Consensus
2 February 2021
| Year | 2020 |
|---|---|
| Quarter | pre Q4 results |
| No. of analysts | 14 |
Target price (DKK)
Based on input from 13 analysts
| Average | High | Low |
|---|---|---|
| 2,386 | 3,250 | 1,745 |
Recommendations
| Buy | 2 |
|---|---|
| Overweight | 1 |
| Hold | 5 |
| Underweight | 1 |
| Sell | 5 |
| 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 | 2,598 | 2,702 | 2,860 | 696 |
| - Insulation segment | 1,917 | 1,995 | 2,116 | 495 |
| - Systems segment | 681 | 711 | 744 | 201 |
| Growth in local currencies | -4.3% | 4.8% | 5.9% | -0.2% |
| EBITDA | 517 | 546 | 581 | 143 |
| EBIT Adjusted | 330 | 340 | 376 | 92 |
| - Insulation segment | 238 | 247 | 274 | 67 |
| - Systems segment | 92 | 98 | 102 | 25 |
| Non-recurring items | 0 | 0 | 0 | 0 |
| EBIT | 330 | 340 | 381 | 92 |
| EBIT margin | 12.7% | 12.6% | 13.3% | 13.3% |
| Profit before tax | 324 | 335 | 371 | 92 |
| Net profit | 250 | 259 | 287 | 72 |
| EPS | 11.48 | 11.90 | 13.24 | 3.31 |
| Dividend per share | 3.90 | 3.93 | 4.30 | - |
| Net Debt | -133 | -164 | -284 | - |
| High/ low | Estimates | |||
|---|---|---|---|---|
| Year | 2020e | 2021e | 2022e | 2020 Q4e |
| Net sales | 2,562 / 2,616 | 2,616 / 2,759 | 2,756 / 2,982 | 660 / 714 |
| - Insulation segment | 1,894 / 1,933 | 1,924 / 2,045 | 2,024 / 2,239 | 470 / 510 |
| - Systems segment | 668 / 697 | 692 / 738 | 724 / 797 | 190 / 204 |
| Growth in local currencies | -5.4% / -3.6% | 2.8% / 9.9% | 2.8% / 9.1% | -3.0% / 2.2% |
| EBITDA | 511 / 528 | 501 / 584 | 410 / 659 | 137 / 155 |
| EBIT Adjusted | 323 / 337 | 299 / 373 | 348 / 418 | 85 / 99 |
| - Insulation segment | 229 / 244 | 222 / 270 | 243 / 307 | 63 / 72 |
| - Systems segment | 90 / 100 | 92 / 108 | 73 / 118 | 24 / 28 |
| Non-recurring items | 0 / 0 | 0 / 0 | 0 / 0 | 0 / 0 |
| EBIT | 323 / 337 | 299 / 373 | 348 / 423 | 85 / 99 |
| EBIT margin | 12.4% / 13.0% | 11.3% / 13.5% | 12.6% / 14.9% | 12.2% / 14.4% |
| Profit before tax | 318 / 330 | 297 / 363 | 343 / 408 | 87 / 99 |
| Net profit | 241 / 257 | 224 / 283 | 267 / 318 | 63 / 79 |
| EPS | 11.07 / 11.86 | 10.34 / 13.12 | 12.18 / 15.00 | 3.09 / 3.58 |
| Dividend per share | 3.40 / 4.38 | 3.41 / 4.41 | 3.90 / 4.78 | - |
| Net Debt | -265 / -4 | -385 / 26 | -618 / 149 | - |
Analysts
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Thomas Harder
Director,
Group Treasury & Investor Relations, ROCKWOOL Group