Consensus estimates

Last data input: Oct 14, 2019

Contributors: 26

Median / Actual (MDKK)	2018	2019e	2020e	2021e
Sales volume (m hl)	133.1	135.6	137.9	140.3
- Western Europe (m hl)	62.4	62.0	62.3	62.7
- Asia (m hl)	39.0	41.3	43.3	45.1
- Eastern Europe (m hl)	31.7	32.1	32.3	32.6
Net sales	62,503	65,779	68,143	70,676
- Western Europe	36,151	36,197	36,612	37,281
- Asia	15,530	18,230	19,711	21,378
- Eastern Europe	10,780	11,352	11,656	12,094
- Other sales	42	40	42	42
EBIT before special items	9,329	10,258	10,919	11,611
- Western Europe	5,425	5,621	5,844	6,021
- Asia	3,164	3,725	4,034	4,382
- Eastern Europe	2,222	2,256	2,345	2,438
- Other EBIT	-1,482	-1,498	-1,516	-1,511
Special items	-88	5	0	0
Net financials	-722	-726	-700	-701
EBT	8,519	9,629	10,228	10,976
Taxes	-2,386	-2,633	-2,778	-2,983
Profit before minorities	6,133	6,946	7,429	8,004
Minority interests	-824	-892	-952	-1,017
Net profit	5,309	6,119	6,462	6,969
EBIT margin (%)	15.0	15.7	16.0	16.4
Tax rate (%)	28.0	27.5	27.0	27.0
EPS (DKK)	34.8	40.4	44.4	48.9
Adjusted EPS (DKK)	35.2	40.1	44.7	49.2
DPS (DKK)	18.00	20.00	21.89	23.65
Free cash flow	6,156	7,471	7,405	7,943
Net interest-bearing debt	17,313	18,331	18,784	18,706

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

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Consensus estimates

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