overweight Unchanged 2017-10-25 
Oddo BHF 93.00 95.00 -2.1% 6.3% Buy Buy Unchanged 2017-10-18 
RBC Capital Markets 79.00 79.00 0.0% -9.7% Sector Perform Sector Perform Unchanged 2017-11-15 
Redburn 90.00 Neutral Neutral Unchanged 2017-10-24 
Robert W. Baird 79.00 79.00 0.0% -9.7% Neutral Neutral Unchanged 2017-01-09 
Société Générale 87.00 90.00 -3.3% -0.6% Hold Hold Unchanged 2017-11-08 
SunTrust Banks 94.00 94.00 0.0% 7.4% Buy Buy Unchanged 2017-09-13 
UBS 68.00 68.00 0.0% -22.3% Sell Sell Unchanged 2017-10-12 
Warburg Research 85.00 85.00 0.0% -2.9% Hold Hold Unchanged 2017-02-13 
Wells Fargo 86.00 Marketperform 2016-10-28 
 CurrentPreviousChangeUpside/DownsideRecommendationsCurrentChanges 
Price (in EUR)  (as of last trading day) 87.50       Number of Analysts 27     
Number of Analysts 26 28     - thereof positive 14 Upgraded: 0 Analysts 
- Highest 100.00 106.40 -6.0% 14.3% - in % 51.9%     
- Consensus 88.65 89.30 -0.7% 1.3% - thereof neutral 12 Unchanged: 26 Analysts 
- Median 90.00 90.00 0.0% 2.9% - in % 44.4%     
- Lowest 68.00 68.00 0.0% -22.3% - thereof negative Downgraded: 1 Analysts 
          - in % 3.7%     
 
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) 26,854        
Enterprise value (in EUR m) 34,524        
Equity ratio 2016 43.3%        
Sales, CAGR (16-19) 7.3%        
EPS CAGR (16-19) 8.8%        
Performance YTD (in %) 8.6        
 
 2016 A-2017 EChange YoY in %2018 EChange YoY in %2019 EChange YoY in %
Consensus estimates (in EUR m)               
Sales 16,570 17,905 8.1% 19,127 6.8% 20,465 7.0% 
EBIT 2,409 2,580 7.1% 2,710 5.0% 2,959 9.2% 
EBIT margin 14.5% 14.4% 14.2% 14.5% 
EPS (in EUR) 3.74 4.02 7.5% 4.35 8.2% 4.81 10.5% 
Dividend per share (in EUR) 0.96 1.03 6.8% 1.10 7.0% 1.24 12.7% 
Valuation                
P/E 22.6  21.8 20.1 18.2 
EV/Sales 2.0  1.9 1.8 1.7 
EV/EBIT 14.0  13.4 12.7 11.7 
P/B 2.3  2.2 
Dividend yield 1.1%  1.2% 1.3% 1.4% 
 
 
Last update on 16/11/2017
The earnings estimates of the following institutions were included in the above figures:
AB Bernstein, Bankhaus Lampe, Berenberg Bank, BoA Merrill Lynch, Bryan, Garnier & Co., Citigroup, Commerzbank, Credit Suisse, Deutsche Bank, DZ Bank, Exane BNP Paribas, Goldman Sachs, Independent Research, J.P. Morgan Cazenove, Jefferies, Kepler Cheuvreux, LBBW, MainFirst Bank, Morgan Stanley, Oddo BHF, RBC Capital Markets, Redburn, Robert W. Baird, Société Générale, SunTrust Banks, UBS, Warburg Research
 
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.