Consensus estimates

Last data input: Apr 12, 2021

Contributors: 28

Median / Actual (MDKK)	2020	2021e	2022e	2023e
Sales volume (m hl)	130.1	138.9	143.2
- Western Europe (m hl)	57.6	62.2	63.5
- Asia (m hl)	39.6	42.9	45.2
- Eastern Europe (m hl)	32.9	33.8	34.1
Net sales	58,541	63,449	67,045	69,894
- Western Europe	31,547	34,632	35,856	31,831
- Asia	16,959	18,611	20,403	22,144
- Eastern Europe	10,010	9,932	10,170	16,445
- Other sales	25	40	40	34
EBIT before special items	9,699	10,505	11,552	12,416
- Western Europe	4,993	5,727	6,128	5,308
- Asia	3,991	4,331	4,868	5,418
- Eastern Europe	1,917	1,860	1,982	3,185
- Other EBIT	-1,202	-1,365	-1,389	-1,362
Special items	-247	-53	-30	0
Net financials	-411	-600	-605	-606
EBT	9,041	9,886	10,945	11,832
Taxes	-2,233	-2,504	-2,778	-2,957
Profit before minorities	6,808	7,375	8,256	8,874
Minority interests	-778	-889	-969	-1,021
Net profit	6,030	6,492	7,193	7,716
EBIT margin (%)	16.6	16.6	17.3	17.8
Tax rate (%)	24.7	25.0	25.0	25.0
EPS (DKK)	41.3	44.8	51.1	56.7
Adjusted EPS (DKK)	43.6	45.5	51.3	57.3
DPS (DKK)	22.0	23.1	25.9	28.6
Free cash flow	5,057	7,214	8,413	8,874
Net interest-bearing debt	21,263	22,507	22,485	22,851

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

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Consensus estimates

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