Consensus
9 December 2020
| Year | 2020 |
|---|---|
| Quarter | post Q3 results |
| No. of analysts | 10 |
Target price (DKK)
Based on input from 10 analysts
| Average | High | Low |
|---|---|---|
| 2,450 | 3,250 | 1,745 |
Recommendations
| Buy | 1 |
|---|---|
| Overweight | 2 |
| Hold | 3 |
| Underweight | 1 |
| Sell | 3 |
| EPS and Dividend per share in: | EUR |
| Growth in Local Currencies and EBIT margin in: | % |
| All other figures in: | mEUR |
| Average | Estimates | |||
|---|---|---|---|---|
| Year | 2020e | 2021e | 2022e | 2020 Q4e |
| Net sales | 2,594 | 2,707 | 2,879 | - |
| - Insulation segment | 1,916 | 2,001 | 2,139 | - |
| - Systems segment | 679 | 706 | 739 | - |
| Growth in local currencies | -4.7% | 5.4% | 6.4% | - |
| EBITDA | 516 | 546 | 597 | - |
| EBIT Adjusted | 329 | 340 | 379 | - |
| - Insulation segment | 238 | 250 | 282 | - |
| - Systems segment | 92 | 96 | 102 | - |
| Non-recurring items | 0 | 0 | 0 | - |
| EBIT | 329 | 340 | 380 | - |
| EBIT margin | 12.7% | 12.6% | 13.2% | - |
| Profit before tax | 322 | 335 | 375 | - |
| Net profit | 249 | 259 | 290 | - |
| EPS | 11.42 | 11.90 | 13.37 | - |
| Dividend per share | 3.95 | 3.99 | 4.37 | - |
| Net Debt | -150 | -179 | -276 | - |
| High/ low | Estimates | |||
|---|---|---|---|---|
| Year | 2020e | 2021e | 2022e | 2020 Q4e |
| Net sales | 2,562 / 2,616 | 2,590 / 2,759 | 2,799 / 2,982 | - |
| - Insulation segment | 1,894 / 1,933 | 1,929 / 2,045 | 2,079 / 2,239 | - |
| - Systems segment | 668 / 683 | 660 / 720 | 700 / 764 | - |
| Growth in local currencies | -6.6% / -3.8% | 2.3% / 10.3% | 4.7% / 10.5% | - |
| EBITDA | 511 / 528 | 512 / 584 | 558 / 659 | - |
| EBIT Adjusted | 323 / 336 | 310 / 373 | 359 / 418 | - |
| - Insulation segment | 235 / 244 | 240 / 270 | 269 / 307 | - |
| - Systems segment | 90 / 94 | 86 / 103 | 91 / 111 | - |
| Non-recurring items | 0 / 0 | 0 / 0 | 0 / 0 | - |
| EBIT | 323 / 336 | 310 / 373 | 359 / 418 | - |
| EBIT margin | 12.4% / 12.8% | 11.5% / 13.5% | 12.5% / 14.0% | - |
| Profit before tax | 319 / 328 | 308 / 363 | 356 / 408 | - |
| Net profit | 241 / 254 | 232 / 283 | 273 / 318 | - |
| EPS | 10.90 / 11.60 | 10.70 / 13.10 | 12.30 / 15.00 | - |
| Dividend per share | 3.65 / 4.38 | 3.53 / 4.41 | 3.96 / 4.78 | - |
| Net Debt | -239 / -68 | -380 / 26 | -606 / 149 | - |
Analysts
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Thomas Harder
Director,
Group Treasury & Investor Relations, ROCKWOOL Group