Consensus Estimates

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Scandinavian Tobacco Group - Consensus Estimates
Updated August 22, 2019
Contributors Carnegie, Deutsche, SEB Enskilda, Svenska Handelsbanken

DKK million Q2 2018 Q2 2019 2018A 2019E 2020E 2021E
  excl IFRS 16   excl IFRS 16      
 - North America Online & Retail 610 654 2,111 2,428 2,509 2,575
 - North America Branded 313 321 1,247 1,255 1,283 1,300
 - Region Machine-Made Cigars 437 428 1,682 1,648 1,615 1,601
 - Region Smoking Tobacco & Acc. 419 422 1,677 1,700 1,712 1,720
Net Sales (Group) 1,780 1,830 6,718 7,039 7,090 7,174
             
 - North America Online & Retail 222 241 793 907 946 971
 - North America Branded 188 194 712 726 748 761
 - Region Machine-Made Cigars 225 223 832 831 818 812
 - Region Smoking Tobacco & Acc. 218 223 882 910 925 934
Gross Profit Before Special items (Group) 853 882 3,219 3,376 3,431 3,460
             
 - North America Online & Retail 83 96 310 362 392 417
 - North America Branded 68 72 242 268 279 282
 - Region Machine-Made Cigars 87 98 304 344 342 339
 - Region Smoking Tobacco & Acc. 136 142 545 568 580 575
 - Group costs -30 -11 -96 -95 -92 -87
EBITDA before special items 345 382 1,304 1,448 1,499 1,527
             
Special items -10 -28 -216 -84 -12 -18
EBIT 258 261 738 981 1,108 1,146
             
Pre tax profit 264 260 717 972 1,105 1,178
Net profit 205 196 666 742 841 863
             
Free Cash Flow before acquisitions 213 190 668 829 1,026 1,039
Net interest bearing debt 3,084 n.a. 2,585 2,422 2,052 1,674
DIV/share     6.00 6.23 6.47 6.68
             
Net sales, organic growth 1.6% 0.0% 0.4% 0.2% 0.7% 0.8%
EBITDA, organic growth 3.1% 5.7% 3.5% 6.3% 4.0% 3.1%