Numbers
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Nordea
|
|
EURm
|
2022
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2023
|
2024
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2025
|
2026E
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2027E
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2028E
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Total revenue
|
214.6
|
294.1
|
330.5
|
353.6
|
275.5
|
320.0
|
341.0
|
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EBITDA (adj.)
|
32.3
|
41.0
|
49.3
|
52.5
|
34.5
|
41.5
|
44.5
|
|
EBITDA (adj.) margin
|
15.1%
|
13.9%
|
14.9%
|
14.8%
|
12.5%
|
13.0%
|
13.0%
|
|
EBIT (adj.)
|
25.7
|
27.2
|
33.3
|
36.4
|
24.5
|
31.5
|
34.5
|
|
EBIT (adj.) margin
|
12.0%
|
9.25%
|
10.1%
|
10.3%
|
8.89%
|
9.84%
|
10.1%
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PTP (adj.)
|
22.7
|
27.1
|
31.7
|
34.9
|
23.5
|
29.5
|
32.5
|
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Net profit (cont. oper.) (adj.)
|
14.4
|
20.0
|
24.1
|
26.5
|
16.5
|
21.5
|
24.0
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Shareholders' equity
|
135.2
|
155.3
|
179.3
|
205.8
|
n.a.
|
n.a.
|
n.a.
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Net debt
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-53.3
|
-13.2
|
-38.3
|
-66.6
|
-8.80
|
-20.3
|
-53.0
|
|
Net gearing
|
-39.4%
|
-8.50%
|
-21.4%
|
-32.3%
|
n.a.
|
n.a.
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n.a.
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Net debt/EBITDA
|
-1.67
|
-0.32
|
-0.78
|
-1.27
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-0.26
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-0.49
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-1.19
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Free cash flow
|
18.4
|
-37.9
|
26.9
|
30.1
|
856.6
|
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
|
29.4
|
29.4
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29.4
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n.a.
|
n.a.
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n.a.
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|
Nordea Markets estimates published on Oct 30, 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
|
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
|
0.68
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0.82
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0.90
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0.56
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0.74
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0.84
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EPS (adj.) growth
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-39.3%
|
39.5%
|
20.2%
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10.2%
|
19.1%
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33.0%
|
12.1%
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DPS (ord. EUR)
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0.00
|
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
|
0.08
|
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BVPS
|
4.59
|
5.27
|
6.09
|
6.99
|
5.10
|
5.80
|
6.63
|
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P/E (adj.)
|
20.1
|
13.5
|
11.2
|
10.2
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n.a.
|
n.a.
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n.a.
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EV/Sales
|
1.10
|
0.87
|
0.70
|
0.58
|
n.a.
|
n.a.
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n.a.
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EV/EBITDA (adj.)
|
7.30
|
6.26
|
4.70
|
3.88
|
n.a.
|
n.a.
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n.a.
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EV/EBIT (adj.)
|
9.19
|
9.44
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6.97
|
5.59
|
n.a.
|
n.a.
|
n.a.
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P/BV
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2.14
|
1.74
|
1.51
|
1.31
|
n.a.
|
n.a.
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n.a.
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Dividend yield (ord.)
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
0.00%
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0.00%
|
0.87%
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FCF yield before A&D, lease-adj.
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5.72%
|
3.81%
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9.30%
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10.5%
|
334.7%
|
400.2%
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n.a.
|
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ROE
|
10.4%
|
13.8%
|
14.4%
|
13.8%
|
11.6%
|
13.6%
|
13.4%
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ROIC
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21.1%
|
17.8%
|
17.5%
|
19.3%
|
n.a.
|
n.a.
|
n.a.
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Nordea Markets estimates published on Oct 30, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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