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Last update on 19/10/2017
Business P&L (in EURm except otherwise stated)Q3 2016FY 2016Q3 2017EFY 2017EFY 2018EFY 2019EFY 2020E
Net sales
- Number of Estimates   14 14 14 12 
- Highest     36,255 37,385 39,262 41,335 
- Consensus 9,028 33,821 35,708 36,268 37,685 39,279 
- Lowest     34,952 34,231 34,920 36,254 
Other revenues
- Number of Estimates   12 12 12 12 
- Highest     1,090 1,120 1,152 1,187 
- Consensus 267 887 958 957 973 993 
- Lowest     623 531 556 584 
Cost of sales
- Number of Estimates   14 14 13 12 
- Highest     -11,245 -10,885 -10,825 -11,166 
- Consensus -2,776 -10,702 -11,504 -11,621 -11,863 -12,230 
- Lowest     -11,767 -12,716 -12,485 -12,709 
Gross Profit
- Number of Estimates   14 14 13 12 
- Highest     25,590 26,525 28,032 29,810 
- Consensus 6,519 24,006 25,180 25,676 26,785 28,041 
- Lowest     24,685 24,296 25,045 26,038 
Gross margin as % of net sales
- Number of Estimates   12 12 12 12 
- Highest     71.1 71.6 71.7 72.1 
- Consensus 72.2 71.0 70.6 70.9 71.2 71.4 
- Lowest     70.0 69.7 69.8 69.7 
R&D expenses
- Number of Estimates   13 13 12 12 
- Highest     -5,327 -5,365 -5,475 -5,568 
- Consensus -1,221 -5,172 -5,475 -5,568 -5,686 -5,838 
- Lowest     -5,600 -5,750 -5,950 -6,090 
SG&A expenses
- Number of Estimates   13 13 12 12 
- Highest     -9,995 -9,722 -9,430 -9,147 
- Consensus -2,274 -9,486 -10,188 -10,234 -10,364 -10,540 
- Lowest     -10,475 -10,947 -10,645 -11,050 
Other current operating income/expense
- Number of Estimates   13 13 12 12 
- Highest     325 187 67 -137 
- Consensus -119 -127 37 -155 -448 -807 
- Lowest     -130 -355 -901 -1,440 
Share of profit/loss of associates
- Number of Estimates   12 12 12 12 
- Highest     283 617 642 556 
- Consensus 71 177 223 326 404 456 
- Lowest     145 205 261 295 
Net income attributable to non-controlling interests
- Number of Estimates   12 12 12 12 
- Highest     -90 -72 -6 -7 
- Consensus -31 -113 -111 -105 -85 -78 
- Lowest     -130 -135 -145 -150 
Business operating income
- Number of Estimates   15 15 14 12 
- Highest     9,949 10,496 11,324 12,107 
- Consensus 2,945 9,285 9,693 9,952 10,592 11,235 
- Lowest     9,262 9,304 9,631 9,835 
Operating margin as % of net sales
- Number of Estimates   13 13 13 12 
- Highest     27.9 28.7 30.2 31.0 
- Consensus 32.6 27.5 27.2 27.5 28.0 28.6 
- Lowest     26.4 26.6 26.7 26.6 
Financial income & expense
- Number of Estimates   12 12 12 12 
- Highest     -250 -212 -100 20 
- Consensus -83 -399 -311 -310 -268 -216 
- Lowest     -505 -559 -547 -536 
Tax rate in %
- Number of Estimates   12 12 12 12 
- Highest     -23.1 -23.4 -23.4 -23.5 
- Consensus -23.3 -23.3 -24.2 -24.6 -24.8 -24.8 
- Lowest     -25.0 -26.4 -26.3 -26.2 
Business net income
- Number of Estimates   15 15 14 12 
- Highest     7,394 7,817 8,373 9,125 
- Consensus 2,300 7,308 7,138 7,321 7,777 8,267 
- Lowest     6,794 6,951 7,165 7,308 
Net profit margin as % of net sales
- Number of Estimates   14 14 14 12 
- Highest     20.7 21.3 22.7 23.4 
- Consensus 23.8 21.6 20.0 20.2 20.7 21.1 
- Lowest     19.4 19.5 19.1 18.2 
Number of shares
- Number of Estimates   13 13 13 10 
- Highest     1,264 1,255 1,248 1,242 
- Consensus 1,289 1,287 1,251 1,235 1,223 1,206 
- Lowest     1,230 1,197 1,179 1,150 
Business EPS (in EUR)
- Number of Estimates   17 17 16 12 
- Highest     5.85 6.20 6.84 7.39 
- Consensus 1.79 5.68 5.72 5.96 6.43 6.98 
- Lowest     5.56 5.63 5.80 5.97 
Dividend per Share (in EUR)
- Number of Estimates   12 12 12 10 
- Highest     3.10 3.28 3.57 3.87 
- Consensus 2.96 3.02 3.13 3.37 3.60 
- Lowest     2.91 3.00 3.20 3.33 
More estimates on Vara Online Services
Last update on 19/10/2017
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.