Consensus
7 September 2022
| Year | 2022 |
|---|---|
| Quarter | post Q2 results |
| No. of analysts | 14 |
12m Target price (DKK)
Based on input from 12 analysts
| Average | Low | High |
|---|---|---|
| 1,784 | 1,455 | 2,550 |
Recommendations
| Buy | 3 |
|---|---|
| Overweight | 0 |
| Hold | 7 |
| Underweight | 2 |
| 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 Q3e |
| Net sales | 3,960 | 3,913 | 4,078 | - |
| - Insulation segment | 3,029 | 3,001 | 3,125 | - |
| - Systems segment | 880 | 879 | 917 | - |
| Growth in local currencies | 24.2% | -1.6% | 4.2% | - |
| EBITDA | 649 | 661 | 726 | - |
| EBIT Adjusted | 430 | 429 | 480 | - |
| - Insulation segment | 327 | 330 | 367 | - |
| - Systems segment | 97 | 101 | 112 | - |
| Non-recurring items | -2 | 0 | 0 | - |
| EBIT | 428 | 429 | 480 | - |
| EBIT margin | 10.8% | 11.0% | 11.8% | - |
| Profit before tax | 372 | 415 | 467 | - |
| Net profit | 284 | 320 | 360 | - |
| EPS | 13.16 | 14.83 | 16.69 | - |
| Dividend per share | 4.45 | 4.96 | 5.55 | - |
| Net Debt | -66 | -66 | -56 | - |
| High/ low | Estimates | |||
|---|---|---|---|---|
| Year | 2022e | 2023e | 2024e | 2022 Q3e |
| Net sales | 3,862 / 4,062 | 3,377 / 4,221 | 3,377/ 4,436 | - |
| - Insulation segment | 2,383 / 3,160 | 2,478 / 3,361 | 2,551 / 3,530 | - |
| - Systems segment | 818 / 931 | 826 / 922 | 826 / 972 | - |
| Growth in local currencies | 20.1% / 27.5% | -13.3% / 6.0% | 0.0% / 6.6% | - |
| EBITDA | 616 / 694 | 532 / 721 | 603 / 792 | - |
| EBIT Adjusted | 397 / 470 | 313 / 490 | 383 / 558 | - |
| - Insulation segment | 248 / 360 | 258 / 391 | 268 / 421 | - |
| - Systems segment | 80 / 141 | 69 / 149 | 83 / 158 | - |
| Non-recurring items | -20 / 0 | 0 / 0 | 0 / 0 | - |
| EBIT | 397 / 470 | 313 / 490 | 383 / 558 | - |
| EBIT margin | 9.9% / 11.7% | 7.9% / 12.6% | 9.1% / 14.4% | - |
| Profit before tax | 344 / 462 | 311 / 480 | 371 / 550 | - |
| Net profit | 261 / 351 | 241 / 370 | 284 / 429 | - |
| EPS | 11.90 / 16.25 | 11.10 / 17.43 | 12.91 / 19.51 | - |
| Dividend per share | 4.00 / 5.36 | 4.22 / 5.64 | 4.70 / 6.60 | - |
| Net Debt | -480 / 168 | -448 / 112 | -352 / 213 | - |
Analysts
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Thomas Harder
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Group Treasury & Investor Relations, ROCKWOOL Group