Consensus estimates

Last data input: Feb 12, 2019

Contributors: 25

Median / Actual (MDKK)	2018	2019e	2020e	2021e
Sales volume (m hl)	133.1	133.7	135.8
- Western Europe (m hl)	62.4	61.3	61.7
- Eastern Europe (m hl)	31.7	33.0	33.3
- Asia (m hl)	39.0	39.6	40.8
Net sales	62,503	64,025	66,458	69,521
- Western Europe	36,151	36,190	36,576	37,510
- Eastern Europe	10,780	10,867	11,299	12,012
- Asia	15,530	17,032	18,179	19,790
- Other sales	42	53	53	42
EBIT before special items	9,329	9,818	10,392	11,300
- Western Europe	5,425	5,488	5,704	5,900
- Eastern Europe	2,222	2,290	2,390	2,606
- Asia	3,164	3,502	3,812	4,202
- Other EBIT	-1,482	-1,451	-1,445	-1,444
Special items	-88	0	0	-89
Net financials	-722	-745	-752	-830
EBT	8,519	9,006	9,630	10,515
Taxes	-2,386	-2,499	-2,614	-2,756
Profit before minorities	6,133	6,489	6,943	7,604
Minority interests	-824	-875	-946	-1,029
Net profit	5,309	5,633	5,958	6,617
EBIT margin (%)	15.0	15.3	15.7	16.1
Tax rate (%)	28.0	27.5	27.0	26.6
EPS (DKK)	34.8	37.3	41.0	47.2
Adjusted EPS (DKK)	35.2	37.8	41.2	48.1
DPS (DKK)	18.00	19.00	20.50	24.65
Free cash flow	6,156	6,692	7,422	8,214
Net interest-bearing debt	17,313	18,213	15,812	20,548

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

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Consensus estimates

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