× You have changed the size of your browser. Reload the page for best representation and functionality.
Reload
× For horizontal scrolling please use the arrows.
OK
Print table
Last update 06/02/2018

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: 0, Neutral: 12, Positive: 14 (Total: 26)
-1
+10.54
BrokerPrice Targets (in EUR)Recommendations
 CurrentPreviousChangeUpside/DownsideCurrentPreviousChangeLast Update
AB Bernstein 107.00 100.00 7.0% 21.8% Outperform Outperform Unchanged 2018-01-05 
Bankhaus Lampe 88.00 88.00 0.0% 0.1% Hold Hold Unchanged 2017-10-23 
Barclays 90.00 2.4% Equalweight 2018-02-01 
Berenberg Bank 95.60 95.60 0.0% 8.8% Buy Buy Unchanged 2017-10-23 
BoA Merrill Lynch 95.00 97.00 -2.1% 8.1% Buy Buy Unchanged 2017-10-23 
Bryan, Garnier & Co. 92.00 90.00 2.2% 4.7% Neutral Neutral Unchanged 2018-01-10 
Citigroup 92.00 92.00 0.0% 4.7% Buy Buy Unchanged 2017-10-24 
Commerzbank 87.00 87.00 0.0% -1.0% Hold Hold Unchanged 2018-01-08 
Credit Suisse 92.00 90.00 2.2% 4.7% Outperform Outperform Unchanged 2017-11-06 
Deutsche Bank 83.00 84.00 -1.2% -5.6% Hold Hold Unchanged 2017-10-19 
DZ Bank 91.00 91.00 0.0% 3.6% Buy Buy Unchanged 2017-10-20 
Exane BNP Paribas 80.00 80.00 0.0% -9.0% Neutral Neutral Unchanged 2017-07-24 
Goldman Sachs 97.00 97.00 0.0% 10.4% Buy Buy Unchanged 2017-11-14 
Independent Research 88.00 85.00 3.5% 0.1% Hold Buy Downgrade 2017-08-07 
J.P. Morgan Cazenove 95.60 95.40 0.2% 8.8% Overweight Overweight Unchanged 2018-01-10 
Jefferies 83.00 83.00 0.0% -5.6% Hold Hold Unchanged 2017-10-20 
Kepler Cheuvreux 95.00 95.00 0.0% 8.1% Buy Buy Unchanged 2018-01-15 
LBBW 102.00 90.00 13.3% 16.1% Buy Buy Unchanged 2018-01-08 
MainFirst Bank 88.00 88.00 0.0% 0.1% Outperform Outperform Unchanged 2017-10-18 
Morgan Stanley 90.00 90.00 0.0% 2.4% Overweight Overweight Unchanged 2017-10-25 
Oddo BHF 93.00 95.00 -2.1% 5.8% Buy Buy Unchanged 2017-10-18 
RBC Capital Markets 79.00 79.00 0.0% -10.1% Sector Perform Sector Perform Unchanged 2018-01-07 
Redburn 90.00 Neutral Neutral Unchanged 2017-10-24 
Robert W. Baird 79.00 Neutral 2017-01-09 
Société Générale 87.00 90.00 -3.3% -1.0% Hold Hold Unchanged 2017-11-08 
SunTrust Banks 94.00 94.00 0.0% 7.0% Buy Buy Unchanged 2017-09-13 
UBS 87.00 68.00 27.9% -1.0% Neutral Sell Upgrade 2018-01-05 
Warburg Research 85.00 Hold 2017-02-13 
 CurrentPreviousChangeUpside/DownsideRecommendationsCurrentChanges 
Price (in EUR)  (as of last trading day) 87.88       Number of Analysts 26     
Number of Analysts 25 27     - thereof positive 14 Upgraded: 1 Analysts 
- Highest 107.00 100.00 7.0% 21.8% - in % 53.8%     
- Consensus 90.85 88.81 2.3% 3.4% - thereof neutral 12 Unchanged: 23 Analysts 
- Median 91.00 90.00 1.1% 3.6% - in % 46.2%     
- Lowest 79.00 68.00 16.2% -10.1% - 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) 26,970        
Enterprise value (in EUR m) 34,640        
Equity ratio 2016 43.3%        
Sales, CAGR (16-19) 7.1%        
EPS CAGR (16-19) 8.9%        
Performance YTD (in %) 0.1        
 
 2016 A-2017 EChange YoY in %2018 EChange YoY in %2019 EChange YoY in %
Consensus estimates (in EUR m)               
Sales 16,570 17,903 8.0% 18,847 5.3% 20,380 8.1% 
EBIT 2,409 2,575 6.9% 2,699 4.8% 2,959 9.6% 
EBIT margin 14.5% 14.4% 14.3% 14.5% 
EPS (in EUR) 3.74 4.01 7.1% 4.35 8.6% 4.83 11.0% 
Dividend per share (in EUR) 0.96 1.03 6.8% 1.10 7.0% 1.25 14.1% 
Valuation                
P/E 22.6  21.9 20.2 18.2 
EV/Sales 2.0  1.9 1.8 1.7 
EV/EBIT 14.0  13.5 12.8 11.7 
P/B 2.3  
Dividend yield 1.1%  1.2% 1.3% 1.4% 
 
 
Last update on 06/02/2018
The earnings estimates of the following institutions were included in the above figures:
AB Bernstein, Bankhaus Lampe, Barclays, 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, 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.