Consensus estimates

Last data input: Jun 23, 2022

Contributors: 26

Median / Actual (MDKK)	2021	2022e	2023e	2024e
Sales volume (m hl)	119.2	124.9	125.5	126.7
- Western Europe (m hl)	42.1	43.4	43.7	44.2
- Asia (m hl)	44.4	46.8	48.9	50.5
- Central and Eastern Europe (m hl)	32.7	34.1	30.8	32.6
Net sales	60,097	67,700	71,104	74,138
- Western Europe	30,501	33,925	35,012	36,075
- Asia	19,459	22,785	24,616	26,271
- Central and Eastern Europe	10,128	10,037	10,670	11,084
- Other sales	9	9	9	9
EBIT before special items	10,129	10,552	11,207	12,250
- Western Europe	4,372	4,596	4,692	4,895
- Asia	4,855	5,570	5,967	6,509
- Central and Eastern Europe	2,257	1,835	2,002	2,095
- Other EBIT	-1,355	-1,358	-1,386	-1,415
Special items	703	-1,000	0	0
Net financials	-424	-562	-542	-510
EBT	10,408	9,262	10,630	11,633
Taxes	-2,289	-2,110	-2,392	-2,622
Profit before minorities	8,009	7,054	8,240	9,080
Minority interests	-1,163	-1,233	-1,307	-1,394
Net profit	6,846	-3,072	7,041	7,728
EBIT margin (%)	16.9	15.7	15.9	16.5
Tax rate (%)	22.0	22.5	22.5	22.5
EPS (DKK)	47.6	-22.9	52.2	59.2
Adjusted EPS (DKK)	48.3	47.1	52.0	59.2
DPS (DKK)	24.0	24.4	26.0	29.7
Free cash flow	8,876	7,629	8,490	9,111
Net interest-bearing debt	19,162	20,614	20,006	19,791

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

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Consensus estimates

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