Numbers
|
|
|
|
|
|
|
|
Nordea
|
|
SEKm
|
2022
|
2023
|
2024
|
2025
|
2026E
|
2027E
|
2028E
|
|
Total revenue
|
12,201
|
11,880
|
12,349
|
12,871
|
11,819
|
12,356
|
12,878
|
|
EBITDA (adj.)
|
2,025
|
2,020
|
2,123
|
2,231
|
1,990
|
2,138
|
2,257
|
|
EBITDA (adj.) margin
|
16.6%
|
17.0%
|
17.2%
|
17.3%
|
16.8%
|
17.3%
|
17.5%
|
|
EBIT (adj.)
|
678.0
|
798.1
|
880.5
|
940.1
|
776.5
|
877.5
|
952.0
|
|
EBIT (adj.) margin
|
5.56%
|
6.72%
|
7.13%
|
7.30%
|
6.57%
|
7.10%
|
7.39%
|
|
PTP (adj.)
|
203.0
|
327.0
|
501.9
|
570.4
|
314.0
|
494.5
|
580.0
|
|
Net profit (cont. oper.) (adj.)
|
158.0
|
249.8
|
351.3
|
399.3
|
230.5
|
331.5
|
389.5
|
|
Shareholders' equity
|
3,459
|
3,622
|
3,886
|
4,175
|
n.a.
|
n.a.
|
n.a.
|
|
Net debt
|
7,989
|
7,777
|
7,502
|
7,214
|
7,815
|
7,580
|
7,275
|
|
Net gearing
|
227.7%
|
211.6%
|
190.2%
|
170.2%
|
n.a.
|
n.a.
|
n.a.
|
|
Net debt/EBITDA
|
4.39
|
3.87
|
3.53
|
3.23
|
3.93
|
3.55
|
3.22
|
|
Free cash flow
|
1,024
|
1,321
|
1,408
|
1,494
|
n.a.
|
n.a.
|
n.a.
|
|
Diluted no. of shares, year-end (m)
|
35.4
|
35.4
|
35.4
|
35.4
|
n.a.
|
n.a.
|
n.a.
|
|
Nordea Markets estimates published on Jul 16, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
|
|
|
|
|
|
|
Per share data and multiples
|
|
|
|
|
|
|
|
Nordea
|
|
SEKm
|
2022
|
2023
|
2024
|
2025
|
2026E
|
2027E
|
2028E
|
|
EPS (adj. SEK)
|
4.33
|
6.95
|
9.79
|
11.2
|
6.30
|
9.38
|
11.0
|
|
EPS (adj.) growth
|
-9.11%
|
60.7%
|
40.9%
|
13.8%
|
514.8%
|
48.8%
|
17.5%
|
|
DPS (ord. SEK)
|
2.10
|
2.34
|
2.98
|
3.39
|
2.92
|
3.82
|
3.36
|
|
BVPS
|
97.8
|
102.5
|
109.9
|
118.1
|
101.8
|
107.8
|
115.9
|
|
P/E (adj.)
|
15.7
|
7.34
|
5.21
|
4.57
|
n.a.
|
n.a.
|
n.a.
|
|
EV/Sales
|
0.86
|
0.81
|
0.76
|
0.71
|
n.a.
|
n.a.
|
n.a.
|
|
EV/EBITDA (adj.)
|
5.16
|
4.77
|
4.41
|
4.07
|
n.a.
|
n.a.
|
n.a.
|
|
EV/EBIT (adj.)
|
15.4
|
12.1
|
10.6
|
9.66
|
n.a.
|
n.a.
|
n.a.
|
|
P/BV
|
0.70
|
0.50
|
0.46
|
0.43
|
n.a.
|
n.a.
|
n.a.
|
|
Dividend yield (ord.)
|
3.09%
|
4.59%
|
5.84%
|
6.64%
|
5.73%
|
7.48%
|
6.60%
|
|
FCF yield before A&D, lease-adj.
|
15.2%
|
35.7%
|
40.5%
|
45.3%
|
n.a.
|
n.a.
|
n.a.
|
|
ROE
|
-1.42%
|
6.73%
|
9.23%
|
9.78%
|
6.30%
|
9.05%
|
10.0%
|
|
ROIC
|
3.74%
|
4.74%
|
5.24%
|
5.59%
|
n.a.
|
n.a.
|
n.a.
|
|
Nordea Markets estimates published on Jul 16, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
|
|
|
|
|
|
|
 |
|
|