CONSENSUS
Analysts' Consensus    
(Million euros)   2017E   2018E  
Sales YoY Growth 1168 +12% 1287 +10%
EBITDA Adjusted Margin % 395 33.8% 433 33.6%
EBIT Adjusted Margin % 347 29.7% 379 29.4%
Net Income Margin % 234 20.0% 254 19.7%

Last update: 28 March 2017

Consensus numbers are based on the average estimates of all the broker houses listed below.

ANALYST COVERAGE
Broker Analyst Contact
Aurel BGC David Da Maia ddmaia@aurel-bgc.com
Banca Akros Giada Cabrino giada.cabrino@bancaakros.it
Banca IMI Gian Luca Pacini gianluca.pacini@intesasanpaolo.com
Bank of America Merrill Lynch Amelia Hamer amelia.hamer@baml.com    
Bryan, Garnier & Co. Cèdric Rossi crossi@bryangarnier.com
Citi Mauro Baragiola mauro.baragiola@citi.com
Deutsche Bank Gilles Errico gilles.errico@db.com
Equita SIM Paola Carboni p.carboni@equitasim.it
Exane BNP Giuseppe Marsella giuseppe.marsella@exanebnpparibas.com
Fidentiis Alberto Checchinato ac@fidentiis.com
Goldman Sachs Alberto D'Agnano Alberto.Dagnano@gs.com
Hammer Partners Stephan Seip stephan.seip@hammer-partners.com
HSBC Anne-Laure Bismuth annelaure.bismuth@hsbcib.com
Intermonte Andrea Randone andrea.randone@intermonte.it
Evercore ISI Omar Saad omar.saad@evercoreisi.com
JP Morgan Melanie Flouquet melanie.a.flouquet@jpmorgan.com
Kepler Cheuvreux Marco Baccaglio mbaccaglio@keplercheuvreux.com
Macquarie Daniele Gianera daniele.gianera@macquarie.com
Mediobanca Chiara Rotelli chiara.rotelli@mediobanca.com
Mirabaud Alex Migliorini alessandro.migliorini@mirabaud.com
Morgan Stanley Elena Mariani elena.mariani@morganstanley.com
Natixis Céline Chérubin celine.cherubin@natixis.com
RBC Capital Markets Piral Dadhania piral.dadhania@rbccm.com
Societe Generale Thierry Cota  
UBS Fred Speirs fred.speirs@usb.com
ANALYST COVERAGE
       
 
92%
 
 
8%
       
0% 25% 50% 75% 100%
Buy
Hold
Sell/Underweight