Consensus
31 May 2021
| Year | 2021 |
|---|---|
| Quarter | post Q1 results |
| No. of analysts | 14 |
Target price (DKK)
Based on input from 13 analysts
| Average | High | Low |
|---|---|---|
| 2,908 | 4,000 | 2,100 |
Recommendations
| Buy | 3 |
|---|---|
| Overweight | 0 |
| Hold | 8 |
| Underweight | 1 |
| 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 Q2e |
| Net sales | 2,876 | 3,025 | 3,213 | - |
| - Insulation segment | 2,133 | 2,242 | 2,392 | - |
| - Systems segment | 744 | 780 | 820 | - |
| Growth in local currencies | 11.6% | 5.2% | 6.3% | - |
| EBITDA | 587 | 627 | 676 | - |
| EBIT Adjusted | 371 | 402 | 443 | - |
| - Insulation segment | 256 | 284 | 319 | - |
| - Systems segment | 116 | 120 | 127 | - |
| Non-recurring items | 0 | 0 | 0 | - |
| EBIT | 370 | 401 | 441 | - |
| EBIT margin | 12.9% | 13.2% | 13.7% | - |
| Profit before tax | 362 | 394 | 434 | - |
| Net profit | 279 | 304 | 335 | - |
| EPS | 12.92 | 14.08 | 15.51 | - |
| Dividend per share | 4.40 | 4.69 | 5.12 | - |
| Net Debt | -102 | -199 | -318 | - |
| High/ low | Estimates | |||
|---|---|---|---|---|
| Year | 2021e | 2022e | 2023e | 2021 Q2e |
| Net sales | 2,835 / 2,917 | 2,982 / 3,095 | 3,102 / 3,462 | - |
| - Insulation segment | 2,094 / 2,165 | 2,203 / 2,315 | 2,284 / 2,643 | - |
| - Systems segment | 722 / 764 | 762 / 805 | 787 / 851 | - |
| Growth in local currencies | 9.6% / 13.3% | 3.7% / 7.0% | 2.7% / 16.1% | - |
| EBITDA | 552 / 646 | 585 / 693 | 617 / 761 | - |
| EBIT Adjusted | 352 / 415 | 369 / 448 | 399 / 499 | - |
| - Insulation segment | 232 / 297 | 257 / 320 | 262 / 360 | - |
| - Systems segment | 101 / 127 | 107 / 138 | 112 / 150 | - |
| Non-recurring items | 0 / 0 | 0 / 0 | 0 / 0 | - |
| EBIT | 352 / 415 | 369 / 448 | 399 / 499 | - |
| EBIT margin | 12.2% / 14.2% | 12.3% / 14.6% | 12.7% / 15.0% | - |
| Profit before tax | 338 / 393 | 368 / 426 | 388 / 491 | - |
| Net profit | 263 / 302 | 283 / 328 | 301 / 378 | - |
| EPS | 12.10 / 14.36 | 12.99 / 15.59 | 13.83 / 18.35 | - |
| Dividend per share | 3.60 / 5.15 | 3.90 / 5.43 | 4.35 / 5.77 | - |
| Net Debt | -199 / 1 | -410 / 75 | -661 / 157 | - |
Analysts
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Thomas Harder
Director,
Group Treasury & Investor Relations, ROCKWOOL Group