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Last update on 26/07/2017
Business P&L (in EURm except otherwise stated)Q2 2016FY 2016Q2 2017EFY 2017EFY 2018EFY 2019EFY 2020E
Net sales
- Number of Estimates     16 18 18 18 16 
- Highest     8,897 37,027 38,274 40,740 43,898 
- Consensus 8,143 33,821 8,716 36,061 36,951 38,642 40,753 
- Lowest     8,503 35,243 34,409 35,161 37,137 
Other revenues
- Number of Estimates     16 15 15 15 15 
- Highest     270 1,059 1,081 1,100 1,121 
- Consensus 165 887 190 872 869 883 898 
- Lowest     98 618 525 551 580 
Cost of sales
- Number of Estimates     16 14 14 14 14 
- Highest     -2,663 -11,149 -10,151 -10,372 -10,956 
- Consensus -2,523 -10,702 -2,783 -11,594 -11,748 -12,242 -12,834 
- Lowest     -2,901 -11,855 -12,164 -13,126 -14,077 
Gross Profit
- Number of Estimates     16 14 14 14 14 
- Highest     6,361 25,827 26,872 28,438 30,959 
- Consensus 5,785 24,006 6,123 25,310 26,017 27,237 28,882 
- Lowest     5,988 24,603 25,145 25,675 27,069 
Gross margin as % of net sales
- Number of Estimates     16 14 14 14 14 
- Highest     71.5 71.1 73.1 73.0 72.9 
- Consensus 71.0 71.0 70.3 70.2 70.5 70.6 70.8 
- Lowest     68.9 69.2 69.3 69.4 69.5 
R&D expenses
- Number of Estimates     15 14 14 14 14 
- Highest     -1,285 -5,207 -5,261 -5,368 -5,639 
- Consensus -1,279 -5,172 -1,343 -5,447 -5,572 -5,761 -5,995 
- Lowest     -1,397 -5,618 -5,800 -6,085 -6,561 
SG&A expenses
- Number of Estimates     15 14 14 14 14 
- Highest     -2,466 -9,881 -9,981 -9,515 -9,135 
- Consensus -2,397 -9,486 -2,560 -10,146 -10,299 -10,587 -10,924 
- Lowest     -2,640 -10,576 -10,738 -11,075 -11,894 
Other current operating income/expense
- Number of Estimates     15 14 14 14 14 
- Highest     85 350 234 49 18 
- Consensus -23 -127 -18 -149 -343 -659 
- Lowest     -20 -587 -697 -918 -1,556 
Share of profit/loss of associates
- Number of Estimates     15 14 14 14 14 
- Highest     129 403 617 660 821 
- Consensus 30 177 58 233 339 426 486 
- Lowest     30 120 120 120 120 
Net income attributable to non-controlling interests
- Number of Estimates     15 14 14 14 14 
- Highest     -19 -91 -73 
- Consensus -23 -113 -26 -118 -170 -185 -241 
- Lowest     -35 -190 -724 -1,357 -2,126 
Business operating income
- Number of Estimates     16 17 17 17 15 
- Highest     2,383 10,184 10,720 11,540 12,933 
- Consensus 2,093 9,285 2,261 9,854 10,219 10,881 11,593 
- Lowest     2,110 9,655 9,737 10,303 10,577 
Operating margin as % of net sales
- Number of Estimates     16 16 16 16 15 
- Highest     27.3 28.3 30.4 31.5 32.4 
- Consensus 25.7 27.5 25.9 27.3 27.6 28.0 28.4 
- Lowest     24.5 26.4 26.5 25.3 24.1 
Financial income & expense
- Number of Estimates     15 15 15 15 14 
- Highest     -57 -199 -169 -139 621 
- Consensus -74 -399 -89 -353 -351 -318 -232 
- Lowest     -125 -505 -578 -653 -670 
Tax rate in %
- Number of Estimates     14 14 14 14 14 
- Highest     -22.8 -23.5 -23.3 -22.5 -19.4 
- Consensus -23.2 -23.3 -24.5 -24.5 -24.6 -24.5 -24.2 
- Lowest     -25.1 -27.3 -25.8 -25.7 -25.7 
Business net income
- Number of Estimates     16 17 17 17 15 
- Highest     1,730 7,421 7,862 8,484 9,659 
- Consensus 1,680 7,308 1,648 7,181 7,478 8,011 8,670 
- Lowest     1,526 6,921 7,135 7,462 7,692 
Net profit margin as % of net sales
- Number of Estimates     16 17 17 17 15 
- Highest     19.8 20.5 22.6 23.8 24.5 
- Consensus 20.6 21.6 18.9 19.9 20.2 20.7 21.2 
- Lowest     17.7 19.2 19.2 18.9 18.6 
Number of shares
- Number of Estimates     16 15 15 15 14 
- Highest     1,289 1,280 1,280 1,280 1,280 
- Consensus 1,287 1,287 1,259 1,255 1,240 1,229 1,220 
- Lowest     1,250 1,230 1,211 1,193 1,175 
Business EPS (in EUR)
- Number of Estimates     16 20 20 20 16 
- Highest     1.37 5.91 6.32 6.98 8.04 
- Consensus 1.31 5.68 1.31 5.73 6.03 6.53 7.03 
- Lowest     1.22 5.51 5.54 5.74 6.10 
Dividend per Share (in EUR)
- Number of Estimates     11 11 11 
- Highest     3.52 3.28 3.57 3.87 
- Consensus 2.96 3.08 3.16 3.38 3.60 
- Lowest     2.96 3.00 3.20 3.46 
More estimates on Vara Online Services
Last update on 26/07/2017
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.