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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358.0
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376.9
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394.2
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408.2
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380.0
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398.0
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416.8
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EBITDA (adj.)
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87.2
|
92.6
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96.6
|
100.5
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92.5
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95.6
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99.5
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EBITDA (adj.) margin
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24.4%
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24.6%
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24.5%
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24.6%
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24.3%
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24.0%
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23.9%
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EBIT (adj.)
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32.3
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35.6
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37.9
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40.1
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35.9
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38.0
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40.6
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EBIT (adj.) margin
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9.02%
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9.44%
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9.61%
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9.82%
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9.45%
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9.56%
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9.75%
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PTP (adj.)
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14.8
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19.2
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22.9
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25.9
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19.5
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23.4
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27.2
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Net profit (cont. oper.) (adj.)
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12.0
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15.7
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18.8
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21.3
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13.1
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16.2
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18.9
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Shareholders' equity
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101.8
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110.4
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119.4
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129.7
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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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317.6
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311.5
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302.7
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292.7
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240.0
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227.4
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213.3
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Net gearing
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276.4%
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250.0%
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224.1%
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199.1%
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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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3.64
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3.36
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3.13
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2.91
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2.59
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2.38
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2.14
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Free cash flow
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55.4
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53.2
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59.6
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62.9
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397.7
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467.2
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500.9
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Diluted no. of shares, year-end (m)
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21.0
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21.0
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21.0
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21.0
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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 Oct 21, 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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1.57
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0.64
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0.76
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0.86
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0.62
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0.77
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0.90
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EPS (adj.) growth
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190.7%
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-59.6%
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19.4%
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13.1%
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-59.4%
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23.7%
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17.1%
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DPS (ord. EUR)
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0.23
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0.33
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0.37
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0.41
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0.31
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0.38
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0.46
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BVPS
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4.84
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5.24
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5.67
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6.16
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5.23
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5.69
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6.22
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P/E (adj.)
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5.22
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11.5
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9.60
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8.49
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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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1.41
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1.27
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1.20
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1.14
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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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5.78
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5.18
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4.89
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4.61
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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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15.6
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13.5
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12.5
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11.6
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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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1.70
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1.39
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1.29
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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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Dividend yield (ord.)
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2.80%
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4.52%
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5.07%
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5.62%
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4.29%
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5.25%
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6.27%
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FCF yield before A&D, lease-adj.
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25.8%
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6.91%
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10.3%
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11.6%
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254.4%
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298.8%
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320.3%
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ROE
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36.4%
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12.6%
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13.9%
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14.5%
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11.8%
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13.6%
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14.4%
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ROIC
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6.41%
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7.37%
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8.04%
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8.54%
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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 Oct 21, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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