Numbers
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Nordea
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EURm
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2022
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2023
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2024
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2025
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2026E
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2027E
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2028E
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Total revenue
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214.6
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277.0
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309.4
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328.0
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281.5
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324.0
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347.5
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EBITDA (adj.)
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32.3
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39.0
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44.6
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47.1
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38.0
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43.5
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47.0
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EBITDA (adj.) margin
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15.1%
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14.1%
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14.4%
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14.4%
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13.5%
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13.4%
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13.5%
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EBIT (adj.)
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25.7
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30.1
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35.4
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38.0
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29.0
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34.5
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37.5
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EBIT (adj.) margin
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12.0%
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10.9%
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11.4%
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11.6%
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10.3%
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10.6%
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10.8%
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PTP (adj.)
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22.7
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29.0
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33.5
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36.1
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17.5
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33.0
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36.5
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Net profit (cont. oper.) (adj.)
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14.4
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22.5
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26.1
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28.1
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22.0
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26.0
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28.5
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Shareholders' equity
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135.2
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155.5
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178.9
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204.4
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n.a.
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n.a.
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n.a.
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Net debt
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-53.3
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-12.1
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-30.9
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-52.7
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-14.6
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-31.4
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-52.7
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Net gearing
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-39.4%
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-7.81%
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-17.3%
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-25.8%
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n.a.
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n.a.
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n.a.
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Net debt/EBITDA
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-1.67
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-0.33
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-0.74
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-1.18
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-0.38
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-0.72
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-1.12
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Free cash flow
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18.4
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-39.0
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20.6
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23.6
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856.6
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1,024
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n.a.
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Diluted no. of shares, year-end (m)
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29.4
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29.4
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29.4
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29.4
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n.a.
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n.a.
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n.a.
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Nordea Markets estimates published on May 4, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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Per share data and multiples
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Nordea
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EURm
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2022
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2023
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2024
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2025
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2026E
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2027E
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2028E
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EPS (adj. EUR)
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0.49
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0.77
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0.88
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0.95
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0.71
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0.84
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0.94
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EPS (adj.) growth
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-39.3%
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57.0%
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15.6%
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7.72%
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51.1%
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17.6%
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12.6%
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DPS (ord. EUR)
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0.00
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0.00
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0.00
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0.00
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0.00
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0.00
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0.10
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BVPS
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4.59
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5.28
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6.08
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6.94
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5.30
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6.14
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7.03
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P/E (adj.)
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20.1
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11.7
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10.2
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9.42
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n.a.
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n.a.
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n.a.
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EV/Sales
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1.10
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0.91
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0.75
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0.65
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n.a.
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n.a.
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n.a.
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EV/EBITDA (adj.)
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7.30
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6.48
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5.23
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4.49
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n.a.
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n.a.
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n.a.
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EV/EBIT (adj.)
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9.19
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8.39
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6.59
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5.57
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n.a.
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n.a.
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n.a.
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P/BV
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2.14
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1.70
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1.48
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1.29
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n.a.
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n.a.
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n.a.
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Dividend yield (ord.)
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0.00%
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0.00%
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0.00%
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0.00%
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0.00%
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0.00%
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1.11%
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FCF yield before A&D, lease-adj.
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5.72%
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3.49%
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7.10%
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8.23%
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334.7%
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400.2%
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n.a.
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ROE
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10.4%
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13.9%
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14.0%
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13.3%
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14.4%
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14.5%
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14.0%
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ROIC
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21.1%
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19.6%
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18.1%
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18.9%
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n.a.
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n.a.
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n.a.
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Nordea Markets estimates published on May 4, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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