Datalogic SpA European Mid-Cap – Capital Goods ... analisti/Berenberg... · Datalogic SpA European Mid-Cap – Capital Goods & Industrial Engineering Industrial Automation back

Datalogic SpA

European Mid-Cap – Capital Goods & Industrial Engineering

Industrial Automation back on track; up to Buy

● Summary: We upgrade Datalogic to Buy (from Hold) on the back of the improving momentum in the Industrial Automation (IA) division. The 15% share price fall in the last month is unjustified and offers a good entry point, in our view. Our new price target is EUR17.50 as we increase 2017 adjusted EPS by 11% and roll over our valuation.

● Our view in a nutshell: Datalogic is one of the leading players in the automatic data capture and industrial automation markets, which we expect to grow at a mid-single-digit CAGR in the medium term. Even though market fundamentals were strong, and remain so, we downgraded Datalogic in February 2015 due to uncertainties related to the IA unit’s reorganisation and the associated rise in distribution costs. However, the reorganisation is now on track, with the most painful part and one-off costs finally behind the company. We expect our views to be confirmed by solid Q4 2015 results.

● Q4 2015 previews – investment in IA is paying off: We forecast that Datalogic’s revenues will rise by 20.3% yoy to EUR149.8m in Q4 2015 on the back of:

o the strong momentum in the Automated Data Capture (ADC) division due to successful product launches and the hiring of salespeople during 2015, especially in Europe; and

o the recovery of the IA division, mainly driven by a solid order book in the US and in the transportation and logistics market.

Strong product innovation, together with the successful reorganisation of IA will, in our view, support a further EBIT margin improvement in Q4 2015 (+300bp yoy to 10.8% in Q4 2015). Those factors, complemented by lower interest expenses after the refinancing in Q1 2015, are expected to result in net profit more than doubling yoy to EUR11.5m in Q4 2015.

● Model update: We raise our 2017 and 2018 top-line forecasts by c8% to reflect the progress made in IA’s reorganisation. Conversely, we slightly trim our EBIT margin assumption (c20bp) due to the negative FX impact on gross margin, but flag that it will ease in the medium term. The negative impact of FX on margins is fully offset by the interest savings due to the recent refinancing and we upgrade our 2016 and 2017 EPS forecasts by 6% and 11% respectively. We are ahead of consensus by c8-9% on EPS.

● We increase our price target to EUR17.50 based on a 60:40 weighting between our DCF analysis and trading comparables. Our price target offers 17% upside potential. Implied EV/EBITDA multiples of 11.9x and 10.5x and P/E multiples of 18.3x and 16.9x for 2016/17E respectively are in line with the 10-year sector average (calculated using Cognex, Honeywell, Omron and Zebra Technologies).

12 January 2016

BUY

Current price

Price target

EUR 15.00

EUR 17.50

11/01/2016 Milan Close

Market cap (EUR m) 872 Reuters DAL.MI Bloomberg DAL IM

Changes made in this note

Rating: Buy (Hold) Price target: EUR 17.50 (13.00)

Estimates changes 2015E 2016E 2017E

old ∆ % old ∆ % old ∆ %

Sales 511 5.8 541 7.5 567 7.9

EBIT 54 -0.4 64 5.5 71 6.1

EPS 0.74 11.2 0.86 9.9 0.97 5.6 Source: Berenberg estimates

Share data

Shares outstanding (m) 58 Enterprise value (EUR m) 920 Daily trading volume 55,297

Key data

Price/book value 2.8 Net gearing 3.4% CAGR sales 2014-2018 8.4% CAGR EPS 2014-2018 18.8%

Interactive model click here to explore

* there may be a delay for the new estimates to be

updated on the interactive model

View all interactive models in Mid Cap (EU)

Y/E 31/12., EUR m 2013 2014 2015E 2016E 2017E 2018E

Sales 450.7 464.5 541.1 581.3 612.1 640.2 EBITDA 60.0 69.4 74.0 86.7 94.1 100.7

EBIT 45.5 46.9 54.2 67.4 75.2 82.1

Net profit 26.9 30.9 42.0 51.0 56.6 61.8

Y/E net debt (net cash) 97.0 76.0 48.1 10.6 -32.6 -78.9

EPS (reported) 0.47 0.53 0.72 0.87 0.97 1.06 EPS (recurring) 0.53 0.68 0.82 0.95 1.03 1.10 CPS 2.27 1.49 1.48 1.48 2.04 2.83

DPS 0.15 0.16 0.18 0.22 0.22 0.22

Gross margin 47.2% 48.6% 46.2% 47.4% 47.7% 48.0% EBITDA margin 13.3% 14.9% 13.7% 14.9% 15.4% 15.7%

EBIT margin 10.1% 10.1% 10.0% 11.6% 12.3% 12.8%

Dividend yield 1.6% 1.1% 1.2% 1.4% 1.5% 1.5% ROCE 8.5% 9.0% 10.7% 13.2% 14.0% 13.8%

EV/sales 1.4 2.0 1.7 1.5 1.4 1.2 EV/EBITDA 10.4 13.7 12.4 10.2 8.9 7.9

EV/EBIT 13.7 20.2 17.0 13.1 11.2 9.7

P/E 17.3 22.0 18.2 15.7 14.5 13.5 Source: Company data, Berenberg

Simona Sarli

Analyst

+44 20 3207 7834

[email protected]

Datalogic SpA

European Mid-Cap – Capital Goods & Industrial Engineering

BUY

Investment thesis

12 January 2016

● Leading player in markets with high barriers to entry:Leading player in markets with high barriers to entry:Leading player in markets with high barriers to entry:Leading player in markets with high barriers to entry: Datalogic

is the number one player globally in POS retail scanners and the

number three in hand-held readers. It is also number one globally in

industrial stationary scanners.

● Recovering ADC market and acceleration in IA driving topRecovering ADC market and acceleration in IA driving topRecovering ADC market and acceleration in IA driving topRecovering ADC market and acceleration in IA driving top----line line line line

growth:growth:growth:growth: We expect the favourable market outlook to be the main

driver of Datalogic’s 2014-18E revenue CAGR of 8.4%, given the

increasing demand for process and goods traceability and the

growing penetration of retail and industrial automation

technologies in emerging markets.

● SelfSelfSelfSelf----help driving margins:help driving margins:help driving margins:help driving margins: We expect the EBIT margin to improve

from 10.1% in 2014 to 12.8% in 2018, driven by centralisation of the

procurement function at the group level and the reorganisation at

the IA division.

● High cash generation supports future growth:High cash generation supports future growth:High cash generation supports future growth:High cash generation supports future growth: Datalogic’s

historically healthy cash generation has allowed consistent

investments in product innovation and external growth. We expect

cash conversion will remain between 75-85% in the next few years,

leaving plenty of room to boost investments in R&D and consider

European and North American targets in IA.

