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Last update on 23/03/2017
Business P&L (in EURm except otherwise stated)Q1 2016FY 2016Q1 2017EFY 2017EFY 2018EFY 2019EFY 2020E
Net sales
- Number of Estimates   14 14 14 14 
- Highest     37,016 38,240 40,864 44,093 
- Consensus 7,783 33,821 36,251 37,141 38,746 40,658 
- Lowest     35,287 35,003 35,652 36,457 
Other revenues
- Number of Estimates   14 14 14 14 
- Highest     1,054 981 1,023 1,075 
- Consensus 145 887 852 846 852 864 
- Lowest     640 640 640 640 
Cost of sales
- Number of Estimates   14 14 14 14 
- Highest     -11,161 -10,501 -11,071 -11,292 
- Consensus -2,447 -10,702 -11,643 -11,867 -12,267 -12,777 
- Lowest     -12,045 -12,472 -12,815 -13,554 
Gross Profit
- Number of Estimates   14 14 14 14 
- Highest     25,974 27,071 29,061 31,416 
- Consensus 5,481 24,006 25,459 26,120 27,330 28,746 
- Lowest     24,910 25,028 25,435 26,098 
Gross margin as % of net sales
- Number of Estimates   14 14 14 14 
- Highest     70.8 71.8 71.7 71.6 
- Consensus 70.4 71.0 70.2 70.3 70.5 70.7 
- Lowest     69.5 69.2 69.1 69.1 
R&D expenses
- Number of Estimates   14 14 14 14 
- Highest     -5,446 -5,404 -5,510 -5,664 
- Consensus -1,235 -5,172 -5,528 -5,661 -5,813 -6,004 
- Lowest     -5,641 -5,823 -6,013 -6,271 
SG&A expenses
- Number of Estimates   14 14 14 14 
- Highest     -9,964 -10,056 -10,028 -9,727 
- Consensus -2,212 -9,486 -10,240 -10,460 -10,706 -10,963 
- Lowest     -10,549 -10,898 -11,238 -11,420 
Other current operating income/expense
- Number of Estimates   14 14 14 14 
- Highest     35 64 -40 -40 
- Consensus 93 -127 -53 -143 -339 -630 
- Lowest     -212 -318 -737 -1,351 
Share of profit/loss of associates
- Number of Estimates   14 14 14 14 
- Highest     420 617 642 742 
- Consensus 23 177 254 339 410 469 
- Lowest     165 169 169 152 
Net income attributable to non-controlling interests
- Number of Estimates   14 14 14 14 
- Highest     -80 -20 -4 -4 
- Consensus -27 -113 -103 -111 -86 -85 
- Lowest     -120 -288 -140 -145 
Business operating income
- Number of Estimates   14 14 14 14 
- Highest     10,136 10,641 11,429 12,803 
- Consensus 2,123 9,285 9,789 10,083 10,796 11,532 
- Lowest     9,383 9,418 9,531 9,687 
Operating margin as % of net sales
- Number of Estimates   14 14 14 14 
- Highest     27.8 28.5 30.4 31.5 
- Consensus 27.3 27.5 27.0 27.2 27.9 28.4 
- Lowest     26.6 26.2 26.5 26.6 
Financial income & expense
- Number of Estimates   14 14 14 14 
- Highest     -248 -212 -119 -19 
- Consensus -117 -399 -371 -344 -311 -268 
- Lowest     -580 -601 -637 -655 
Tax rate in %
- Number of Estimates   14 14 14 14 
- Highest     -23.5 -24.0 -23.9 -23.8 
- Consensus -22.6 -23.3 -24.2 -24.4 -24.6 -24.7 
- Lowest     -25.0 -25.3 -25.5 -25.7 
Business net income
- Number of Estimates   14 14 14 14 
- Highest     7,428 7,637 8,451 9,563 
- Consensus 1,722 7,308 7,175 7,414 7,986 8,580 
- Lowest     6,903 6,920 7,090 7,270 
Net profit margin as % of net sales
- Number of Estimates   14 14 14 14 
- Highest     20.1 21.2 22.9 24.0 
- Consensus 22.1 21.6 19.8 20.0 20.6 21.1 
- Lowest     19.5 19.4 19.5 19.1 
Number of shares
- Number of Estimates   13 13 12 12 
- Highest     1,275 1,270 1,270 1,270 
- Consensus 1,288 1,287 1,254 1,240 1,235 1,228 
- Lowest     1,230 1,212 1,194 1,176 
Business EPS (in EUR)
- Number of Estimates   15 15 15 14 
- Highest     5.89 6.20 6.88 7.92 
- Consensus 1.34 5.68 5.71 5.99 6.50 7.02 
- Lowest     5.59 5.60 5.74 5.88 
Dividend per Share (in EUR)
- Number of Estimates   11 11 10 10 
- Highest     3.28 3.44 3.69 3.93 
- Consensus 2.96 3.05 3.17 3.44 3.42 
- Lowest     2.90 3.00 3.15 0.70 
More estimates on Vara Online Services
Last update on 23/03/2017
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.