Lonza Group AG - Lonza Stand-Alone Estimates



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Lonza Stand-Alone Estimates | Lonza Estimates incl. Capsugel | Analyst Coverage
 
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H1 16H1 2017 E
ActualLowMeanHigh# Est.
Group (in CHF mn)           
Sales 2,019 2,136 2,214 2,266 3 
CORE EBITDA 447 523 537 551 2 
CORE EBITDA Margin, in % 22.1 24.5 24.2 24.3 2 
CORE EBIT 312 374 395 408 3 
CORE EBIT Margin, in % 15.5 17.5 17.8 18.0 3 
CORE net income 211 275 275 275 1 
CORE EPS (in CHF) 4.02 4.49 4.49 4.49 1 
EPS reported (in CHF) 3.70 4.20 4.21 4.21 2 
Dividend (in CHF) - - - - - 
Operating Cash Flow 422 - - - - 
Capex (excluding acquisitions) 151 - - - - 
 
H2 16H2 2017 E
ActualLowMeanHigh# Est.
Group (in CHF mn)           
Sales 2,113 2,232 2,254 2,276 2 
CORE EBITDA 471 - - - - 
CORE EBITDA Margin, in % 22.3 - - - - 
CORE EBIT 339 352 369 385 2 
CORE EBIT Margin, in % 16.0 15.8 16.4 16.9 2 
CORE net income 232 - - - - 
CORE EPS (in CHF) 4.41 - - - - 
EPS reported (in CHF) 2.03 - - - - 
Dividend (in CHF) - - - - - 
Operating Cash Flow 330 - - - - 
Capex (excluding acquisitions) 215 - - - - 
 
FY 16FY 2017 E
ActualLowMeanHigh# Est.
Group (in CHF mn)           
Sales 4,132 4,232 4,381 4,542 5 
CORE EBITDA 918 1,081 1,148 1,214 2 
CORE EBITDA Margin, in % 22.2 25.5 26.2 26.7 2 
CORE EBIT 651 759 768 786 3 
CORE EBIT Margin, in % 15.8 17.9 17.5 17.3 3 
CORE net income 443 485 517 549 2 
CORE EPS (in CHF) 8.43 9.32 9.88 10.44 2 
EPS reported (in CHF) 5.73 8.42 8.71 9.16 3 
Dividend (in CHF) 2.75 2.53 2.77 3.00 2 
Operating Cash Flow 752 766 805 843 2 
Capex (excluding acquisitions) 366 322 357 392 2 
 
FY 17 EFY 2018 E
MeanLowMeanHigh# Est.
Group (in CHF mn)           
Sales 4,381 4,677 4,704 4,731 2 
CORE EBITDA 1,148 1,166 1,166 1,166 1 
CORE EBITDA Margin, in % 26.2 24.9 24.8 24.6 1 
CORE EBIT 768 814 825 836 2 
CORE EBIT Margin, in % 17.5 17.4 17.5 17.7 2 
CORE net income 517 610 610 610 1 
CORE EPS (in CHF) 9.88 11.62 11.62 11.62 1 
EPS reported (in CHF) 8.71 10.33 10.33 10.33 1 
Dividend (in CHF) 2.77 3.24 3.24 3.24 1 
Operating Cash Flow 805 768 768 768 1 
Capex (excluding acquisitions) 357 412 412 412 1 
 
FY 18 EFY 2019 E
MeanLowMeanHigh# Est.
Group (in CHF mn)           
Sales 4,704 4,858 4,909 4,960 2 
CORE EBITDA 1,166 1,210 1,210 1,210 1 
CORE EBITDA Margin, in % 24.8 24.9 24.6 24.4 1 
CORE EBIT 825 853 869 885 2 
CORE EBIT Margin, in % 17.5 17.6 17.7 17.8 2 
CORE net income 610 654 654 654 1 
CORE EPS (in CHF) 11.62 12.44 12.44 12.44 1 
EPS reported (in CHF) 10.33 11.16 11.16 11.16 1 
Dividend (in CHF) 3.24 3.50 3.50 3.50 1 
Operating Cash Flow 768 830 830 830 1 
Capex (excluding acquisitions) 412 432 432 432 1 
CORE Definition
Lonza believes that disclosing CORE results of the Group´s performance enhances the financial markets´ understanding of our company because the CORE results enable better comparison across years.

Therefore, the CORE results exclude exceptional items such as restructuring charges, acquisition-related costs, environmental-remediation costs, impairments and amortization of acquisition-related intangible assets, which can differ significantly from year to year. For this same reason, Lonza uses these CORE results in addition to IFRS as important factors in internally assessing the Group´s performance.

Last update on 04/07/2017
The earnings estimates of the following institutions were included in the above figures:
AlphaValue, Baader Helvea, Bank Vontobel, Citigroup, Credit Suisse, J.P. Morgan Cazenove, Jefferies, MainFirst Bank, Morningstar, S&P Capital IQ, ZKB Zürcher Kantonalbank
 
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.

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