Numbers
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Nordea
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EURm
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2021
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2022
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2023
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2024
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2025E
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2026E
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2027E
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Total revenues
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Ebitda (adj.)
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57.92
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86.40
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82.20
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101.58
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91.11
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93.46
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96.77
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Ebitda - margin
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31.1%
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27.4%
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22.1%
|
23.8%
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23.0%
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22.6%
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22.5%
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EBIT (adj.)
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EBIT (adj.) margin
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5.8%
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12.3%
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9.2%
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9.8%
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9.6%
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9.7%
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9.7%
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PTP (adj.)
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-0.7
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16.1
|
11.3
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17.9
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21.4
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24.6
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26.7
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Net profit from cont oper (adj)
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1.70
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11.80
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8.60
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15.01
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17.31
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20.02
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21.76
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Shareholders´ Equity
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64.4
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74.8
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78.1
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80.3
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93.1
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100.9
|
109.5
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Net interest bearing debt
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321.6
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290.4
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348.9
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341.3
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284.4
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276.2
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264.0
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Net gearing
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463.5%
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354.1%
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326.7%
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332.0%
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267.5%
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240.4%
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212.4%
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Net debt/EBITDA
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7.0
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3.7
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4.2
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3.4
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3.1
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3.0
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2.7
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Free cash flow to equity
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36.0
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56.1
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79.4
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78.8
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66.6
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58.2
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64.2
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Diluted number of shares in issue, year-end (m)
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19.2
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20.8
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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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21.0
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Nordea Markets estimates published on May 7, 2025 Source: Company data, Nordea estimates |
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Per share data and multiples
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Nordea
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EUR and %
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2021
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2022
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2023
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2024
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2025E
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2026E
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2027E
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EPS (adj.)
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EPS (adj.) growth
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107.9%
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474.9%
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-30.4%
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85.4%
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39.3%
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16.8%
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8.7%
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DPS
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0.00
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0.40
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0.43
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0.46
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0.51
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0.55
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0.59
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BVPS
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3.3
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3.6
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3.7
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3.8
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4.4
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4.8
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5.2
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P/E (adj.)
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n.a.
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16.0
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30.3
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14.7
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11.9
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10.2
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9.4
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EV/Sales
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2.54
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1.39
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1.51
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1.24
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1.23
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1.16
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1.09
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EV/EBITDA (adj.)
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8.17
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5.06
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6.85
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5.22
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5.34
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5.13
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4.83
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EV/EBIT (adj.)
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44.70
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11.33
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16.37
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12.73
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12.73
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11.96
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11.20
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P/BV
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2.28
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1.87
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2.37
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2.08
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2.03
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1.87
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1.73
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Dividend yield
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0.0%
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6.0%
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4.9%
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5.8%
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5.7%
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6.1%
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6.6%
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FCF Yield bef A&D, lease adj
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2.4%
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21.8%
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-0.6%
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40.7%
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19.9%
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10.0%
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12.6%
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RoE
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-14.6%
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2.2%
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9.9%
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14.4%
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44.8%
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19.1%
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19.2%
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ROIC
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2.5%
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9.1%
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7.1%
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7.6%
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7.4%
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8.4%
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8.8%
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Nordea Markets estimates published on May 7, 2025 Source: Company data, Nordea estimates |
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