Consensus estimates

Last data input: Nov 14, 2018

Contributors: 26

Median / Actual (MDKK)	2017	2018e	2019e	2020e
Sales volume (m hl)	133.3	130.3	132.7	134.4
- Western Europe (m hl)	63.2	60.7	60.6	60.9
- Eastern Europe (m hl)	31.7	32.5	33.0	33.4
- Asia (m hl)	38.4	36.7	38.3	39.9
Net sales	61,808	61,762	63,551	65,516
- Western Europe	36,306	35,737	35,934	36,417
- Eastern Europe	10,878	10,572	10,845	11,391
- Asia	14,554	15,210	16,280	17,462
- Other sales	70	63	62	62
EBIT before special items	8,876	9,321	9,832	10,468
- Western Europe	5,144	5,376	5,486	5,629
- Eastern Europe	2,220	2,211	2,302	2,408
- Asia	2,905	3,131	3,403	3,698
- Other EBIT	-1,393	-1,400	-1,409	-1,405
Special items	-4,565	-56	-37	-50
Net financials	-788	-787	-742	-651
EBT	3,523	8,446	9,000	9,763
Taxes	-1,458	-2,389	-2,507	-2,650
Profit before minorities	2,065	6,060	6,477	6,934
Minority interests	-806	-816	-869	-933
Net profit	1,259	5,272	5,612	6,088
EBIT margin (%)	14.4	15.2	15.5	15.9
Tax rate (%)	41.4	28.0	28.0	27.3
EPS (DKK)	8.3	34.6	36.9	40.5
Adjusted EPS (DKK)	32.3	35.0	37.2	40.6
DPS (DKK)	16.00	17.57	18.86	20.18
Free cash flow	8,680	6,418	6,557	7,086
Net interest-bearing debt	19,638	17,488	15,152	11,778

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

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Consensus estimates

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