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Analysts and estimates

Estimates are provided by Infront and are based on projections from analysts who cover Axfood. Please note that any opinions, estimates or forecasts regarding Axfood performance made by analysts are theirs alone and not those of Axfood or its management.

Axfood does not by providing or distributing this material imply its endorsement of or concurrence with such information, conclusions or recommendations.

Analysts

Company Name Telephone no
ABG Sundal Collier Fredrik Ivarsson +46 8 566 286 95
Carnegie Niklas Ekman +46 8 588 686 92
Danske Bank Daniel Schmidt +46 8 568 806 39
DNB Ebba Björklid +44 7794 817986
Handelsbanken Nicklas Skogman +46 8 701 31 28
Kepler Chevreux Magnus Råman +46 8 723 51 74
Nordea Daniel Ovin +46 10 156 56 85
SEB Gustav Hagéus +46 8 522 297 45

Estimates

Axfood Group, SEK m 2020Q4A 2021Q4E FY2020A FY2021E FY2022E
Net sales 13,633 16,542 53,696 57,371 66,714
Growth (%) 4.5 21.3 5.8 6.8 16.3
Adjusted operating profit 566 628 2,510 2,665 2,801
Margin (%) 4.2 3.8 4.7 4.6 4.2
Non-recurring items 0 89 0 17 -96
Operating profit 566 717 2,510 2,682 2,705
Margin (%) 4.2 4.3 4.7 4.7 4.1
Profit after financial items 535 685 2,394 2,562 2,576
Profit for the period 423 539 1,908 2,079 2,012
EPS, SEK 2.02 2.58 9.12 9.94 9.62
DPS, SEK - - 7.50 7.66 7.78
Net sales by segment, SEK m 2020Q4A 2021Q4E FY2020A FY2021E FY2022E
Willys 8,123 8,276 31,793 32,275 33,532
Hemköp 1,656 1,647 6,354 6,214 6,343
Snabbgross 791 923 3,417 3,762 3,953
Dagab 12,310 15,206 48,091 51,785 61,225
Joint-Group 250 258 991 1,053 1,087
Internal -9,496 -9,768 -36,951 -37,718 -39,426
Totalt 13,633 16,542 53,696 57,371 66,714
Operating profit by segment, SEK m 2020Q4A 2021Q4E FY2020A FY2021E FY2022E
Willys 339 357 1,551 1,526 1,601
Hemköp 53 59 229 256 264
Snabbgross 28 37 150 185 199
Dagab 230 259 829 940 999
Joint-Group -85 7 -250 -224 -355
Total 566 717 2,510 2,682 2,705
Operating margin by segment, % 2020Q4A 2021Q4E FY2020A FY2021E FY2022E
Willys 4.2 4.3 4.9 4.7 4.8
Hemköp 3.2 3.6 3.6 4.1 4.2
Snabbgross 3.5 4.0 4.4 4.9 5.0
Dagab 1.9 1.7 1.7 1.8 1.6
Joint-Group -34.0 2.7 -25.2 -21.2 -32.6
Total 4.2 4.3 4.7 4.7 4.1

Number of contributors: 8
Last updated estimate: 2021-10-27
Oldest updated estimate: 2021-10-21

Comment
Estimates are provided by Infront.

Explanations
A - Actual (reported)
E - Estimate (average of forecasts)
FY - full year
EPS - Earnings per share before dilution
DPS - Dividend per share