Consensus Estimates

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Scandinavian Tobacco Group - Consensus Estimates
Updated 11 May, 2018
Contributors ABG, Carnegie, Deutsche Bank,Handelsbanken, JP Morgan,Nordea, SEB Enskilda

DKK million Q1 2017 Q1 20178 2017A 2018E 2019E 2020E
 - Handmade cigars 401 375 1.921 2.335 2.572 2.660
 - Machine-made cigars 523 530 2.491 2.427 2.403 2.377
 - Pipe tobacco 131 126 544 526 523 521
 - Fine-cut tobacco 126 131 598 608 621 631
 - Other 197 194 909 897 896 899
Net Sales (Group) 1.379 1.355 6.464 6.793 7.014 7.089
             
 - Handmade cigars 171 158 795 939 1.027 1.074
 - Machine-made cigars 260 272 1.268 1.246 1.252 1.242
 - Pipe tobacco 79 75 326 315 312 312
 - Fine-cut tobacco 73 76 364 371 373 378
 - Other 66 65 342 340 337 341
Gross Profit (Group) 648 647 3.095 3.212 3.302 3.348
           
EBITDA 201 215 1.232 1.294 1.363 1.402
Non recurring items -11 -4 -52 -11 -13 -6
EBITDA adjusted 212 219 1.283 1.315 1.387 1.418
             
EBIT 117 138 913 986 1.051 1.092
Pre tax profit 98 122 852 919 984 1.029
Net profit 75 93 712 714 759 794
             
Free Cash Flow 48 -169 955 623 846 949
Capex -25 -41 -94 -191 -159 -161
             
Inventory 3.010 2.626 2.421 2.494 2.556 2.567
Net interest bearing debt 2.386 2.561 2.247 2.494 2.257 1.956
DIV/share     9,3 6,1 6,5 6,7
EPS 0,75 1,0 7,12 7,4 7.8 8,2
             
Net sales, organic growth -9,5% 4,0% -2,2% -1,1% 1,3% 1,4%
Adj. EBITDA, organic growth -22,4% 9,7% -7,4% -3,18% 4,4% 3,4%