● Our valuation is based on a 60:40 weighting between DCF analysis

and multiples.

Current price Price target

EUR 15.00 EUR 17.50 Market cap (EUR m) 872

11/01/2016 Milan Close EV (EUR m) 920

Trading volume 55,297

Free float 33.0%

Non-institutional shareholders Share performance

Hydra SpA 67% High 52 weeks EUR 17.59

Low 52 weeks EUR 8.95

Business description Performance relative to

Leading player in automatic data capture

and industrial automation markets,

manufacturing barcode readers, sensors,

vision systems and laser marking systems

for different end-markets.

SXXP FTSE MCap

1mth -0.8% -3.5%

3mth 9.4% 0.8%

12mth 69.4% 35.5%

Profit and loss summary

EURm 2013 2014 2015E 2016E 2017E

Revenues 451 465 541 581 612

EBITDA 60 69 74 87 94

EBIT 45 47 54 67 75

Associates contribution 0 0 0 0 0

Net interest -10 -8 -2 -4 -4

Tax 9 8 10 12 15

Minorities 0 0 0 0 0

Net income adj. 30 40 48 55 60

EPS reported 0.47 0.53 0.72 0.87 0.97

EPS adjusted 0.53 0.68 0.82 0.95 1.03

Year end shares 57 58 58 58 58

Average shares 57 58 58 58 58

DPS 0.15 0.16 0.18 0.22 0.22

Cash flow summary

EURm 2013 2014 2015E 2016E 2017E

Net income 27 31 42 51 57

Depreciation 16 17 18 18 19

Working capital changes 6 4 -2 -2 -2

Other non-cash items 1 2 0 0 0

Operating cash flow 50 54 57 67 73

Capex -17 -13 -19 -17 -17

FCFE 33 42 38 50 56

Acquisitions, disposals 0 0 0 0 0

Other investment CF -1 0 0 0 0

Dividends paid -9 -9 -11 -13 -13

Buybacks, issuance 2 10 0 0 0

Change in net debt -24 -21 -28 -38 -43

Net debt 97 76 48 11 -33

FCF per share 0.58 0.72 0.66 0.86 0.96

Growth and margins

2013 2014 2015E 2016E 2017E

Revenue growth -2.5% 3.1% 16.5% 7.4% 5.3%

EBITDA growth -5.0% 15.8% 6.6% 17.2% 8.5%

EBIT growth 178.6% 3.1% 15.5% 24.3% 11.6%

EPS adj growth -32.2% 27.5% 20.2% 15.9% 8.4%

FCF growth -13.6% 25.3% -7.6% 30.2% 11.7%

EBITDA margin 13.3% 14.9% 13.7% 14.9% 15.4%

EBIT margin 10.1% 10.1% 10.0% 11.6% 12.3%

Net income margin 6.0% 6.6% 7.8% 8.8% 9.2%

FCF margin 7.4% 9.0% 7.1% 8.6% 9.1%

Key ratios

2013 2014 2015E 2016E 2017E

Net debt / equity 52.4% 31.5% 17.6% 3.4% -9.2%

Net debt / EBITDA 1.6 1.1 0.6 0.1 -0.3

Avg cost of debt 10.2% 17.5% 3.3% 3.5% 4.4%

Tax rate 24.3% 21.2% 19.0% 19.5% 20.5%

Interest cover 2.6 2.0 14.8 20.6 22.4

Payout ratio 82.8% 34.0% 34.0% 30.0% 25.0%

ROCE 8.5% 9.0% 10.7% 13.2% 14.0%

Capex / sales 4.0% 2.8% 3.5% 2.9% 2.8%

Capex / depreciation 85.1% 57.3% 81.9% 73.5% 73.2%

Valuation metrics

2013 2014 2015E 2016E 2017E

P / adjusted EPS 17.3 22.0 18.2 15.7 14.5

P / book value 3.4 3.9 3.4 2.8 2.4

FCF yield 6.3% 4.8% 4.4% 5.7% 6.4%

Dividend yield 1.6% 1.1% 1.2% 1.4% 1.5%

EV / sales 1.4 2.0 1.7 1.5 1.4

EV / EBITDA 10.4 13.7 12.4 10.2 8.9

EV / EBIT 13.7 20.2 17.0 13.1 11.2

EV / FCF 18.7 22.8 23.9 17.6 15.0

EV / cap. employed 1.5 2.3 2.3 2.1 2.0

Key risks to our investment thesis

● Potential new disruptive technologies

● Strengthening Asian competition in the ADC market

● Replacement of purpose-built scanners with consumer products

● Exposure to USD

Simona Sarli

Analyst

+44 20 3207 7834

[email protected]

Datalogic SpA

European Mid-Cap – Capital Goods

3

Q4 2015 preview

In a few weeks, Datalogic will report preliminary sales followed by its full year results at the beginning of March (the exact date is still to be announced).

We forecast that Datalogic’s revenues will rise by 20.3% yoy from EUR124.5m in Q4 2014 to EUR149.8m in Q4 2015 on the back of the following factors.

● Strong momentum in the ADC division: We expect sales to increase by +19.0% yoy in Q4 2015 to EUR99.0m (versus +18.2% yoy in 9M 2015). This will be supported by successful product launches and the hiring of salespeople during 2015, especially in Europe.

● The recovery of the IA division, mainly driven by a solid order book in the US: The reorganisation of the salesforce by end-market rather than product line, and management’s increased focus on product innovation for the transportation and logistics markets, are yielding benefits. This was demonstrated by the division’s return to top line growth in Q3 2015 following six consecutive quarters of declines – ie +9.2% yoy at constant FX, mainly driven by the US (+20.8% yoy at constant FX). Datalogic is now successfully leveraging its long-standing relationships with some of the largest retail chains globally to provide fully integrated scanning solutions, not only for its clients’ front-end operations but also for their back-end (ie warehouses/distribution facilities) processes. In addition, we expect Q4 2015 to benefit from the contract with Royal Mail, which Datalogic won in May 2015. We estimate the contract is worth cEUR29m and in Q4 2015 expect it to contribute cEUR6m to the systems segment of the IA division, which in Q3 2015 was still declining by double digits (-11.3% yoy to EUR3.2m in Q3 2015). On the back of these factors, we estimate that the IA division will report revenues of EUR43.5m in Q4 2015, equivalent to a growth rate of 23.7% yoy (+20.7% at constant FX).

Strong product innovation together with the successful reorganisation of IA will, in our view, support a further margin improvement in Q4 2015. We forecast that the EBIT margin will rise by 80bp qoq to 10.8% in Q4 2015 and by 300bp yoy. We think that this, coupled with the beneficial effect of the refinancing in Q1 2015, should result in net profit more than doubling yoy to EUR11.5m in Q4 2015.

