Analysts and consensus

Stock coverage

The stock, part of the FTSE MIB index since the end of 2018 and the Stoxx Europe 600 since June 2019, is covered by 16 analysts, who actively follow Amplifon with specific studies and analysis.

Here is the list of analysts following Amplifon, together with a summary of their recommendations and an overall consensus.

Please note

The list below may not be complete and is subject to change. Please note that all the opinions, estimates or forecasts relating to Amplifon's results made by the analysts are personal opinions and do not represent opinions, forecasts or previews made by Amplifon or Amplifon's management. The fact that Amplifon provides such information does not involve - and for this reason this constitutes an express warning to the contrary - any endorsement of the research, conclusions and recommendations supplied by these analysts.

Recommendations

Analysts

Broker

Banca Akros

Banca IMI

Bank of America Merrill Lynch

Bernstein Research

Carnegie

Commerzbank

Equita SIM

Exane BNP Paribas

Fidentiis Equities

Goldman Sachs

HSBC

Intermonte

Jefferies International

Kepler Cheuvreux

Mainfirst

Mediobanca

Citi

Morgan Stanley

Analyst

Banca Akros	Paola Saglietti
Banca IMI	Bruno Permutti
Bank of America Merrill Lynch	Catherine Tennyson
Bernstein Research	Lisa Bedell Clive
Carnegie	Niels Granholm-Leth
Commerzbank	Oliver Metzger
Equita SIM	Domenico Ghilotti
Exane BNP Paribas	Julien Ouaddour
Fidentiis Equities	Marco Opipari
Goldman Sachs	Veronika Dubajova
HSBC	Henrik Paganetty
Intermonte	Giorgio Tavolini
Jefferies International	Kit Lee
Kepler Cheuvreux	Niccolò Guido Storer
Mainfirst	Markus Gola
Mediobanca	Gilles Errico
Citi	Kate Kalashnikova
Morgan Stanley	Aisyah Noor

Target price (€)

Banca Akros	30.4
Banca IMI	31.9
Bank of America Merrill Lynch	21.0
Bernstein Research	25.0
Carnegie	32.2
Commerzbank	23.0
Equita SIM	31.0
Exane BNP Paribas	32.0
Fidentiis Equities	24.5
Goldman Sachs	16.0
HSBC	31.0
Intermonte	30.0
Jefferies International	34.0
Kepler Cheuvreux	32.0
Mainfirst	31.0
Mediobanca	25.0
Citi	36.4
Morgan Stanley	35.0

Recommendation

Banca Akros	Accumulate
Banca IMI	Hold
Bank of America Merrill Lynch	Underperform
Bernstein Research	Market-perform
Carnegie	Hold
Commerzbank	Hold
Equita SIM	Hold
Exane BNP Paribas	Outperform
Fidentiis Equities	Hold
Goldman Sachs	Neutral
HSBC	Buy
Intermonte	Hold
Jefferies International	Buy
Kepler Cheuvreux	Hold
Mainfirst	Buy
Mediobanca	Neutral
Citi	Buy
Morgan Stanley	Equal-weight

date

Banca Akros	30/07/2020
Banca IMI	20/10/2020
Bank of America Merrill Lynch	12/10/2020
Bernstein Research	10/08/2020
Carnegie	21/10/2020
Commerzbank	29/07/2020
Equita SIM	13/10/2020
Exane BNP Paribas	21/10/2020
Fidentiis Equities	30/07/2020
Goldman Sachs	29/07/2020
HSBC	30/07/2020
Intermonte	30/07/2020
Jefferies International	14/10/2020
Kepler Cheuvreux	14/10/2020
Mainfirst	31/07/2020
Mediobanca	30/07/2020
Citi	08/10/2020
Morgan Stanley	15/10/2020

Consensus

The consensus provided below is based on the average of all analysts' estimates published after March 15^th, 2020, and it was updated on October 21^st, 2020.

Consensus with the adoption of the accounting principle IFRS 16 "Leases"

Revenues (€m)

EBITDA recurring (€m)

EPS adjusted³

2020E¹

Revenues (€m)	1,552.3
EBITDA recurring (€m)	345.5
EPS adjusted³	0.54

2021E²

Revenues (€m)	1,861.0
EBITDA recurring (€m)	436.6
EPS adjusted³	0.81

1 Amplifon consensus (current perimeter) is based on 17 analysts' estimates published after March 15, 2020, which adopt the accounting principle IFRS 16.

2 Amplifon consensus (current perimeter) is based on 18 analysts' estimates published after March 15, 2020, which adopt the accounting principle IFRS 16.

2 EPS adjusted for non-recurring items and for the amortization of the intangible assets as per the Purchase Price Allocation accounting treatment.