Consensus Estimates

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Scandinavian Tobacco Group - Consensus Estimates
Updated March 6, 2019
Contributors ABG, Carnegie, SEB Enskilda, Handelsbanken, Nordea, Deutsche

DKK million Q4 2017 Q4 2018 2017A 2018E 2019E 2020E
 - Handmade cigars 471 655 1.921 2.408 2.706 2.836
 - Machine-made cigars 668 646 2.491 2.397 2.369 2.340
 - Pipe tobacco 136 130 544 479 484 474
 - Fine-cut tobacco 168 167 598 566 580 603
 - Other 247 260 909 962 983 991
Net Sales (Group) 1.691 1.858 6.464 6.811 7.123 7.243
             
 - Handmade cigars 181 256 795 984 1.102 1.152
 - Machine-made cigars 361 354 1.268 1.287 1.280 1.275
 - Pipe tobacco 79 76 326 283 289 286
 - Fine-cut tobacco 105 107 364 339 349 363
 - Other 90 97 342 379 387 392
Gross Profit (Group) 816 890 3.095 3.272 3.407 3.468
           
EBITDA 328 289 1.232 1.195 1.266 1.456
Non recurring items 0 -85 -52 -123 -134 -29
EBITDA adjusted 328 374 1.283 1.317 1.400 1.485
             
EBIT 253 219 913 892 946 1.139
Pre tax profit 246 189 852 856 888 1.078
Net profit 247 147 712 662 690 838
             
Free Cash Flow 315   955 322 813 994
Capex -18   -94 -145 -190 -174
             
Inventory 2.421   2.421 2.534 2.622 2.643
Net interest bearing debt 2.247   2.247 2.557 2.402 2.080
DIV/share     9,3 6,0 6,3 6,8
EPS 2,5 1,5 7,1 6,8 7,1 8,3
             
Net sales, organic growth -1,3% 1,3% -2,2% 1,9% 1,1% 1,4%
Adj. EBITDA, organic growth -7,1% 8,8% -7,4% 3,6% 4,7% 4,0%