Consensus estimates

Last data input: Nov 20, 2019

Contributors: 26

Median / Actual (MDKK)	2018	2019e	2020e	2021e
Sales volume (m hl)	133.1	135.7	138.2	140.6
- Western Europe (m hl)	62.4	61.5	61.9	62.2
- Asia (m hl)	39.0	42.1	44.0	45.8
- Eastern Europe (m hl)	31.7	32.0	32.4	32.8
Net sales	62,503	66,092	68,443	71,031
- Western Europe	36,151	36,209	36,525	37,110
- Asia	15,530	18,584	20,132	21,764
- Eastern Europe	10,780	11,246	11,721	12,222
- Other sales	42	32	37	38
EBIT before special items	9,329	10,427	11,029	11,842
- Western Europe	5,425	5,808	5,995	6,199
- Asia	3,164	3,994	4,418	4,870
- Eastern Europe	2,222	2,098	2,155	2,179
- Other EBIT	-1,482	-1,492	-1,524	-1,525
Special items	-88	89	-1	0
Net financials	-722	-736	-697	-699
EBT	8,519	9,752	10,271	11,129
Taxes	-2,386	-2,667	-2,810	-2,988
Profit before minorities	6,133	7,098	7,501	8,030
Minority interests	-824	-892	-952	-1,009
Net profit	5,309	6,172	6,497	7,046
EBIT margin (%)	15.0	15.8	16.1	16.4
Tax rate (%)	28.0	27.4	27.0	26.7
EPS (DKK)	34.8	41.0	45.0	49.3
Adjusted EPS (DKK)	35.2	40.6	45.1	49.8
DPS (DKK)	18.00	20.04	22.37	24.04
Free cash flow	6,156	7,689	7,451	7,995
Net interest-bearing debt	17,313	18,615	18,675	18,556

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

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Consensus estimates

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