Consensus Estimates

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Scandinavian Tobacco Group - Consensus Estimates
Updated: August 18, 2021
Contributors: Barclays, Nordea, SEB Enskilda, Carnegie, Deutsche Bank

               
DKK million Q2 2020A Q2 2021E   2020A 2021E 2022E 2023E
               
- North America Online & Retail 788 753   2,662 2710 2707 2772
- North America Branded & RoW 629 664   2,527 2688 2676 2692
- Europe Branded 680 711   2,817 2788 2755 2718
Net Sales 2,097 2128   8,006 8186 8138 8181
               
- North America Online & Retail 165 159   517 538 554 573
- North America Branded & RoW 230 249   813 969 970 980
- Europe Branded 107 165   581 734 758 759
- Group costs -13 -20   -85 -82 -80 -80
EBITDA before special items 489 554   1,826 2159 2202 2232
               
Special items -78 -28   -435 -98 -59 -27
               
EBIT 304 418   986 1639 1722 1789
Net profit 254 310   678 1222 1296 1356
               
Adjusted EPS * 3.0     9.8 13.9 14.6 15.3
Dividend Per Share       6.5 6.9 7.2 7.4
               
Free Cash Flow before acquisitions 425     1,394 1231 1362 1404
Net interest bearing debt 3,995     3,274 3116 2665 2183
               
Net sales, organic growth 4.6% 6.0%   6.6% 4.7% -0.8% 0.5%
EBITDA, organic growth 19.1% 13.2%   14.0% 17.4% 1.9% 1.3%
               
* EPS adjusted for special items and fair value adjustments and currency gains/losses on financial items, net of tax