Chart: Q415 Preview

Source: Berenberg

Y/E: 31.12 Q3 14A Q3 15A 9M 15A Q4 14A Q4 15E

(EURm) Reported Reported Reported Reported Berenberg

Sales 116.0 133.8 391.3 124.5 149.8

y-o-y 3.6% 15.3% 15.1% 3.8% 20.3%

q-o-q 0.2% -1.0% nm 7.3% 12.0%

quarter contribution to annual sales 25.0% 24.7% 72.3% 20.3% 27.7%

EBIT 13.7 13.4 38.1 9.8 16.1

y-o-y 3.6% -2.1% 2.5% -24.3% 65.1%

Margin 11.8% 10.0% 9.7% 7.8% 10.8%

Net profit / Loss 10.4 9.0 30.4 5.2 11.5

y-o-y 40.0% -13.6% 18.5% -44.1% 122.7%

Margin 8.9% 6.7% 7.8% 4.2% 7.7%

Datalogic SpA

European Mid-Cap – Capital Goods

4

Change in estimates

We adjust our model to reflect the following developments.

● Datalogic has made progress with the reorganisation of the IA division. This was demonstrated by the improvement in revenue growth in Q3 2015 (+9.2% at constant FX after six consecutive quarters of declining revenues).

● The company’s gross margin has declined due to some price erosion on existing product lines (we estimate the negative impact was c70bp in 2015) and, to a larger extent, the negative effect of the USD appreciation – c40-45% of revenues are denominated in USD versus c60% of variable costs. However, the negative FX impact on gross margin should start to ease from H1 2016, because:

o the IA division continues to improve, especially in the US, so the percentage of revenues denominated in USD will rise and, thus, the currency mismatch between top line and variable costs will decrease; and

o a new manufacturing facility for IA products in Hungary will be fully operational by H1 2016; currently IA products are only manufactured in the US and in Vietnam, and in both cases costs are denominated in USD.

● R&D costs are lower than we initially expected. During the first half of 2015, the company guided for R&D costs in the range of 9.5-10.0% of sales in 2015 and 9.5% in 2016. This was due to higher investments in product launches in IA, as well as a modularisation project mainly targeting the ADC unit’s products. However, in 9M 2015 the company invested 8.9% of sales in R&D. We expect the R&D investment levels reported in the first nine months of the year to continue in Q4 2015. We also believe this trend will continue in the medium term.

● Datalogic has lowered its net interest expense through its recent refinancing.

Change in estimates

Source: Berenberg

Old New ∆% Old New ∆% Old New ∆%

Revenues 511 541 5.8% 541 581 7.5% 567 612 7.9%

yoy growth 10.1% 3.1% 5.7% 16.5% 4.9% 7.4%

Gross profit 250 250 0.0% 265 275 3.8% 279 292 4.5%

% margin 48.9% 46.2% 49.1% 47.4% 49.3% 47.7%

Distribution costs 96 101 5.5% 101 108 7.5% 105 113 7.3%

as a % of sales 18.8% 18.8% 18.6% 18.6% 18.5% 18.4%

R&D costs 51 49 -4.8% 52 52 -0.8% 54 55 1.7%

as a % of sales 10.0% 9.0% 9.7% 9.0% 9.5% 9.0%

EBITDA 74 74 0.4% 83 87 4.7% 90 94 4.1%

% margin 14.4% 13.7% 15.3% 14.9% 15.9% 15.4%

EBIT 54 54 -0.4% 64 67 5.5% 71 75 6.1%

% margin 10.6% 10.0% 11.8% 11.6% 12.5% 12.3%

Net income reported 38 42 11.5% 46 51 10.7% 52 57 7.9%

% margin 7.4% 7.8% 8.5% 8.8% 9.3% 9.2%

Net income adjusted 43 48 11.8% 50 55 10.5% 57 60 6.2%

% margin 8.4% 8.8% 9.3% 9.5% 10.0% 9.8%

2015 2016 2017

Datalogic SpA

European Mid-Cap – Capital Goods

5

Berenberg versus consensus

As a result of our estimate changes, for 2016 and 2017 we are now 3-4% ahead of consensus on the top line, c4-5% on profitability and 8-9% on net income. However, due to the limited broker coverage, the deviation in consensus forecasts is extremely high. Consensus is not, therefore, meaningful in our view.

Berenberg versus consensus

Source: Berenberg

2015 2016 2017

Last fiscal year Current Y Next fiscal year

Sales 541 581 612

yoy 7.4% 5.3%

EBITDA 74 87 94

yoy 17.2% 8.5%

as % of sales 13.7% 14.9% 15.4%

EBIT 54 67 75

yoy 24.3% 11.6%

as % of sales 10.0% 11.6% 12.3%

Net income 42 51 57

yoy 21.6% 11.0%

Last fiscal year Current Y Next fiscal year

Sales 532 567 589

yoy 6.6% 4.0%

EBITDA 74 84 90

yoy 13.6% 7.3%

as % of sales 13.8% 14.7% 15.2%

EBIT 57 66 72

yoy 16.0% 8.9%

as % of sales 10.7% 11.7% 12.3%

Net income 40.6 47 52

yoy 17% 10.3%

Last fiscal year Current Y Next fiscal year

Sales 1.8% 2.6% 3.9%

EBITDA 0.7% 3.8% 5.0%

EBIT -5.1% 1.7% 4.2%

Net income 3.5% 7.8% 8.5%

FY

Berenberg

Consensus

Diff. vs. consensus

Datalogic SpA

European Mid-Cap – Capital Goods

6

Valuation

Our new price target of EUR17.50 is based on a 60:40 weighting between our DCF analysis and trading comparables. This is equivalent to 17% upside to the current share price, 2016 and 2017 EV/EBITDA multiples of, respectively, 11.9x and 10.5x, and to 2016 and 2017 P/E multiples of 18.3x and 16.9x for an adjusted EPS CAGR of 14.7%.

We afford a higher weight to DCF to fully capture the growth and margin expansion potential beyond 2016, especially given that the reorganisation of the IA division is now on track. This was demonstrated by Q3 2015’s solid order backlog and improvement in the division’s top line growth (+9.2% at constant FX after six consecutive quarters of declining revenues).

DCF analysis

We roll-over our DCF to 2016. Our new model yields a fair value per share of EUR18.77, equivalent to 25.2% upside to the current share price, based on the following assumptions.

