Consensus estimates

Last data input: May 22, 2023

Contributors: 26

Median / actual (MDKK)	2022	2023e	2024e	2025e
Sales volume (m hl)	125.4	127.4	131.2	133.7
- Western Europe (m hl)	44.4	43.5	44.0	44.4
- Asia (m hl)	48.3	51.3	53.3	55.4
- Central and Eastern Europe (m hl)	32.7	32.9	33.9	34.1
Net sales	70,265	74,549	77,722	81,124
- Western Europe	34,888	36,228	37,150	38,003
- Asia	23,682	25,322	27,115	29,015
- Central and Eastern Europe	11,679	12,778	13,549	14,037
- Other sales	16	16	17	17
EBIT before special items	11,470	11,321	12,362	13,304
- Western Europe	4,966	4,718	5,010	5,302
- Asia	5,435	5,688	6,247	6,768
- Central and Eastern Europe	2,282	2,262	2,446	2,596
- Other EBIT	-1,213	-1,374	-1,382	-1,465
Special items	-784	0	0	0
Net financials	-725	-644	-603	-613
EBT	9,961	10,551	11,616	12,524
Taxes	-1,778	-2,199	-2,448	-2,598
Consolidated profit	8,183	8,365	9,207	9,833
Minority interests	-1,171	-1,241	-1,335	-1,400
Russian operations	-8,075	0	0	0
Net profit	-1,063	7,429	7,886	8,441
EBIT margin (%)	16.3	15.1	15.9	16.3
Tax rate (%)	17.9	21.0	21.0	21.0
EPS (DKK)	-7.6	56.4	59.4	65.2
Adjusted EPS (DKK)	69.3	54.0	59.5	65.7
DPS (DKK)	27.0	28.0	30.0	32.8
Free cash flow	9,884	8,166	8,757	9,134
Net interest-bearing debt	19,326	17,786	19,137	19,344

* The actual values of 2021 are restated by excluding the Russian business.
** Volume data is collected only once every quarter - prior to quarterly statements.

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Consensus estimates

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