Consensus estimates

Last data input: Jul 2, 2020

Contributors: 27

Median / Actual (MDKK)	2019	2020e	2021e	2022e
Sales volume (m hl)	134.9	127.8	135.7	137.9
- Western Europe (m hl)	61.9	57.7	60.8	60.9
- Asia (m hl)	42.0	39.6	43.8	45.4
- Eastern Europe (m hl)	31.0	30.3	31.3	31.6
Net sales	65,902	60,920	66,189	68,742
- Western Europe	36,317	33,342	35,845	35,920
- Asia	18,416	17,584	20,391	21,713
- Eastern Europe	11,097	10,196	10,523	10,778
- Other sales	72	72	72	72
EBIT before special items	10,465	9,090	10,789	11,575
- Western Europe	6,187	5,485	6,201	6,458
- Asia	3,931	3,627	4,426	4,862
- Eastern Europe	1,882	1,610	1,726	1,806
- Other EBIT	-1,535	-1,511	-1,525	-1,580
Special items	501	-27	-26	-14
Net financials	-738	-647	-672	-667
EBT	10,228	8,464	10,246	10,895
Taxes	-2,751	-2,241	-2,709	-2,842
Profit before minorities	7,477	6,234	7,620	8,109
Minority interests	-908	-890	-964	-1,050
Net profit	6,569	5,291	6,498	6,916
EBIT margin (%)	15.9	14.9	16.2	16.5
Tax rate (%)	26.9	26.5	26.1	25.9
EPS (DKK)	43.7	36.3	45.1	49.3
Adjusted EPS (DKK)	41.0	36.7	46.0	50.8
DPS (DKK)	21.00	20.38	22.97	25.00
Free cash flow	9,962	5,464	7,877	8,032
Net interest-bearing debt	18,776	22,355	22,294	22,728

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

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Consensus estimates

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