Consensus
5 December 2022
| Year | 2022 |
|---|---|
| Quarter | post Q3 results |
| No. of analysts | 13 |
12m Target price (DKK)
Based on input from 11 analysts
| Average | Low | High |
|---|---|---|
| 1,695 | 1,290 | 2,600 |
Recommendations
| Buy | 3 |
|---|---|
| Overweight | 0 |
| Hold | 6 |
| 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 | 2022e | 2023e | 2024e | 2022 Q4e |
| Net sales | 3,962 | 3,850 | 3,979 | - |
| - Insulation segment | 3,042 | 2,950 | 3,049 | - |
| - Systems segment | 874 | 869 | 906 | - |
| Growth in local currencies | 24.7% | -3.3% | 3.5% | - |
| EBITDA | 646 | 658 | 708 | - |
| EBIT Adjusted | 418 | 416 | 456 | - |
| - Insulation segment | 316 | 304 | 339 | - |
| - Systems segment | 97 | 110 | 112 | - |
| Non-recurring items | -2 | -1 | 0 | - |
| EBIT | 416 | 415 | 456 | - |
| EBIT margin | 10.5% | 10.8% | 11.5% | - |
| Profit before tax | 350 | 402 | 443 | - |
| Net profit | 264 | 310 | 341 | - |
| EPS | 12.23 | 14.35 | 15.81 | - |
| Dividend per share | 4.28 | 4.79 | 5.20 | - |
| Net Debt | -45 | -55 | -64 | - |
| High/ low | Estimates | |||
|---|---|---|---|---|
| Year | 2022e | 2023e | 2024e | 2022 Q4e |
| Net sales | 3,834 / 4,069 | 3,437 / 4,258 | 3,438 / 4,449 | - |
| - Insulation segment | 2,383 / 3,161 | 2,478 / 3,311 | 2,577 / 3,493 | - |
| - Systems segment | 853 / 908 | 801 / 969 | 801 / 1,018 | - |
| Growth in local currencies | 22.2% / 27.5% | -14.1% / 5.9% | 0.0% / 6.2% | - |
| EBITDA | 627 / 696 | 566 / 827 | 601 / 772 | - |
| EBIT Adjusted | 398 / 462 | 341 / 582 | 388 / 523 | - |
| - Insulation segment | 248 / 342 | 249 / 359 | 268 / 374 | - |
| - Systems segment | 80 / 141 | 78 / 223 | 89 / 158 | - |
| Non-recurring items | -13 / 0 | -7 / 0 | 0 / 0 | - |
| EBIT | 398 / 462 | 341 / 582 | 388 / 523 | - |
| EBIT margin | 9.8% / 11.6% | 8.7% / 15.2% | 9.2% / 13.0% | - |
| Profit before tax | 323 / 403 | 300 / 570 | 359 / 513 | - |
| Net profit | 244 / 308 | 229 / 439 | 275 / 395 | - |
| EPS | 11.32 / 14.25 | 10.43 / 20.29 | 12.50 / 18.90 | - |
| Dividend per share | 3.73 / 5.50 | 3.84 / 5.90 | 4.21 / 6.03 | - |
| Net Debt | -246 / 69 | -275 / 90 | -279 / 161 | - |
Analysts
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Thomas Harder
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