Consensus estimates

Last data input: Dec 5, 2023

Contributors: 26

Median / actual (MDKK)	2022	2023e	2024e	2025e
Sales volume* (m hl)	125.4	125.2	128.2	131.1
- Western Europe (m hl)	44.4	43.1	43.4	43.7
- Asia (m hl)	48.3	50.4	52.3	54.3
- Central and Eastern Europe (m hl)	32.7	31.8	32.4	33.2
Net sales	70,265	73,481	76,458	79,807
- Western Europe	34,888	37,039	38,097	39,076
- Asia	23,682	23,620	25,242	27,072
- Central and Eastern Europe	11,679	12,839	13,345	13,950
- Other sales	16	17	18	18
EBIT before special items	11,470	11,319	12,237	13,250
- Western Europe	4,966	5,000	5,365	5,685
- Asia	5,435	5,363	5,818	6,351
- Central and Eastern Europe	2,282	2,300	2,492	2,650
- Other EBIT	-1,213	-1,391	-1,421	-1,450
Special items	-784	-169	0	0
Net financials	-725	-750	-787	-800
EBT	9,961	10,366	11,447	12,323
Taxes	-1,778	-2,182	-2,404	-2,622
Consolidated profit	8,183	8,189	9,019	9,689
Minority interests	-1,171	-1,228	-1,303	-1,382
Russian operations	-8,075	-404	0	0
Net profit	-1,063	6,532	7,698	8,244
EBIT margin (%)	16.3	15.4	16.0	16.6
Tax rate (%)	17.9	21.0	21.0	21.0
EPS (DKK)	-7.6	46.9	57.7	63.9
Adjusted EPS (DKK)	69.3	52.4	57.8	64.1
DPS (DKK)	27.0	27.0	29.3	32.1
Free cash flow	9,884	7,735	8,195	9,456
Net interest-bearing debt	19,326	20,056	20,485	21,178

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

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Consensus estimates

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