Consensus Estimates
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* EPS adjusted for special items and fair value adjustments and currency gains/losses on financial items, net of tax
Scandinavian Tobacco Group - Consensus Estimates
Updated: May 10, 2022
Contributors: Barclays, Carnegie, Deutsche Bank, DNB and Nordea
| DKK million | Q1 2021A | Q1 2022E | 2021A | 2022E | 2023E | 2024E | |
| - North America Online & Retail | 564 | 554 | 2,620 | 2842 | 2906 | 2943 | |
| - North America Branded & RoW | 693 | 704 | 2,877 | 2946 | 2994 | 3114 | |
| - Europe Branded | 626 | 638 | 2,735 | 2757 | 2717 | 2682 | |
| Net Sales | 1,883 | 1896 | 8,233 | 8546 | 8617 | 8739 | |
| - North America Online & Retail | 99 | 94 | 470 | 523 | 540 | 560 | |
| - North America Branded & RoW | 274 | 268 | 1,135 | 1152 | 1174 | 1208 | |
| - Europe Branded | 179 | 179 | 754 | 787 | 782 | 768 | |
| - Group costs | -24 | -25 | -126 | -104 | -106 | -111 | |
| EBITDA before special items | 527 | 516 | 2,233 | 2357 | 2390 | 2426 | |
| Special items | -17 | -21 | -55 | -120 | -28 | 0 | |
| EBIT | 419 | 415 | 1,814 | 1940 | 1986 | 2049 | |
| Net profit | 324 | 314 | 1,391 | 1443 | 1479 | 1520 | |
| Adjusted EPS * | 3.4 | 3.5 | 14.8 | 16.5 | 17.3 | 17.9 | |
| Dividend Per Share | 7.5 | 7.8 | 8.5 | 8.6 | |||
| Free Cash Flow before acquisitions | 89 | 147 | 1,393 | 1385 | 1508 | 1578 | |
| Net interest bearing debt | 3,390 | 3273 | 3,266 | 3175 | 3005 | 2498 | |
| Net sales, organic growth | 12.5% | -2.7% | 4.5% | 0.0% | 0.5% | 0.5% | |
| EBITDA, organic growth | 49.1% | -3.5% | 18.4% | 2.3% | 1.0% | 0.9% | |
| * EPS adjusted for special items and fair value adjustments and currency gains/losses on financial items, net of tax | |||||||