Consensus estimates

Last data input: Nov 23, 2020

Contributors: 25

Median / Actual (MDKK)	2019	2020e	2021e	2022e
Sales volume (m hl)	134.9	129.3	137.1	141.0
- Western Europe (m hl)	61.9	57.8	61.2	62.8
- Asia (m hl)	42.0	39.2	43.0	45.1
- Eastern Europe (m hl)	31.0	32.0	32.6	33.1
Net sales	65,902	59,271	64,378	67,283
- Western Europe	36,317	32,506	35,778	36,850
- Asia	18,416	16,699	18,626	20,239
- Eastern Europe	11,097	10,086	9,946	10,256
- Other sales	72	66	67	69
EBIT before special items	10,465	9,547	10,707	11,633
- Western Europe	6,187	5,267	6,103	6,405
- Asia	3,931	3,778	4,299	4,810
- Eastern Europe	1,882	1,729	1,718	1,817
- Other EBIT	-1,535	-1,392	-1,471	-1,523
Special items	501	-29	-25	0
Net financials	-738	-578	-624	-628
EBT	10,228	8,871	10,013	10,915
Taxes	-2,751	-2,285	-2,572	-2,802
Profit before minorities	7,477	6,614	7,399	8,105
Minority interests	-908	-822	-923	-976
Net profit	6,569	5,803	6,477	7,100
EBIT margin (%)	15.9	16.1	16.6	17.2
Tax rate (%)	26.9	25.6	26.0	25.6
EPS (DKK)	43.7	39.4	44.6	50.9
Adjusted EPS (DKK)	41.0	39.7	45.4	51.5
DPS (DKK)	21.00	21.00	22.80	25.49
Free cash flow	9,962	5,823	7,983	8,293
Net interest-bearing debt	18,776	21,369	21,401	21,256

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

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Consensus estimates

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