Price target and Recommendations as of February 15, 2021
Price Target Consensus in EUR Positive Neutral Negative

KPI (in EUR m)FY 2021 EFY 2022 EFY 2023 E
Billings *Number of Estimates10108
Billings *Highest602.0783.01,017.0
Billings *Consensus593.8759.4968.9
Billings *Median593.7758.8956.0
Billings *Lowest588.4739.9949.3
Billings * Last year results 460.3
Adj. EBITDA *Number of Estimates11109
Adj. EBITDA *Highest341.0447.5579.0
Adj. EBITDA *Consensus335.7432.4551.1
Adj. EBITDA *Median335.4430.7548.0
Adj. EBITDA *Lowest331.1422.0526.0
Adj. EBITDA * Last year results 261.4
Adj. EBIT **Number of Estimates777
Adj. EBIT **Highest322.7433.4549.0
Adj. EBIT **Consensus301.5403.0516.1
Adj. EBIT **Median313.7408.5527.7
Adj. EBIT **Lowest257.4338.5442.3
Adj. EBIT ** Last year results 245.2
RevenueNumber of Estimates11119
Revenue Last year results 455.6

Consensus = average

* Billings and Adjusted EBITDA are primary performance indicators and are defined in the respective current annual report

** Adj. EBIT is calculated as adj. EBITDA less ordinary depreciation and amortization (excluding amortization of intangible assets resulting from PPA)

Last Update: February 15, 2021. Provided by

Vara Research

The earnings estimates of the following institutions were included in the above figures
Bank of America, Barclays, Berenberg Bank, Commerzbank, Deutsche Bank, DZ Bank, Exane BNP Paribas, Goldman Sachs, J.P. Morgan Cazenove, Morgan Stanley, Warburg Research.

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.