● We assume a terminal EBIT margin of 13.50%, up from 10.1% in 2014. In our view, this should be feasible considering that the ADC division (68% of sales in 9M15) has, over the past two years, consistently reported an EBITDA margin of c20%. Meanwhile, IA (26% of sales in 9M 2015) reported an EBITDA margin of 4.4% in 2014 but, prior to the troubled acquisition of Accu-Sort in 2012, it used to have margins in the low/mid-teens range (ie 12-14%). Indeed, assuming the revenue contribution of the two divisions remains the same and that ADC’s margins stay at 20% while those of IA improve to only 10%, which is below the historical level, the implied EBITDA margin for the group would be above 16%.

● We assume a WACC of 8.3%, based on 1.0 beta, a risk-free rate of 3.5% (equivalent to 2000-2015 average yield for the 10-year Italian government bond), a 6.0% premium and a cost of debt of 4.0%. This is in line with Datalogic’s current cost of debt.

● We factor in a normalised tax rate of 21.0%. We estimate an effective tax rate of 19.0% in 2015. We believe this will increase as IA, which is mainly exposed to North America and thus subject to a higher tax rate compared to Datalogic’s Asian operations, recovers.

● We assume a long-term growth rate of 2.0%. We believe this is quite conservative, considering that, according to VDC Research, Datalogic’s reference markets, ie automatic data capture and industrial automation, are expected to growth in the medium term at a CAGR of, respectively, 5% and 6%.

● The terminal value accounts for 57% of the total value, indicating that our long-term assumptions are not overly aggressive.

DCF analysis

Source: Berenberg

2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E

Terminal

value

Operating profit (NOPAT) 53.2 59.4 64.8 68.4 71.9 74.4 76.1 77.9 79.7 81.5

Change commercial working capital -2.4 -2.4 -3.8 -2.2 -1.2 -1.9 -1.4 -1.8 -0.8 -0.8

D&A 13.8 14.5 15.2 15.3 15.6 15.8 15.6 15.4 15.5 15.6

PPA amortisation 4.6 4.5 3.5 3.1 2.4 1.9 1.8 1.7 1.3 0.9

Capex -16.9 -17.1 -17.6 -17.2 -16.7 -16.4 -15.6 -15.4 -15.5 -15.6

Net cash flow 52.3 58.8 62.1 67.3 72.0 73.8 76.5 77.8 80.1 81.6 1,341

Discount factor 1.00 0.93 0.86 0.79 0.73 0.67 0.62 0.58 0.53 0.49

Present value 52.5 54.4 53.1 53.2 52.6 49.8 47.6 44.7 42.6 40.1 658.6

WACC 8.3% 8.3% 8.3% 8.3% 8.3% 8.3% 8.3% 8.3% 8.3% 8.3%

Long-term growth rate 2.0%

DCF per share derived from WACC 8.3%

Total present value 1149 Interest costs, pre-tax 4.0%

thereof terminal value: 57% Tax rate 21.0%

Net debt as of December 2015 48.1 Interest costs, after taxes 3.2%

Investments & pensions 4.0 Risk premium 6.0%

Equity value 1097.2 Risk-free (10y. bond) 3.5%

No. of outstanding shares 58.4 Beta 1.0

Implied Equity value (per share in EUR) 18.77

Current trading 15.00 E/D+E 80%

Premium/-Discount 25.2% D/D+E 20%

Datalogic SpA

European Mid-Cap – Capital Goods

7

Sensitivity analysis – fair value per share (EUR)

Source: Berenberg

Peer group comparison

We now use 2016E and 2017E multiples versus 2015E and 2016E previously. Our multiple-based valuation yields a fair value per share of EUR15.26, which is in line with the current share price.

Trading comparables

Source: Berenberg, Bloomberg as of 11th January 2016

Peer group operational performance

Source: Berenberg, Bloomberg

18.77 1.0% 1.5% 2.0% 2.5% 3.0%

7.3% 19.97 21.10 22.44 24.07 26.08

7.8% 18.43 19.36 20.45 21.74 23.31

8.3% 17.11 17.88 18.77 19.82 21.07

8.8% 15.97 16.61 17.35 18.21 19.22

9.3% 14.96 15.50 16.13 16.84 17.67

Long-term growth rate

WA

CC

Fair value per share (EUR)

Market Cap Country

Company €m 2016E 2017E 2016E 2017E 2016E 2017E 2016E 2017E

Honeywell International Inc 69,730 US 1.89 1.82 9.3 8.4 10.2 9.4 15.0 13.4

Zebra Technologies Corp 2,838 US 2.44 2.34 8.3 7.0 10.2 9.1 9.5 7.9

Cognex Corp 2,219 US 4.44 3.98 13.1 11.0 16.0 12.9 23.0 18.7

Omron Corp 6,289 JN 0.81 0.77 6.5 19.7 9.2 21.3 14.3 13.9

Mean 2.39 2.22 9.3 11.5 11.4 13.2 15.4 13.5

Median 2.16 2.08 8.8 9.7 10.2 11.1 14.6 13.6

Datalogic SpA 901 IT 1.71 1.65 10.7 9.5 14.6 13.4 17.6 16.4

Premium/ Discount to Mean -28% -26% 16% -17% 28% 2% 14% 22%

Datalogic SpA (Berenberg estimates) 1.52 1.37 10.2 8.9 13.1 11.2 15.7 14.5

Premium/ Discount to Mean -37% -38% 10% -22% 15% -15% 2% 8%

2016E 2017E 2016E 2017E

Datalogic Estimates based on Berenberg Research (EURm) 86.7 94.1 55.5 60.1

Applied Multiples 9.3x 11.5x 15.4x 13.5x

Implied Enterprise Value (EURm) 805.1 1082.6

Net Debt 10.6 -32.6

Investments, minorities & pensions 3.9 3.9

Implied Equity Value (EURm) 790.6 1111.3 856.5 809.5

Average Equity Value (EURm)

Value per share (EUR)

Premium / (Discount to current share price)

EV/Sales (x) EV/EBITDA (x) EV/EBIT (x) P/E (x)

891.9

0.7%

15.26

EBITDA Net Income

Company 2016E 2017E 2016E 2017E 2016E 2017E 2016E 2017E

Honeywell International Inc 21.2% 22.0% 18.5% 19.4% 7.9% 11.6% 5.1% 3.8%

Zebra Technologies Corp 17.5% 18.7% 15.0% 16.1% 17.8% 20.6% 4.1% 4.5%

Cognex Corp 31.9% 32.6% 27.8% 30.9% 5.4% 22.8% 2.5% 11.6%

Omron Corp 12.4% 3.9% 8.7% 3.6% 6.5% 3.0% 2.4% 5.0%

Mean 19.1% 18.1% 15.7% 15.8% 8.8% 13.7% 3.3% 5.7%

Median 19.3% 20.3% 16.8% 17.8% 7.2% 16.1% 3.3% 4.8%

Datalogic SpA 14.7% 15.2% 11.7% 12.3% 12.1% 7.8% 6.6% 4.0%

Premium/ Discount to Mean -23% -16% -25% -23% 37% -43% 100% -30%

Datalogic SpA (Berenberg estimates) 14.9% 15.4% 11.6% 12.3% 15.9% 8.4% 7.4% 5.3%

Premium/ Discount to Mean -21.9% -14.9% -26.1% -22.3% 81.3% -38.7% 125.1% -6.6%

EPS g (%) Sales g (%)EBITDA Margin (%) EBIT Margin (%)

