Consensus
23 May 2023
| Year | 2023 |
|---|---|
| Quarter | post Q1 results |
| No. of analysts | 10 |
12m Target price (DKK)
Based on input from 9 analysts
| Average | Low | High |
|---|---|---|
| 1,876 | 1,400 | 2,200 |
Recommendations
| Buy | 4 |
|---|---|
| Overweight | 1 |
| Hold | 2 |
| Underweight | 0 |
| Sell | 3 |
| EPS and Dividend per share in: | EUR |
| Growth in Local Currencies and EBIT margin in: | % |
| All other figures in: | mEUR |
| Average | Estimates | |||
|---|---|---|---|---|
| Year | 2023 Q2e | 2023e | 2024e | 2025e |
| Net sales | - | 3,600 | 3,715 | 3,908 |
| - Insulation segment | - | 2,885 | 2,983 | 3,131 |
| - Systems segment | - | 846 | 882 | 933 |
| Growth in local currencies | - | -6.8% | 3.2% | 5.2% |
| EBITDA | - | 638 | 686 | 751 |
| EBIT Adjusted | - | 402 | 437 | 490 |
| - Insulation segment | - | 315 | 338 | 371 |
| - Systems segment | - | 96 | 108 | 124 |
| Non-recurring items | - | -2 | 0 | 0 |
| EBIT | - | 395 | 437 | 490 |
| EBIT margin | - | 11.0% | 11.8% | 12.5% |
| Profit before tax | - | 393 | 432 | 485 |
| Net profit | - | 299 | 332 | 372 |
| EPS | - | 13.90 | 15.42 | 17.35 |
| Dividend per share | - | 4.76 | 5.25 | 5.80 |
| Net Debt | - | -61 | -113 | -183 |
| High/ low | Estimates | |||
|---|---|---|---|---|
| Year | 2023 Q2e | 2023e | 2024e | 2025e |
| Net sales | - | 3,476 / 3,842 | 3,508 / 3,985 | 3,672 / 4,184 |
| - Insulation segment | - | 2,677 / 3,155 | 2,800 / 3,282 | 2,849 / 3,413 |
| - Systems segment | - | 809 / 925 | 792 / 981 | 848 / 1,040 |
| Growth in local currencies | - | -10.7% / -1.7% | -0.5% / 7.8% | 2.5% / 6.9% |
| EBITDA | - | 602 / 679 | 613 / 733 | 660 / 807 |
| EBIT Adjusted | - | 364 / 434 | 398 / 462 | 443 / 534 |
| - Insulation segment | - | 280 / 345 | 291 / 364 | 329 / 407 |
| - Systems segment | - | 77 / 153 | 87 / 162 | 106 / 172 |
| Non-recurring items | - | -27 / 13 | 0 / 0 | 0 / 0 |
| EBIT | - | 364 / 434 | 398 / 462 | 443 / 534 |
| EBIT margin | - | 10.4% / 12.0% | 11.3% / 12.8% | 11.7% / 13.2% |
| Profit before tax | - | 351 / 428 | 383 / 460 | 440 / 530 |
| Net profit | - | 267 / 330 | 295 / 355 | 333 / 403 |
| EPS | - | 12.36 / 15.25 | 13.67 / 16.44 | 15.44 / 18.66 |
| Dividend per share | - | 4.12 / 5.54 | 4.56 / 6.11 | 5.10 / 6.54 |
| Net Debt | - | -238 / 58 | -267 / 55 | -378 / -1 |
Analysts
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Thomas Harder
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