Analysts and estimates
Estimates are provided by SME Direkt and are based on projections from analysts who cover Swedish Match. Please note that any opinions, estimates or forecasts regarding Swedish Match performance made by analysts are theirs alone and not those of Swedish Match or its management. Swedish Match does not by providing or distributing this material imply its endorsement of or concurrence with such information, conclusions or recommendations.
Analysts
| Company | Analyst | Phone no |
|---|---|---|
| ABG Sundal Collier | Andreas Lundberg | +46-8-56628651 |
| Bernstein | Callum Elliott | +44-207-1700502 |
| Carnegie | Niklas Ekman | +46-8-6768692 |
| Citigroup | Adam Spielman | +44-207-9864211 |
| Credit Suisse LLC | Faham Baig/Pieter Vorster | +44-207-8880285 |
| Deutsche Bank | Gerry Gallagher | +44-20-75450251 |
| DNB Markets | Martin Arnell | +46-8-4734895 |
| Exane BNP Paribas | Eamonn Ferry | +44-207-0399404 |
| Goldman Sachs | Fulvio Cazzol | +44-207-5523722 |
| Handelsbanken | Karri Rinta | +46-8-7013636 |
| Jefferies | Owen Bennett | +44-207-0298431 |
| Morgan Stanley | Sanath Sudarsan | +44-207-4258259 |
| Nordea | Stellan Hellström | +46-8-53492202 |
| SEB | Gustav Sandström | +46-8-52229745 |
| Societe Generale | Chas Manso | +44-207-7624334 |
Estimates
| Swedish Match Group | |||||||
|---|---|---|---|---|---|---|---|
| MSEK | 2017Q4A | 2018Q4A | 2018Q4E | 2017A | 2018A | 2019E | 2020E |
| Sales | 2,951 | 3,301 | 3,239 | 11,751 | 12,966 | 13,921 | 14,689 |
| Growth (%) | -25.42% | 11.86% | - | -24.44% | 10.34% | - | - |
| Operating profit | 1,178 | 1,196 | 1,183 | 4,592 | 4,812 | 5,182 | 5,549 |
| Margin (%) | 39.9% | 36.2% | 36.5% | 39.1% | 37.1% | 37.2% | 37.8% |
| Profit before income tax | 1,134 | 1,134 | 1,101 | 4,353 | 4,531 | 4,868 | 5,219 |
| Profit for the year | 904 | 925 | 869 | 3,400 | 3,578 | 3,814 | 4,090 |
| Earnings per share (EPS), SEK | 5.10 | 5.41 | 5.01 | 18.88 | 20.63 | 21.99 | 23.58 |
| Dividend per share (DPS), SEK | - | - | - | 16.60 | 10.50 | 11.70 | 12.88 |
| Product areas | |||||||
| MSEK | |||||||
| Sales | |||||||
| Snuff and moist snuff | 1,407 | 1,632 | 1,548 | 5,485 | 6,127 | 6,542 | 7,074 |
| Other tobacco products | 1,120 | 1,233 | 1,273 | 4,634 | 5,240 | 5,693 | 5,887 |
| Lights | 341 | 349 | 332 | 1,291 | 1,246 | 1,238 | 1,240 |
| Other operations | 84 | 87 | 86 | 342 | 353 | 672 | 364 |
| Operating profit | |||||||
| Snuff and moist snuff | 612 | 725 | 694 | 2,358 | 2,791 | 2,943 | 3,222 |
| Other tobacco products | 417 | 456 | 471 | 1,776 | 1,956 | 2,143 | 2,220 |
| Lights | 68 | 66 | 56 | 211 | 189 | 188 | 187 |
| Other operations | -53 | -50 | -38 | -126 | -124 | -124 | -128 |
| Operating margin (%) | |||||||
| Snuff and moist snuff | 43.5% | 44.4% | 44.9% | 43.0% | 45.6% | 45.0% | 45.5% |
| Other tobacco products | 37.2% | 37.0% | 37.0% | 38.3% | 37.3% | 37.7% | 37.7% |
| Lights | 19.9% | 18.9% | 16.8% | 16.3% | 15.2% | 15.2% | 15.1% |
| Other operations | -63.1% | -57.5% | -44.3% | -36.8% | -35.1% | -18.5% | -35.0% |
Number of contributors: 11
Last updated estimate: 2019-02-05
Oldest updated estimate: 2019-01-18
| Consensus recommendation | |
|---|---|
| Sell | 3 |
| Hold | 2 |
| Buy | 8 |
| Contributors | ||
|---|---|---|
| Citi Investment Research | Exane BNP Paribas | Morgan Stanley |
| Credit Suisse | Goldman Sachs & Co | Sanford C. Bernstein |
| Deutsche Bank | Handelsbanken Capital Markets | Societe Generale |
| DNB Markets | Jefferies International |
Comments
Estimates are continually updated by SME Direkt.
Explanations
A - Actual (reported)
E - Estimate (average of forecasts)
Profit for the year - Profit attributable to the Equity holders of the parent
EPS - Earnings per share, basic, SEK from continuing operations
