Consensus estimates

Last data input: Apr 2, 2020

Contributors: 25

Median / Actual (MDKK)	2019	2020e	2021e	2022e
Sales volume (m hl)	134.9	137.3	140.2
- Western Europe (m hl)	61.9	61.3	61.6
- Asia (m hl)	42.0	44.5	46.4
- Eastern Europe (m hl)	31.0	31.6	32.0
Net sales	65,902	63,083	67,678	69,573
- Western Europe	36,317	36,362	36,906	36,147
- Asia	18,416	20,117	21,790	23,351
- Eastern Europe	11,097	11,536	11,951	11,552
- Other sales	72	45	48	72
EBIT before special items	10,465	10,324	11,453	12,043
- Western Europe	6,187	5,877	6,227	6,502
- Asia	3,931	4,430	4,899	5,341
- Eastern Europe	1,882	2,006	2,035	1,919
- Other EBIT	-1,535	-1,525	-1,538	-1,566
Special items	501	-1	-1	0
Net financials	-738	-650	-672	-650
EBT	10,228	9,599	10,752	11,206
Taxes	-2,751	-2,544	-2,803	-2,934
Profit before minorities	7,477	7,298	7,960	8,224
Minority interests	-908	-915	-1,016	-1,011
Net profit	6,569	6,101	6,845	7,238
EBIT margin (%)	15.9	15.9	16.6	17.1
Tax rate (%)	26.9	26.5	26.1	25.9
EPS (DKK)	43.7	40.5	47.4	51.4
Adjusted EPS (DKK)	41.0	43.3	49.3	53.5
DPS (DKK)	21.00	21.48	24.00	26.60
Free cash flow	9,962	7,101	7,974	8,567
Net interest-bearing debt	18,776	21,372	20,891	22,194

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

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Consensus estimates

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