Datalogic SpA

European Mid-Cap – Capital Goods

8

Financials

Profit and loss account

Year-end December(EUR m) 2013 2014 2015E 2016E 2017E 2018E

SalesSalesSalesSales 451451451451 465465465465 541541541541 581581581581 612612612612 640640640640

Cost of sales 238 239 291 306 320 333

Gross profitGross profitGross profitGross profit 213213213213 226226226226 250250250250 275275275275 292292292292 307307307307

General and administration 47 45 44 47 50 52

Research and development 36 43 49 52 55 57

Other operating income 2 2 3 3 3 3

Other operating expenses 72 71 86 92 96 101

EBITDAEBITDAEBITDAEBITDA 60606060 69696969 74747474 87878787 94949494 101101101101

Depreciation 7 7 8 9 10 10

Amortisation of intangible assets 3 4 4 5 5 5

D&A and write-off due to acquisition 6 5 5 5 4 4

Unusual or infrequent items 1 -6 -2 -1 0 0

EBITEBITEBITEBIT 45454545 47474747 54545454 67676767 75757575 82828282

Interest income 13 27 3 0 0 0

Interest expenses 23 35 5 4 4 4

Other financial result 0 0 0 0 0 0

Financial result -10 -8 -2 -4 -4 -4

EBTEBTEBTEBT 36363636 39393939 52525252 63636363 71717171 78787878

Taxes 9 8 10 12 15 16

Net incomeNet incomeNet incomeNet income 27272727 31313131 42424242 51515151 57575757 62626262

Source: Company data, Berenberg estimates

Balance sheet

Year-end December (EUR m) 2013 2014 2015E 2016E 2017E 2018E

Intangible assets 204 221 217 213 209 206

Property, plant and equipment 51 57 62 65 67 69

Financial assets 6 26 26 26 26 26

Fixed AssetsFixed AssetsFixed AssetsFixed Assets 261261261261 305305305305 306306306306 304304304304 302302302302 301301301301

Inventories 54 62 78 80 81 82

Accounts receivable 72 72 82 85 89 93

Other current assets 19 18 20 21 21 22

Liquid assets 129 86 86 86 119 165

Deferred taxes 49 57 55 55 54 53

Other accruals 0 0 0 0 0 0

Current AssetsCurrent AssetsCurrent AssetsCurrent Assets 322322322322 296296296296 321321321321 326326326326 364364364364 415415415415

TOTALTOTALTOTALTOTAL 583583583583 600600600600 627627627627 630630630630 666666666666 716716716716

Long-term debt 183 90 90 90 90 90

Pensions provisions 7 7 7 7 7 7

Other provisions 7 11 11 11 11 11

Other non-current liabilities 20 25 25 25 25 25

NonNonNonNon----current liabilitiescurrent liabilitiescurrent liabilitiescurrent liabilities 217217217217 133133133133 133133133133 133133133133 133133133133 133133133133

Short-term debt 47 76 48 11 0 0

Accounts payable 85 92 104 102 101 100

Advance payments 0 0 0 0 0 0

Other liabilities 43 47 57 60 63 64

Deferred taxes 6 11 13 13 14 15

Other accruals 0 0 0 0 0 0

Current liabilitiesCurrent liabilitiesCurrent liabilitiesCurrent liabilities 180180180180 226226226226 221221221221 186186186186 178178178178 179179179179

TOTALTOTALTOTALTOTAL 398398398398 359359359359 354354354354 319319319319 311311311311 312312312312

EQUITYEQUITYEQUITYEQUITY

Shareholders' equityShareholders' equityShareholders' equityShareholders' equity 185185185185 241241241241 273273273273 311311311311 355355355355 404404404404

Source: Company data, Berenberg estimates

Datalogic SpA

European Mid-Cap – Capital Goods

9

Cash flow statement

EUR m 2013 2014 2015E 2016E 2017E 2018E

Net profit/loss 27 31 42 51 57 62

D&A 16 17 18 18 19 19

Other 1 2 0 0 0 0

Cash flow from operations before changes in w/cCash flow from operations before changes in w/cCash flow from operations before changes in w/cCash flow from operations before changes in w/c 44444444 50505050 60606060 69696969 76767676 80808080

Change in inventory -5 -9 -15 -2 -1 -1

Change in accounts receivable 12 -1 -10 -3 -4 -4

Change in accounts payable 14 7 11 -1 -1 -1

Change in other working capital positions -15 6 11 4 4 2

Change in working capital 6 4 -2 -2 -2 -4

Cash flow from operating activitiesCash flow from operating activitiesCash flow from operating activitiesCash flow from operating activities 50505050 54545454 57575757 67676767 73737373 77777777

Capex -17 -13 -19 -17 -17 -18

Payments for acquisitions 0 0 0 0 0 0

Financial investments -1 0 0 0 0 0

Income from asset disposals 0 0 0 0 0 0

Cash flow from investing activitiesCash flow from investing activitiesCash flow from investing activitiesCash flow from investing activities ----18181818 ----12121212 ----19191919 ----17171717 ----17171717 ----18181818

Cash flow before financingCash flow before financingCash flow before financingCash flow before financing 32323232 42424242 38383838 50505050 56565656 59595959

Increase/decrease in debt position 4 -64 -28 -38 -11 0

Purchase of own shares 2 10 0 0 0 0

Dividends paid -9 -9 -11 -13 -13 -13

Others 8 -25 0 0 0 0

Effects of exchange rate changes on cash -3 3 0 0 0 0

Cash flow from financing activitiesCash flow from financing activitiesCash flow from financing activitiesCash flow from financing activities 2222 ----84848484 ----38383838 ----50505050 ----23232323 ----13131313

Increase/decrease in liquid Increase/decrease in liquid Increase/decrease in liquid Increase/decrease in liquid assetsassetsassetsassets 34343434 ----43434343 0000 0000 33333333 46464646

Liquid assets at end of period 129 86 86 86 119 165

Source: Company data, Berenberg estimates

Datalogic SpA

European Mid-Cap – Capital Goods

10

Please note that the use of this research report is subject to the conditions and restrictions set forth in the “General invePlease note that the use of this research report is subject to the conditions and restrictions set forth in the “General invePlease note that the use of this research report is subject to the conditions and restrictions set forth in the “General invePlease note that the use of this research report is subject to the conditions and restrictions set forth in the “General investmentstmentstmentstment----related related related related disclosures” and the “Legal disclaimer” at the end of this document. disclosures” and the “Legal disclaimer” at the end of this document. disclosures” and the “Legal disclaimer” at the end of this document. disclosures” and the “Legal disclaimer” at the end of this document.

