Recommendation Total: 8 Buy (2) Hold (4) Sell (2)

		2020YA		2021YE		2022YE		2023YE
			NRI		NRI		NRI		NRI
	Sales (mln)	39740		49111		45012		45488
	Growth YY	2,2%
	EBITDA (mln)	8226		14745		9749		9095
	EBIT (mln)	4186		10622		5467		4760
	Pretax Profit (mln)	3307		9809		4833		4116
Low (mln) - - 8797 - 3461 - 3066 -   High (mln) - - 11036 - 5830 - 5963 -   Median (mln) - - 9728 - 4932 - 3929 -   StDev (%) - - 8,8% - 20,8% - 27,7% -   Contributors - - 5 - 5 - 5 -   Change Q (%) - - 78,0% - 18,6% - -6,5% -   Change Y (%) - - n/m - 20,7% - - -   Up Q - - 5 - 3 - 2 -   Down Q - - 0 - 2 - 3 -   Unchanged Q - - 0 - 0 - 0 -
	Net Profit (mln)	2850		8809		4102		3491
	Total Dividend (mln)	6611		10167		7453		7269
	EPS	145,00		439,77		204,78		174,26
	DPS	330,00		507,56		372,04		362,87
	P/E	17,9

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Contributors: ABG Sundal Collier, Danske Bank Markets, DNB Markets, Jyske Bank, SEB Equities

Recommendation Total: 8 Buy (2) Hold (4) Sell (2)

		2020Q2A		2021Q2E		2021Q2A		2021Q2Dev
			NRI		NRI		NRI
	Sales (mln)	8997		13018
	Growth YY	-6,5%
	EBITDA (mln)	1697		4409
	EBIT (mln)	751		3260
	Pretax Profit (mln)	519
Low (mln) - - - - - - - -   High (mln) - - - - - - - -   Median (mln) - - - - - - - -   StDev (%) - - - - - - - -   Contributors - - - - - - - -   Change Q (%) - - - - - - - -   Change Y (%) - - - - - - - -   Up Q - - - - - - - -   Down Q - - - - - - - -   Unchanged Q - - - - - - - -
	Net Profit (mln)	427		2865
	Total Dividend (mln)
	EPS	21,30		143,04
	DPS
	P/E

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Contributors: