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Last update on 11/12/2017
Business P&L (in EURm except otherwise stated)Q4 2016FY 2016Q4 2017EFY 2017EFY 2018EFY 2019EFY 2020E
Net sales
- Number of Estimates   16 16 16 15 
- Highest     35,418 36,065 38,499 41,207 
- Consensus 8,867 33,821 35,119 35,055 36,365 38,032 
- Lowest     34,884 33,527 34,298 35,129 
Other revenues
- Number of Estimates   15 15 15 15 
- Highest     1,216 1,251 1,290 1,332 
- Consensus 310 887 1,100 1,098 1,125 1,148 
- Lowest     957 917 951 945 
Cost of sales
- Number of Estimates   17 17 16 15 
- Highest     -11,171 -10,729 -10,667 -10,855 
- Consensus -2,956 -10,702 -11,387 -11,455 -11,719 -12,077 
- Lowest     -11,735 -12,415 -12,460 -13,034 
Gross Profit
- Number of Estimates   17 17 16 15 
- Highest     25,262 25,794 27,334 29,318 
- Consensus 6,221 24,006 24,895 24,907 25,964 27,103 
- Lowest     24,639 23,998 24,741 25,474 
Gross margin as % of net sales
- Number of Estimates   15 15 15 15 
- Highest     71.3 71.6 73.2 73.8 
- Consensus 70.2 71.0 70.8 70.8 71.0 71.3 
- Lowest     70.1 69.8 69.7 69.8 
R&D expenses
- Number of Estimates   16 16 15 15 
- Highest     -5,269 -5,171 -5,417 -5,396 
- Consensus -1,437 -5,172 -5,455 -5,465 -5,612 -5,784 
- Lowest     -5,521 -5,688 -5,893 -6,150 
SG&A expenses
- Number of Estimates   16 16 15 15 
- Highest     -9,798 -9,533 -9,533 -9,247 
- Consensus -2,603 -9,486 -9,987 -9,895 -10,052 -10,241 
- Lowest     -10,157 -10,127 -10,645 -11,120 
Other current operating income/expense
- Number of Estimates   16 16 15 14 
- Highest     164 261 -40 -40 
- Consensus -78 -127 83 -74 -373 -678 
- Lowest     -28 -285 -712 -1,152 
Share of profit/loss of associates
- Number of Estimates   15 15 15 14 
- Highest     310 368 642 534 
- Consensus 53 177 205 260 359 405 
- Lowest     159 164 173 178 
Net income attributable to non-controlling interests
- Number of Estimates   15 15 15 14 
- Highest     -98 -75 
- Consensus -32 -113 -118 -109 -86 -78 
- Lowest     -129 -127 -135 -140 
Business operating income
- Number of Estimates   19 19 18 14 
- Highest     9,845 10,340 11,259 11,359 
- Consensus 2,124 9,285 9,616 9,603 10,136 10,597 
- Lowest     9,474 9,014 9,406 9,854 
Operating margin as % of net sales
- Number of Estimates   16 16 16 14 
- Highest     28.0 28.5 29.4 30.1 
- Consensus 24.0 27.5 27.4 27.4 27.8 28.0 
- Lowest     26.8 26.1 26.5 26.6 
Financial income & expense
- Number of Estimates   17 17 17 14 
- Highest     -247 -150 -70 15 
- Consensus -125 -399 -292 -273 -238 -215 
- Lowest     -371 -467 -455 -444 
Tax rate in %
- Number of Estimates   15 15 15 14 
- Highest     -23.9 -23.0 -23.1 -23.1 
- Consensus -24.0 -23.3 -24.4 -24.6 -24.7 -24.7 
- Lowest     -25.0 -27.0 -26.9 -26.9 
Business net income
- Number of Estimates   18 18 17 15 
- Highest     7,262 7,691 8,430 8,509 
- Consensus 1,606 7,308 7,080 7,087 7,526 7,942 
- Lowest     6,928 6,663 6,943 7,268 
Net profit margin as % of net sales
- Number of Estimates   15 15 15 15 
- Highest     20.6 21.3 22.8 23.4 
- Consensus 18.1 21.6 20.1 20.1 20.6 20.9 
- Lowest     19.6 19.3 19.6 19.6 
Number of shares
- Number of Estimates   16 16 16 14 
- Highest     1,263 1,253 1,252 1,255 
- Consensus 1,283 1,287 1,255 1,237 1,224 1,208 
- Lowest     1,248 1,201 1,180 1,149 
Business EPS (in EUR)
- Number of Estimates   19 19 18 15 
- Highest     5.78 6.19 6.80 7.06 
- Consensus 1.25 5.68 5.65 5.72 6.13 6.57 
- Lowest     5.51 5.46 5.54 5.79 
Dividend per Share (in EUR)
- Number of Estimates   16 16 15 13 
- Highest     3.10 3.21 3.45 3.67 
- Consensus 2.96 3.00 3.05 3.23 3.42 
- Lowest     2.91 2.86 3.07 3.20 
More estimates on Vara Online Services
Last update on 11/12/2017
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.