Consensus Estimates

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Scandinavian Tobacco Group - Consensus Estimates
Updated: October 21, 2021
Contributors: Barclays, Carnegie, Deutsche Bank, Nordea, SEB Enskilda

               
DKK million Q3 2020A Q3 2021E   2020A 2021E 2022E 2023E
               
- North America Online & Retail 746 700   2,662 2607 2642 2701
- North America Branded & RoW 734 774   2,527 2923 2941 2958
- Europe Branded 752 759   2,817 2777 2737 2691
Net Sales 2,231 2233   8,006 8307 8320 8350
               
- North America Online & Retail 151 130   517 479 506 527
- North America Branded & RoW 279 303   813 1119 1109 1127
- Europe Branded 213 215   581 739 771 771
- Group costs -28 -23   -85 -84 -82 -82
EBITDA before special items 614 625   1,826 2248 2304 2343
               
Special items -80 -22   -435 -81 -59 -22
               
EBIT 436 488   986 1745 1831 1908
Net profit 356 382   678 1301 1380 1450
               
Adjusted EPS * 3.6 4.1   9.8 14.6 15.5 16.3
Dividend Per Share       6.5 7.1 7.4 7.6
               
Free Cash Flow before acquisitions 609     1,394 1212 1454 1507
Net interest bearing debt 3,400     3,274 3277 2756 2186
               
Net sales, organic growth 12.0% 0.3%   6.6% 5.8% -0.9% 0.4%
EBITDA, organic growth 32.5% 1.9%   14.0% 21.7% 1.8% 1.6%
               
* EPS adjusted for special items and fair value adjustments and currency gains/losses on financial items, net of tax