For analyst certification and remarks regardinFor analyst certification and remarks regardinFor analyst certification and remarks regardinFor analyst certification and remarks regarding foreign investors and countryg foreign investors and countryg foreign investors and countryg foreign investors and country----specific disclosures, please refer to the respective specific disclosures, please refer to the respective specific disclosures, please refer to the respective specific disclosures, please refer to the respective paragraph at the end of this document.paragraph at the end of this document.paragraph at the end of this document.paragraph at the end of this document.

Disclosures in respect of section 34b of the German Securities Trading Act (Wertpapierhandelsgesetz Disclosures in respect of section 34b of the German Securities Trading Act (Wertpapierhandelsgesetz Disclosures in respect of section 34b of the German Securities Trading Act (Wertpapierhandelsgesetz Disclosures in respect of section 34b of the German Securities Trading Act (Wertpapierhandelsgesetz ––––

WpHG)WpHG)WpHG)WpHG)

CompanyCompanyCompanyCompany DisclosuresDisclosuresDisclosuresDisclosures Datalogic SpA no disclosures (1) Joh. Berenberg, Gossler & Co. KG (hereinafter referred to as “the Bank”) and/or its affiliate(s) was Lead Manager or Co-

Lead Manager over the previous 12 months of a public offering of this company. (2) The Bank acts as Designated Sponsor for this company. (3) Over the previous 12 months, the Bank and/or its affiliate(s) has effected an agreement with this company for investment

banking services or received compensation or a promise to pay from this company for investment banking services. (4) The Bank and/or its affiliate(s) holds 5% or more of the share capital of this company. (5) The Bank holds a trading position in shares of this company. Historical price target and rating changes for Historical price target and rating changes for Historical price target and rating changes for Historical price target and rating changes for Datalogic SpADatalogic SpADatalogic SpADatalogic SpA in the last 12 monin the last 12 monin the last 12 monin the last 12 months ths ths ths DateDateDateDate Price target Price target Price target Price target ---- EUREUREUREUR RatingRatingRatingRating Initiation of coverageInitiation of coverageInitiation of coverageInitiation of coverage

19 February 15 11.80 Hold 06 October 14

12 May 15 13.00 Hold

12 January 16 17.50 Buy Berenberg Equity Research ratings distribution and in proportion to investment banking services, Berenberg Equity Research ratings distribution and in proportion to investment banking services, Berenberg Equity Research ratings distribution and in proportion to investment banking services, Berenberg Equity Research ratings distribution and in proportion to investment banking services, as of 1 as of 1 as of 1 as of 1 JanuaryJanuaryJanuaryJanuary 2016 2016 2016 2016 in respect of section 5 paragraph 4 of the German Financial Analysis Regulation in respect of section 5 paragraph 4 of the German Financial Analysis Regulation in respect of section 5 paragraph 4 of the German Financial Analysis Regulation in respect of section 5 paragraph 4 of the German Financial Analysis Regulation (Finanzanalyseverordnung (Finanzanalyseverordnung (Finanzanalyseverordnung (Finanzanalyseverordnung –––– FinAnV)FinAnV)FinAnV)FinAnV) Buy 50.00 % 84.85 % Sell 14.23 % 0.00 % Hold 35.77 % 15.15 %

Valuation basis/rating keyValuation basis/rating keyValuation basis/rating keyValuation basis/rating key The recommendations for companies analysed by Berenberg’s Equity Research department are made on an absolute basis for which the following three-step rating key is applicable:

Buy:Buy:Buy:Buy: Sustainable upside potential of more than 15% to the current share price within 12 months;

Sell:Sell:Sell:Sell: Sustainable downside potential of more than 15% to the current share price within 12 months;

Hold:Hold:Hold:Hold: Upside/downside potential regarding the current share price limited; no immediate catalyst visible.

NB: During periods of high market, sector, or stock volatility, or in special situations, the recommendation system criteria may be breached temporarily.

Competent supervisory authorityCompetent supervisory authorityCompetent supervisory authorityCompetent supervisory authority

Bundesanstalt für Finanzdienstleistungsaufsicht -BaFin- (Federal Financial Supervisory Authority),

Graurheindorfer Straße 108, 53117 Bonn and Marie-Curie-Str. 24-28, 60439 Frankfurt am Main, Germany.

General investmentGeneral investmentGeneral investmentGeneral investment----related disclosuresrelated disclosuresrelated disclosuresrelated disclosures Joh. Berenberg, Gossler & Co. KG (hereinafter referred to as “the Bank”) has made every effort to carefully research all information contained in this financial analysis. The information on which the financial analysis is based has been obtained from sources which we believe to be reliable such as, for example, Thomson Reuters, Bloomberg and the relevant specialised press as well as the company which is the subject of this financial analysis.

Only that part of the research note is made available to the issuer (who is the subject of this analysis) which is necessary to properly reconcile with the facts. Should this result in considerable changes a reference is made in the research note.

Datalogic SpA

European Mid-Cap – Capital Goods

11

Opinions expressed in this financial analysis are our current opinions as of the issuing date indicated on this document. The companies covered by Berenberg are continuously followed by the analyst. Based on developments with the relevant company, the sector or the market which may have a material impact on the research views, research reports will be updated as it deems appropriate.

The functional job title of the person/s responsible for the recommendations contained in this report is “Equity Research Analyst” unless otherwise stated on the cover.

The following internet link provides further remarks on our financial analyses:The following internet link provides further remarks on our financial analyses:The following internet link provides further remarks on our financial analyses:The following internet link provides further remarks on our financial analyses: http://www.berhttp://www.berhttp://www.berhttp://www.berenberg.de/research.html?&L=1&no_cache=1enberg.de/research.html?&L=1&no_cache=1enberg.de/research.html?&L=1&no_cache=1enberg.de/research.html?&L=1&no_cache=1

Legal disclaimerLegal disclaimerLegal disclaimerLegal disclaimer This document has been prepared by Joh. Berenberg, Gossler & Co. KG (hereinafter referred to as “the Bank”). This document does not claim completeness regarding all the information on the stocks, stock markets or developments referred to in it.

On no account should the document be regarded as a substitute for the recipient procuring information for himself/herself or exercising his/her own judgements.

