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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377.8
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395.1
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408.1
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381.0
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399.0
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419.2
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EBITDA (adj.)
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87.2
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92.8
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95.8
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99.3
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92.8
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95.7
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99.2
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EBITDA (adj.) margin
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24.4%
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24.6%
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24.3%
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24.3%
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24.3%
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24.0%
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23.7%
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EBIT (adj.)
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32.3
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35.8
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37.1
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38.8
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36.2
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38.1
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40.6
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EBIT (adj.) margin
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9.02%
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9.48%
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9.40%
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9.52%
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9.51%
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9.54%
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9.69%
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PTP (adj.)
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14.8
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19.6
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22.1
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24.6
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19.6
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22.8
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26.6
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Net profit (cont. oper.) (adj.)
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12.0
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16.0
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18.1
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20.2
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13.6
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16.1
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18.9
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Shareholders' equity
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101.8
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110.6
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119.2
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128.6
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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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311.4
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303.1
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294.2
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305.2
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290.0
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274.1
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Net gearing
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276.4%
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249.2%
|
224.9%
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201.9%
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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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3.16
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2.96
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3.29
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3.03
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2.76
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Free cash flow
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55.4
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53.4
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59.0
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61.8
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n.a.
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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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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 Aug 5, 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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0.65
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0.74
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0.82
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0.64
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0.78
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0.90
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EPS (adj.) growth
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190.7%
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-58.7%
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13.1%
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11.4%
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-58.6%
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21.9%
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15.4%
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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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0.33
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0.40
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0.48
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BVPS
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4.84
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5.26
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5.66
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6.11
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5.24
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5.69
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6.20
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P/E (adj.)
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5.22
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11.6
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10.2
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9.18
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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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1.28
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1.21
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1.15
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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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5.21
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4.98
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4.73
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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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12.8
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12.1
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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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1.43
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1.33
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1.23
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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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4.39%
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4.92%
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5.45%
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4.39%
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5.36%
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6.36%
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FCF yield before A&D, lease-adj.
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25.8%
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6.82%
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9.59%
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10.5%
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n.a.
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n.a.
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n.a.
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ROE
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36.4%
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12.9%
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13.5%
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13.9%
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12.0%
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13.8%
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14.7%
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ROIC
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6.41%
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7.47%
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7.90%
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8.30%
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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 Aug 5, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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