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FIGURE 2 – SHARE PRICE AND VALUE 2017 2018F 2019F 2020F 2021F 2022F
Revenues (€Mn) 25336 26349 27140 27954 28793 29657
40 Operating Margin 17% 18% 18% 18% 18% 18%
Price
35
29,93 Net Profit Margin 13% 13% 13% 13% 13% 13%
30 Debt/EBIT 0.03x 0.03x 0.03x 0.03x 0.03x 0.04x
25
FCFF (€Mn) 2690 4045 4423 4560 4701 4846
20
Value ROE 24% 23% 22% 21% 20% 19%
15
21,5 ROC 24% 23% 22% 21% 19% 19%
10
EVA (€Mn) 2308 2428 2431 2433 2436 2439
jun/14
dez/14
jun/15
dez/15
jun/16
dez/16
jun/17
dez/17
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