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Recommendations and Price Targets
Recommendations
Negative: 2, Neutral: 11, Positive: 16 (Total: 29)
-1
+10.48
BrokerPrice Targets (in EUR)Recommendations
 CurrentPreviousChangeUpside/DownsideCurrentPreviousChangeLast Update
AB Bernstein 92.00 92.00 0.0% 12.5% Outperform Outperform Unchanged 2016-07-12 
Baader Helvea 90.00 68.00 32.4% 10.1% Buy Hold Upgrade 2016-06-08 
Bankhaus Lampe 80.00 80.00 0.0% -2.2% Buy Buy Unchanged 2016-07-21 
Barclays 71.00 71.00 0.0% -13.2% Underweight Underweight Unchanged 2016-06-06 
Berenberg Bank 94.00 91.00 3.3% 15.0% Buy Buy Unchanged 2016-07-21 
BoA Merrill Lynch 94.00 94.00 0.0% 15.0% Buy Buy Unchanged 2016-07-26 
Bryan, Garnier & Co. 94.00 94.00 0.0% 15.0% Buy Buy Unchanged 2016-07-05 
Commerzbank 80.00 80.00 0.0% -2.2% Hold Hold Unchanged 2016-05-04 
Credit Suisse 88.00 88.00 0.0% 7.6% Outperform Outperform Unchanged 2016-07-13 
Deutsche Bank 82.00 77.00 6.5% 0.3% Hold Hold Unchanged 2016-07-28 
DZ Bank 65.00 65.00 0.0% -20.5% Sell Sell Unchanged 2016-07-15 
Exane BNP Paribas 78.00 78.00 0.0% -4.6% Neutral Neutral Unchanged 2016-07-06 
Goldman Sachs 94.00 96.00 -2.1% 15.0% Buy Buy Unchanged 2016-07-22 
HSBC 83.00 83.00 0.0% 1.5% Hold Hold Unchanged 2016-07-19 
Independent Research 95.00 95.00 0.0% 16.2% Buy Buy Unchanged 2016-05-03 
J.P. Morgan Cazenove 105.00 105.00 0.0% 28.4% Overweight Overweight Unchanged 2016-07-20 
Jefferies 81.00 64.00 26.6% -0.9% Hold Underperform Upgrade 2016-07-08 
Kepler Cheuvreux 87.00 87.00 0.0% 6.4% Buy Buy Unchanged 2016-05-04 
LBBW 90.00 82.00 9.8% 10.1% Buy Buy Unchanged 2016-05-09 
MainFirst Bank 94.00 84.00 11.9% 15.0% Neutral Neutral Unchanged 2016-04-25 
Morgan Stanley 92.00 92.00 0.0% 12.5% Overweight Overweight Unchanged 2016-07-18 
NordLB 55.00 Hold 2015-01-30 
Oddo Seydler Bank 90.00 90.00 0.0% 10.1% Buy Buy Unchanged 2016-07-26 
RBC Capital Markets 72.00 76.00 -5.3% -11.9% Sector Perform Sector Perform Unchanged 2016-05-23 
Robert W. Baird 74.00 75.00 -1.3% -9.5% Neutral Neutral Unchanged 2016-05-04 
Société Générale 79.00 79.00 0.0% -3.4% Hold Hold Unchanged 2016-07-11 
SunTrust Banks 95.00 96.00 -1.0% 16.2% Buy Buy Unchanged 2016-05-03 
UBS 100.00 100.00 0.0% 22.3% Buy Buy Unchanged 2016-07-18 
Warburg Research 85.00 85.00 0.0% 4.0% Hold Hold Unchanged 2016-07-20 
Wells Fargo 73.80 73.80 0.0% -9.7% Marketperform Marketperform Unchanged 2016-05-03 
 CurrentUp-/DownsidePreviousChangeRecommendationsCurrentChanges 
Price (in EUR)  (as of last trading day) 81.76       Number of Analysts 29     
Number of Analysts 29   30   - thereof positive 16 Upgraded: 2 Analysts 
- Highest 105.00 28.4 105.00 0.0% - in % 55.2%     
- Consensus 86.13 5.3 83.19 3.5% - thereof neutral 11 Unchanged: 27 Analysts 
- Median 88.00 7.6 83.50 5.4% - in % 37.9%     
- Lowest 65.00 -20.5 55.00 18.2% - thereof negative Downgraded: 0 Analysts 
          - in % 6.9%     
 
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 USD m) 27,874        
Enterprise value (in USD m) 28,962        
Equity ratio 2015 37.2%        
Sales, CAGR (15-18) 8.3%        
EPS CAGR (15-18) 13.2%        
Performance YTD (in %) 10.6        
 
 2015 AQ2 2016 E2016 EChange YoY
in %
2017 EChange YoY in %2018 EChange YoY in %
Consensus estimates (in USD m)                 
Sales 16,738 4,447 18,069 8.0% 19,499 7.9% 21,245 9.0% 
EBIT 2,327 628 2,692 15.7% 2,959 9.9% 3,181 7.5% 
EBIT margin 13.9% 14.1% 14.9% 15.2% 15.0% 
EPS (in USD) 3.38 0.92 4.03 19.2% 4.48 11.2% 4.90 9.4% 
Dividend per share (in EUR) 0.80 0.90 13.1% 0.99 9.5% 1.10 10.6% 
Valuation                
P/E 25.0  22.7 20.4 18.6 
EV/Sales 2.0  1.6 1.5 1.4 
EV/EBIT 14.7  10.8 9.8 9.1 
P/B 2.7  2.7 
Div. yield 0.9%  1.1% 1.2% 1.3% 
 
Annual and Quarterly Estimates Development
 
FY 2016 consensus estimates (in USD m) more estimates data
Total revenue (left hand scale)
EBIT (right hand scale)
Quarterly Development (in USD m) more estimates data
Total revenue (left hand scale)
EBIT (right hand scale)
 
Last update on 28/07/2016
The earnings estimates of the following institutions were included in the above figures:
AB Bernstein, Baader Helvea, Bankhaus Lampe, Barclays, Berenberg Bank, BoA Merrill Lynch, Bryan, Garnier & Co., Commerzbank, Credit Suisse, Deutsche Bank, DZ Bank, Exane BNP Paribas, Goldman Sachs, HSBC, Independent Research, J.P. Morgan Cazenove, Jefferies, Kepler Cheuvreux, LBBW, MainFirst Bank, Morgan Stanley, Oddo Seydler Bank, RBC Capital Markets, Robert W. Baird, Société Générale, SunTrust Banks, UBS, Warburg Research, Wells Fargo
 
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.