Consensus estimates

Last data input: Sep 20, 2021

Contributors: 26

Median / Actual (MDKK)	2020	2021e	2022e	2023e
Sales volume (m hl)	130.1	140.9	145.5	149.0
- Western Europe (m hl)	38.0	40.9	43.1	43.4
- Asia (m hl)	39.6	44.9	47.0	48.8
- Central and Eastern Europe (m hl)	52.5	54.5	55.4	56.4
Net sales	58,541	65,208	70,113	72,497
- Western Europe	25,875	29,756	31,723	32,305
- Asia	16,959	19,418	21,166	22,583
- Central and Eastern Europe	15,682	15,941	16,655	17,045
- Other sales	25	26	27	27
EBIT before special items	9,699	10,863	11,919	12,705
- Western Europe	3,926	4,435	4,899	5,262
- Asia	3,991	4,644	5,200	5,595
- Central and Eastern Europe	2,984	2,956	3,126	3,265
- Other EBIT	-1,202	-1,252	-1,311	-1,361
Special items	-247	-176	0	0
Net financials	-411	-590	-580	-582
EBT	9,041	10,107	11,236	12,063
Taxes	-2,233	-2,519	-2,830	-3,048
Profit before minorities	6,808	7,557	8,445	9,079
Minority interests	-778	-892	-976	-1,045
Net profit	6,030	6,665	7,440	8,194
EBIT margin (%)	16.6	16.6	17.2	17.7
Tax rate (%)	24.7	25.0	25.0	25.0
EPS (DKK)	41.3	46.4	53.8	59.9
Adjusted EPS (DKK)	43.6	47.3	53.8	59.9
DPS (DKK)	22.0	23.7	26.4	29.9
Free cash flow	5,057	7,922	8,683	9,259
Net interest-bearing debt	21,263	21,594	21,478	21,795

* Volume data is collected only once every quarter - prior to quarterly statements.

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Consensus estimates

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