The document has been produced for information purposes for institutional clients or market professionals.

Private customers, into whose possession this document comes, should discuss possible investment decisions with their customer service officer as differing views and opinions may exist with regard to the stocks referred to in this document.

This document is not a solicitation or an offer to buy or sell the mentioned stock.

The document may include certain descriptions, statements, estimates, and conclusions underlining potential market and company development. These reflect assumptions, which may turn out to be incorrect. The Bank and/or its employees accept no liability whatsoever for any direct or consequential loss or damages of any kind arising out of the use of this document or any part of its content.

The Bank and/or its employees may hold, buy or sell positions in any securities mentioned in this document, derivatives thereon or related financial products. The Bank and/or its employees may underwrite issues for any securities mentioned in this document, derivatives thereon or related financial products or seek to perform capital market or underwriting services.

Analyst certificationAnalyst certificationAnalyst certificationAnalyst certification I, Simona Sarli, hereby certify that all of the views expressed in this report accurately reflect my personal views about any and all of the subject securities or issuers discussed herein.

In addition, I hereby certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this research report, nor is it tied to any specific investment banking transaction performed by the Bank or its affiliates.

RemarkRemarkRemarkRemarks regarding foreign investorss regarding foreign investorss regarding foreign investorss regarding foreign investors The preparation of this document is subject to regulation by German law. The distribution of this document in other jurisdictions may be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.

United KingdomUnited KingdomUnited KingdomUnited Kingdom This document is meant exclusively for institutional investors and market professionals, but not for private customers. It is not for distribution to or the use of private investors or private customers.

United States of AmericaUnited States of AmericaUnited States of AmericaUnited States of America This document has been prepared exclusively by the Bank. Although Berenberg Capital Markets LLC, an affiliate of the Bank and registered US broker-dealer, distributes this document to certain customers, Berenberg Capital Markets LLC does not provide input into its contents, nor does this document constitute research of Berenberg Capital Markets LLC. In addition, this document is meant exclusively for institutional investors and market professionals, but not for private customers. It is not for distribution to or the use of private investors or private customers.

This document is classified as objective for the purposes of FINRA rules. Please contact Berenberg Capital Markets LLC (+1 617 292 8200) if you require additional information.

ThirdThirdThirdThird----party research disclosures party research disclosures party research disclosures party research disclosures CompanyCompanyCompanyCompany DisclosuresDisclosuresDisclosuresDisclosures Datalogic SpA no disclosures (1) Berenberg Capital Markets LLC owned 1% or more of the outstanding shares of any class of the subject company by the end

of the prior month.*

Datalogic SpA

European Mid-Cap – Capital Goods

12

(2) Over the previous 12 months, Berenberg Capital Markets LLC has managed or co-managed any public offering for the subject company.*

(3) Berenberg Capital Markets LLC is making a market in the subject securities at the time of the report. (4) Berenberg Capital Markets LLC received compensation for investment banking services in the past 12 months, or expects to

receive such compensation in the next 3 months.* (5) There is another potential conflict of interest of the analyst or Berenberg Capital Markets LLC, of which the analyst knows

or has reason to know at the time of publication of this research report.

* For disclosures regarding affiliates of Berenberg Capital Markets LLC please refer to the ‘Disclosures in respect of section 34b of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG)’ section above.

CopyrightCopyrightCopyrightCopyright The Bank reserves all the rights in this document. No part of the document or its content may be rewritten, copied, photocopied or duplicated in any form by any means or redistributed without the Bank’s prior written consent.

© September 2015 Joh. Berenberg, Gossler & Co. KG

Contacts – Investment Banking www.berenberg.com

e-mail: [email protected] / e-mail US: [email protected]

13

EQUITY RESEARCH Internet www.berenberg.com E-mail: [email protected]

RESEARCH

AEROSPACE & DEFENCE CAPITAL GOODS (cont.) INSURANCE TECHNOLOGY

Andrew Gollan +44 20 3207 7891 Rizk Maidi +44 20 3207 7806 Trevor Moss +44 20 3207 7893 Jean Beaubois +44 20 3207 7835

Charlotte Keyworth +44 20 3753 3013 Horace Tam +44 20 3465 2726 Iain Pearce +44 20 3465 2665 Georgios Kertsos +44 20 3465 2715

Ross Law +44 20 3465 2692 Simon Toennessen +44 20 3207 7819 Sami Taipalus +44 20 3207 7866 Gal Munda +44 20 3465 2746

Tammy Qiu +44 20 3465 2673

AUTOMOTIVES CHEMICALS LUXURY GOODS

Adam Hull +44 20 3465 2749 Sebastian Bray +44 20 3753 3011 Zuzanna Pusz +44 20 3207 7812 TELECOMMUNICATIONS

Paul Kratz +44 20 3465 2678 Andrew Heap +44 20 3207 7918 Usman Ghazi +44 20 3207 7824

John Klein +44 20 3207 7930 MEDIA Siyi He +44 20 3465 2697

BANKS Evgenia Molotova +44 20 3465 2664 Robert Berg +44 20 3465 2680 Laura Janssens +44 20 3465 2639

Adam Barrass +44 20 3207 7923 Laura Janssens +44 20 3465 2639 Paul Marsch +44 20 3207 7857

James Burbridge +44 20 3753 3014 CONSTRUCTION Sarah Simon +44 20 3207 7830 Michael Summerville +44 20 3207 7914

James Chappell +44 20 3207 7844 Lush Mahendrarajah +44 20 3207 7896

Andrew Lowe +44 20 3465 2743 Robert Muir +44 20 3207 7860 METALS & MINING THEMATIC RESEARCH

Eoin Mullany +44 20 3207 7854 Michael Watts +44 20 3207 7928 Alessandro Abate +44 20 3753 3029 Nick Anderson +44 20 3207 7838

Peter Richardson +44 20 3465 2681 Fawzi Hanano +44 20 3207 7910 Chris Armstrong +44 20 3207 7809

Jonathan Sharpe +44 20 3753 3031 FOOD MANUFACTURING AND H&PC Yuriy Vlasov +44 20 3465 2674 Asad Farid +44 20 3207 7932

Fintan Ryan +44 20 3465 2748 Jamie Rosser +44 20 3465 2732

BEVERAGES James Targett +44 20 3207 7873 MID CAP GENERAL

Javier Gonzalez Lastra +44 20 3465 2719 Robert Chantry +44 20 3207 7861 TOBACCO

Batuhan Karabekir +44 20 3465 2631 GENERAL RETAIL Gunnar Cohrs +44 20 3207 7894 Jonathan Leinster +44 20 3465 2645

Adam Mizrahi +44 20 3465 2653 Conrad Bartos +44 20 3753 3053 Sam England +44 20 3465 2687

