Kommentar: Analytikerne forventer et “netto resultat” på 5.555 mio. kr. i 2020. Dette skal ses i forhold til et “netto resultat” på 6.569 mio. kr. i 2019.
| CARLSBERG A/S |
| Median / Actual (MDKK) | 2019 | 2020e | 2021e | 2022e |
| Sales volume (m hl) | 134,90 | 128,80 | 138,00 | 140,70 |
| – Western Europe (m hl) | 61,90 | 57,20 | 61,70 | 62,40 |
| – Asia (m hl) | 42,00 | 39,30 | 43,70 | 45,40 |
| – Eastern Europe (m hl) | 31,00 | 31,20 | 31,90 | 32,30 |
| Net sales | 65.902 | 59.382 | 65.167 | 68.050 |
| – Western Europe | 36.317 | 32.631 | 35.743 | 36.517 |
| – Asia | 18.416 | 16.841 | 19.337 | 20.891 |
| – Eastern Europe | 11.097 | 10.087 | 10.379 | 10.755 |
| – Other sales | 72 | 72 | 72 | 72 |
| EBIT before special items | 10.465 | 9.253 | 10.702 | 11.538 |
| – Western Europe | 6.187 | 5.370 | 6.168 | 6.426 |
| – Asia | 3.931 | 3.670 | 4.306 | 4.740 |
| – Eastern Europe | 1.882 | 1.649 | 1.685 | 1.807 |
| – Other EBIT | -1.535 | -1.415 | -1.543 | -1.561 |
| Special items | 501 | -12 | 0 | 0 |
| Net financials | -738 | -622 | -670 | -680 |
| EBT | 10.228 | 8.610 | 9.886 | 10.813 |
| Taxes | -2.751 | -2.245 | -2.591 | -2.815 |
| Profit before minorities | 7.477 | 6.385 | 7.324 | 8.012 |
| Minority interests | -908 | -821 | -928 | -988 |
| Net profit | 6.569 | 5.555 | 6.374 | 6.962 |
| EBIT margin (%) | 15,90 | 15,60 | 16,40 | 17,10 |
| Tax rate (%) | 26,90 | 26,00 | 26,00 | 26,00 |
| EPS (DKK) | 43,70 | 37,80 | 44,60 | 49,80 |
| Adjusted EPS (DKK) | 41,00 | 37,90 | 44,80 | 49,80 |
| DPS (DKK) | 21,00 | 21,00 | 22,40 | 25,04 |
| Free cash flow | 9.962 | 5.724 | 8.347 | 8.436 |
| Net interest-bearing debt | 18.776 | 21.470 | 21.571 | 21.819 |
