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Consumer Healthcare is now a distinct operating segment and not included in Pharmaceuticals any longer.
Last update on 30/10/2018
Business P&L (in EURm except otherwise stated)Q3 2017FY 2017Q3 2018EFY 2018EFY 2019EFY 2020EFY 2021E
Net sales
- Number of Estimates     14 17 17 17 16 
- Highest     9,493 34,553 35,910 37,810 40,256 
- Consensus 9,056 35,072 9,129 34,213 35,149 36,850 38,545 
- Lowest     8,697 33,776 34,367 36,051 36,969 
Other revenues
- Number of Estimates     14 16 16 16 15 
- Highest     365 1,233 1,301 1,309 1,356 
- Consensus 340 1,149 330 1,162 1,196 1,217 1,237 
- Lowest     223 1,002 1,026 1,051 1,074 
Cost of sales
- Number of Estimates     14 17 17 17 16 
- Highest     -2,697 -10,896 -10,985 -11,228 -11,643 
- Consensus -2,853 -11,447 -2,904 -11,183 -11,334 -11,759 -12,215 
- Lowest     -3,085 -11,454 -11,699 -12,110 -12,539 
Gross Profit
- Number of Estimates     14 17 17 17 16 
- Highest     6,748 24,959 26,021 27,761 29,280 
- Consensus 6,543 24,774 6,555 24,254 25,085 26,395 27,737 
- Lowest     6,276 23,827 24,366 25,537 26,221 
Gross margin as % of net sales
- Number of Estimates     14 16 16 16 15 
- Highest     73.2 71.4 72.4 72.6 72.7 
- Consensus 72.3 70.6 71.8 70.7 71.2 71.4 71.6 
- Lowest     70.8 70.2 70.3 70.5 70.2 
R&D expenses
- Number of Estimates     14 17 17 17 16 
- Highest     -1,331 -5,322 -5,412 -5,515 -5,570 
- Consensus -1,341 -5,472 -1,400 -5,666 -5,776 -5,917 -6,047 
- Lowest     -1,494 -5,830 -5,960 -6,159 -6,265 
SG&A expenses
- Number of Estimates     14 17 17 17 16 
- Highest     -2,262 -9,621 -9,524 -9,668 -9,806 
- Consensus -2,319 -10,072 -2,369 -9,898 -9,978 -10,213 -10,434 
- Lowest     -2,579 -10,225 -10,598 -11,133 -11,540 
Other current operating income/expense
- Number of Estimates     14 15 15 15 15 
- Highest     45 558 28 -171 -470 
- Consensus 16 -17 126 -298 -608 -954 
- Lowest     -64 -142 -572 -976 -1,457 
Share of profit/loss of associates
- Number of Estimates     14 15 15 15 15 
- Highest     96 371 544 555 636 
- Consensus 35 214 73 305 372 389 436 
- Lowest     22 211 225 238 239 
Net income attributable to non-controlling interests
- Number of Estimates     14 15 15 15 15 
- Highest     -18 -90 
- Consensus -30 -125 -28 -114 -49 -48 -47 
- Lowest     -35 -123 -120 -123 -126 
Business operating income
- Number of Estimates     14 17 17 17 16 
- Highest     2,985 9,401 9,688 10,527 11,869 
- Consensus 2,904 9,323 2,814 8,963 9,318 9,957 10,701 
- Lowest     2,521 8,795 9,072 9,343 9,440 
Operating margin as % of net sales
- Number of Estimates     14 16 16 16 15 
- Highest     33.1 27.4 27.9 28.3 29.5 
- Consensus 32.1 26.6 30.8 26.2 26.5 27.0 27.7 
- Lowest     28.6 25.6 25.7 25.6 25.4 
Financial income & expense
- Number of Estimates     14 17 17 17 16 
- Highest     -70 -258 -190 -140 -90 
- Consensus -77 -273 -103 -340 -389 -366 -335 
- Lowest     -150 -459 -547 -531 -499 
Tax rate in %
- Number of Estimates     14 15 15 15 15 
- Highest     -21.5 -21.5 -21.8 -21.8 -21.8 
- Consensus -24.5 -23.5 -22.1 -22.1 -22.1 -22.1 -22.1 
- Lowest     -23.2 -22.8 -23.0 -23.0 -23.0 
Business net income
- Number of Estimates     14 17 17 17 17 
- Highest     2,242 7,121 7,317 7,934 9,037 
- Consensus 2,136 6,943 2,122 6,759 7,032 7,555 8,158 
- Lowest     1,891 6,576 6,836 7,121 7,262 
Net profit margin as % of net sales
- Number of Estimates     14 16 16 16 16 
- Highest     25.1 20.7 21.1 21.3 22.5 
- Consensus 23.6 19.8 23.3 19.8 20.0 20.5 21.1 
- Lowest     21.5 19.0 19.3 19.6 19.5 
Number of shares
- Number of Estimates     13 17 17 17 16 
- Highest     1,278 1,262 1,282 1,291 1,299 
- Consensus 1,254 1,257 1,249 1,245 1,235 1,226 1,219 
- Lowest     1,241 1,227 1,220 1,202 1,187 
Business EPS (in EUR)
- Number of Estimates     14 18 18 18 17 
- Highest     1.80 5.50 5.98 6.60 7.61 
- Consensus 1.70 5.52 1.70 5.42 5.72 6.18 6.71 
- Lowest     1.52 5.29 5.52 5.78 6.02 
Dividend per Share (in EUR)
- Number of Estimates     15 15 14 12 
- Highest     3.15 3.34 3.57 3.86 
- Consensus 3.03 3.07 3.16 3.32 3.48 
- Lowest     2.96 2.95 3.16 3.29 
More estimates on Vara Online Services
Last update on 30/10/2018
The above consensus estimates are reset after each quarterly report. Hence, the estimates do not contain any estimates older than three months.
Disclaimer
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.