Consensus
9 May 2022
| Year | 2022 |
|---|---|
| Quarter | pre Q1 results |
| No. of analysts | 12 |
12m Target price (DKK)
Based on input from 10 analysts
| Average | Low | High |
|---|---|---|
| 2,659 | 1,900 | 4,000 |
Recommendations
| Buy | 3 |
|---|---|
| Overweight | 0 |
| Hold | 4 |
| Underweight | 3 |
| Sell | 2 |
| EPS and Dividend per share in: | EUR |
| Growth in Local Currencies and EBIT margin in: | % |
| All other figures in: | mEUR |
| Average | Estimates | |||
|---|---|---|---|---|
| Year | 2022e | 2023e | 2024e | 2022 Q1e |
| Net sales | 3,660 | 3,841 | 4,027 | 815 |
| - Insulation segment | 2,738 | 2,876 | 3,011 | 613 |
| - Systems segment | 906 | 952 | 1,001 | 200 |
| Growth in local currencies | 17.9% | 5.0% | 5.0% | 21.0% |
| EBITDA | 682 | 739 | 784 | 138 |
| EBIT Adjusted | 461 | 506 | 542 | 84 |
| - Insulation segment | 338 | 372 | 401 | 62 |
| - Systems segment | 127 | 138 | 148 | 24 |
| Non-recurring items | 0 | 0 | 0 | 0 |
| EBIT | 461 | 506 | 561 | 84 |
| EBIT margin | 12.6% | 13.2% | 13.9% | 10.3% |
| Profit before tax | 455 | 500 | 537 | 82 |
| Net profit | 351 | 385 | 423 | 63 |
| EPS | 16.19 | 17.82 | 19.16 | 2.96 |
| Dividend per share | 5.41 | 5.95 | 6.39 | - |
| Net Debt | -1 | -16 | -52 | - |
| High/ low | Estimates | |||
|---|---|---|---|---|
| Year | 2022e | 2023e | 2024e | 2022 Q1e |
| Net sales | 3,482 / 3,837 | 3,623 / 3,982 | 3,846 / 4,191 | 792 / 843 |
| - Insulation segment | 2,594 / 2,863 | 2,649 / 3,027 | 2,835 / 3,169 | 591 / 642 |
| - Systems segment | 861 / 947 | 905 / 988 | 928 / 1,042 | 187 / 213 |
| Growth in local currencies | 13.0% / 24.3% | 1.8% / 8.5% | 3.2% / 6.5% | 16.6% / 24.6% |
| EBITDA | 631 / 746 | 690 / 822 | 709 / 885 | 112 / 161 |
| EBIT Adjusted | 423 / 520 | 450 / 580 | 495 / 634 | 60 / 105 |
| - Insulation segment | 309 / 404 | 318 / 443 | 347 / 488 | 45 / 74 |
| - Systems segment | 117 / 144 | 127 / 158 | 131 / 172 | 21 / 31 |
| Non-recurring items | 0 / 0 | 0 / 0 | 0 / 0 | 0 / 0 |
| EBIT | 423 / 520 | 450 / 580 | 495 / 728 | 60 / 105 |
| EBIT margin | 11.0% / 13.8% | 12.1% / 14.7% | 12.6% / 17.4% | 7.2% / 13.2% |
| Profit before tax | 420 / 512 | 445 / 574 | 491 / 629 | 60 / 102 |
| Net profit | 326 / 392 | 343 / 439 | 376 / 503 | 46 / 79 |
| EPS | 14.96 / 18.25 | 15.85 / 20.82 | 17.41 / 22.88 | 2.36 / 3.43 |
| Dividend per share | 5.02 / 6.00 | 5.24 / 6.72 | 5.75 / 7.37 | - |
| Net Debt | -129 / 129 | -245 / 213 | -376 / 248 | - |
Analysts
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Thomas Harder
Director,
Group Treasury & Investor Relations, ROCKWOOL Group