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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1,140
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1,156
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1,210
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1,257
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1,151
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1,189
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1,228
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EBITDA (adj.)
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133.6
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173.3
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199.3
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216.0
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169.4
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192.6
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205.0
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EBITDA (adj.) margin
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11.7%
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15.0%
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16.5%
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17.2%
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14.7%
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16.2%
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16.7%
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EBIT (adj.)
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76.4
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96.9
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120.0
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134.8
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95.0
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114.9
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126.9
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EBIT (adj.) margin
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6.70%
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8.38%
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9.92%
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10.7%
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8.25%
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9.67%
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10.3%
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PTP (adj.)
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50.9
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66.8
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93.3
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110.1
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56.2
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92.3
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106.0
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Net profit (cont. oper.) (adj.)
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47.9
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55.0
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71.9
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84.7
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57.8
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74.9
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85.8
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Shareholders' equity
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710.4
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682.1
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685.5
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701.8
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n.a.
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n.a.
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n.a.
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Net debt
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513.2
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474.3
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445.2
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425.0
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464.9
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447.8
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426.0
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Net gearing
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71.8%
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69.1%
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64.5%
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60.1%
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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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4.19
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2.98
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2.23
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1.97
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2.74
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2.33
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2.08
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Free cash flow
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58.0
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138.4
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128.2
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119.9
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99.6
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n.a.
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n.a.
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Diluted no. of shares, year-end (m)
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81.0
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81.0
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81.0
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81.0
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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 Jul 17, 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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0.59
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0.67
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0.88
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1.04
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0.49
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0.87
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1.00
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EPS (adj.) growth
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-52.9%
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14.5%
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30.8%
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18.0%
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308.3%
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77.1%
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15.4%
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DPS (ord. EUR)
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0.84
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0.84
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0.84
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0.86
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0.76
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0.79
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0.83
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BVPS
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8.77
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8.42
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8.46
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8.66
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8.42
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8.57
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8.82
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P/E (adj.)
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21.5
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19.3
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14.7
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12.5
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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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1.35
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1.33
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1.24
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1.18
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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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11.6
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8.84
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7.54
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6.87
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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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20.2
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15.8
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12.5
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11.0
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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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1.45
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1.54
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1.54
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1.50
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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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6.62%
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6.46%
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6.46%
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6.62%
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5.86%
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6.09%
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6.40%
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FCF yield before A&D, lease-adj.
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2.40%
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9.99%
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8.95%
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8.09%
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7.63%
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n.a.
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n.a.
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ROE
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1.27%
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5.71%
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10.5%
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12.2%
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6.36%
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10.2%
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11.6%
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ROIC
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4.70%
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6.28%
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8.06%
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9.17%
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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 Jul 17, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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