Consensus
6 May 2021 (morning)
| Year | 2021 |
|---|---|
| Quarter | pre Q1 results |
| No. of analysts | 13 |
Target price (DKK)
Based on input from 12 analysts
| Average | High | Low |
|---|---|---|
| 2,566 | 3,960 | 1,900 |
Recommendations
| Buy | 2 |
|---|---|
| Overweight | 1 |
| Hold | 6 |
| 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 | 2021e | 2022e | 2023e | 2021 Q1e |
| Net sales | 2,727 | 2,884 | 3,068 | 652 |
| - Insulation segment | 2,030 | 2,149 | 2,298 | 489 |
| - Systems segment | 727 | 764 | 802 | 169 |
| Growth in local currencies | 6.0% | 5.9% | 6.5% | 2.9% |
| EBITDA | 540 | 594 | 643 | 128 |
| EBIT Adjusted | 326 | 369 | 413 | 77 |
| - Insulation segment | 226 | 263 | 300 | 52 |
| - Systems segment | 105 | 112 | 120 | 25 |
| Non-recurring items | 0 | 0 | 0 | 0 |
| EBIT | 325 | 369 | 412 | 77 |
| EBIT margin | 11.9% | 12.8% | 13.4% | 11.8% |
| Profit before tax | 319 | 363 | 406 | 77 |
| Net profit | 245 | 280 | 320 | 58 |
| EPS | 12.11 | 13.61 | 15.00 | 2.70 |
| Dividend per share | 4.14 | 4.38 | 4.77 | - |
| Net Debt | -97 | -186 | -310 | - |
| High/ low | Estimates | |||
|---|---|---|---|---|
| Year | 2021e | 2022e | 2023e | 2021 Q1e |
| Net sales | 2,662 / 2,871 | 2,753 / 3,031 | 2,870 / 3,273 | 610 / 684 |
| - Insulation segment | 1,933 / 2,278 | 2,017 / 2,394 | 2,118 / 2,513 | 448 / 547 |
| - Systems segment | 712 / 745 | 737 / 802 | 752 / 867 | 161 / 176 |
| Growth in local currencies | 3.8% / 11.8% | 2.8% / 10.5% | 1.7% / 16.0% | -3.0% / 8.4% |
| EBITDA | 508 / 625 | 559 / 669 | 590 / 736 | 117 / 141 |
| EBIT Adjusted | 293 / 397 | 333 / 428 | 368 / 477 | 64 / 90 |
| - Insulation segment | 194 / 283 | 229 / 305 | 251 / 344 | 46 / 64 |
| - Systems segment | 98 / 116 | 100 / 126 | 103 / 136 | 23 / 27 |
| Non-recurring items | 0 / 0 | 0 / 0 | 0 / 0 | 0 / 0 |
| EBIT | 293 / 397 | 333 / 428 | 368 / 477 | 64 / 90 |
| EBIT margin | 11.0% / 13.8% | 11.8% / 14.1% | 12.4% / 14.6% | 10.1% / 13.2% |
| Profit before tax | 288 / 375 | 329 / 406 | 362 / 468 | 62 / 94 |
| Net profit | 217 / 288 | 252 / 313 | 279 / 370 | 48 / 67 |
| EPS | 9.98 / 21.79 | 11.57 / 21.79 | 12.79 / 21.79 | 2.21 / 3.00 |
| Dividend per share | 3.48 / 4.43 | 3.95 / 4.80 | 4.28 / 5.50 | - |
| Net Debt | -180 / -15 | -378 / 63 | -616 / 142 | - |
Analysts
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Thomas Harder
Director,
Group Treasury & Investor Relations, ROCKWOOL Group