Consensus estimates

Last data input: Apr 17, 2019

Contributors: 26

Median / Actual (MDKK)	2018	2019e	2020e	2021e
Sales volume (m hl)	133.1	133.7	136.0
- Western Europe (m hl)	62.4	61.5	61.9
- Eastern Europe (m hl)	31.7	32.9	33.2
- Asia (m hl)	39.0	39.7	40.8
Net sales	62,503	64,354	66,563	69,522
- Western Europe	36,151	36,202	36,595	37,600
- Eastern Europe	10,780	10,867	11,310	11,976
- Asia	15,530	17,020	18,206	19,812
- Other sales	42	53	53	42
EBIT before special items	9,329	9,810	10,394	11,356
- Western Europe	5,425	5,506	5,726	5,968
- Eastern Europe	2,222	2,294	2,402	2,569
- Asia	3,164	3,496	3,813	4,204
- Other EBIT	-1,482	-1,455	-1,451	-1,460
Special items	-88	0	0	-89
Net financials	-722	-743	-755	-800
EBT	8,519	8,979	9,517	10,399
Taxes	-2,386	-2,488	-2,605	-2,748
Profit before minorities	6,133	6,488	6,948	7,501
Minority interests	-824	-882	-943	-1,022
Net profit	5,309	5,627	5,972	6,539
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	41.1	47.0
Adjusted EPS (DKK)	35.2	37.8	41.2	47.7
DPS (DKK)	18.00	19.00	20.50	24.50
Free cash flow	6,156	6,556	7,190	7,864
Net interest-bearing debt	17,313	18,889	16,286	21,250

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

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Consensus estimates

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