Michelle Wilson +44 20 3465 2663 Ned Hammond +44 20 3753 3017 UTILITIES

BUSINESS SERVICES, LEISURE & TRANSPORT Benjamin May +44 20 3465 2667 Robin Abrams +44 20 3465 2635

Najet El Kassir +44 20 3207 7836 HEALTHCARE Anna Patrice +44 20 3207 7863 Andrew Fisher +44 20 3207 7937

Stuart Gordon +44 20 3207 7858 Scott Bardo +44 20 3207 7869 Simona Sarli +44 20 3207 7834 Mehul Mahatma +44 20 3465 2698

Simon Mezzanotte +44 20 3207 7917 Jakob Berry +44 20 3465 2724 Owen Shirley +44 20 3465 2731 Lawson Steele +44 20 3207 7887

Josh Puddle +44 20 3207 7881 Alistair Campbell +44 20 3207 7876

Alastair Reid +44 20 3207 7841 Graham Doyle +44 20 3465 2634 REAL ESTATE

Klara Fernandes +44 20 3465 2718 Kai Klose +44 20 3207 7888

CAPITAL GOODS Tom Jones +44 20 3207 7877 Tina Munda +44 20 3465 2716 ECONOMICS

Sebastian Kuenne +44 20 3207 7856 Louise Pearson +44 20 3465 2747 Kallum Pickering +44 20 3465 2672

Philippe Lorrain +44 20 3207 7823 Laura Sutcliffe +44 20 3465 2669 Holger Schmieding +44 20 3207 7889

EQUITY SALES E-mail: [email protected]

SPECIALIST SALES UK SWITZERLAND, AUSTRIA & ITALY PARIS

BANKS & DIVERSIFIED FINANCIALS Frederik Angel +44 20 3753 3055 Andrea Ferrari +41 44 283 2020 Vincent Klein +33 1 58 44 95-09

Iro Papadopoulou +44 20 3207 7924 Matthew Chawner +44 20 3207 7847 Stephan Hofer +41 44 283 2029 Antonio Scuotto +33 1 58 44 95 03

CONSUMER STAPLES Alexandra Clément +44 20 3753 3018 Carsten Kinder +41 44 283 2024

Rupert Trotter +44 20 3207 7815 Fabian De Smet +44 20 3207 7810 Gianni Lavigna +41 44 283 2038 TRADING

CONSUMER DISCRETIONARY Toby Flaux +44 20 3465 2745 Jamie Nettleton +41 44 283 2026 LONDON

Victoria Maigrot +44 20 3753 3010 Karl Hancock +44 20 3207 7803 Benjamin Stillfried +41 44 283 2033 Edward Burlison-Rush +44 20 3753 3055

HEALTHCARE Sean Heath +44 20 3465 2742

Frazer Hall +44 20 3207 7875 David Hogg +44 20 3465 2628 SALES TRADING ELECTRONIC TRADING

INDUSTRIALS Peter Kaineder +44 20 3753 3062 HAMBURG Daniel Eichhorn +49 40 350 60 391

Chris Armstrong +44 20 3207 7809 James Matthews +44 20 3207 7807 Alexander Heinz +49 40 350 60 359 Matthias Führer +49 40 350 60 597

MEDIA & TELECOMMUNICATIONS David Mortlock +44 20 3207 7850 Gregor Labahn +49 40 350 60 571

Julia Thannheiser +44 20 3465 2676 Eleni Papoula +44 20 3465 2741 Marvin Schweden +49 40 350 60 576 CRM

MATERIALS Bhavin Patel +44 20 3207 7926 Tim Storm +49 40 350 60 415 Jessica Jarmyn +44 20 3465 2696

Jina Zachrisson +44 20 3207 7879 Richard Payman +44 20 3207 7825 Philipp Wiechmann +49 40 350 60 346 Edwina Lucas +44 20 3207 7908

George Smibert +44 20 3207 7911 Christoffer Winter +49 40 350 60 559 Greg Swallow +44 20 3207 7833

SALES Anita Surana +44 20 3207 7855

BENELUX Paul Walker +44 20 3465 2632 LONDON CORPORATE ACCESS

Miel Bakker +44 20 3207 7808 Mike Berry +44 20 3465 2755 Lindsay Arnold +44 20 3207 7821

Martin de Laet +44 20 3207 7804 FRANCE Stewart Cook +44 20 3465 2752 Jennie Jiricny +44 20 3207 7886

Alexander Wace +44 20 3465 2670 Thibault Bourgeat +33 1 5844 9505 Mark Edwards +44 20 3753 3004 Stella Siggins +44 20 3465 2630

Alexandre Chevassus +33 1 5844 9512 Peter King +44 20 3753 3139

GERMANY Dalila Farigoule +33 1 5844 9510 Christoph Kleinasser +44 20 3753 3063 EVENTS

Michael Brauburger +49 69 91 30 90 741 Clémence Peyraud +33 1 5844 9521 Chris McKeand +44 20 3207 7938 Laura Hawes +44 20 3753 3008

Nina Buechs +49 69 91 30 90 735 Benjamin Voisin +33 1 5844 9507 Simon Messman +44 20 3465 2754 Charlotte Kilby +44 20 3207 7832

André Grosskurth +49 69 91 30 90 734 AJ Pulleyn +44 20 3207 2756 Natalie Meech +44 20 3207 7831

Florian Peter +49 69 91 30 90 740 SCANDINAVIA Paul Somers +44 20 3465 2753 Ellen Parker +44 20 3465 2684

Joerg Wenzel +49 69 91 30 90 743 Marco Weiss +49 40 350 60 719 Sarah Weyman +44 20 3207 7801

Lisa Winterton +44 20 3753 3057

US SALES SALES SALES TRADING E-mail: [email protected]

BERENBERG CAPITAL MARKETS LLC Kelleigh Faldi +1 617 292 8288 Scott Duxbury +1 646 445 5573 CRM

Member FINRA & SIPC Isabella Fantini +1 646 445 4861 Tristan Hedley +1 646 445 5566 Laura Cooper +1 646 445 7201

Shawna Giust +1 646 445 7216 Christopher Kanian +1 646 445 5576

Zubin Hubner +1 646 445 5572 Lars Schwartau +1 646 445 5571 CORPORATE ACCESS

Jessica London +1 646 445 7218 Bob Spillane +1 646 445 5574 Olivia Lee +1 646 445 7212

Ryan McDonnell +1 646 445 7214

Emily Mouret +1 415 802 2525 ECONOMICS

Peter Nichols +1 646 445 7204 Mickey Levy +1 646 445 4842

Kieran O'Sullivan +1 617 292 8292

Jonathan Saxon +1 646 445 7202