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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374.4
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391.6
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404.4
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375.8
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396.2
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416.5
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EBITDA (adj.)
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87.2
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91.1
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95.0
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98.3
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91.1
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94.4
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97.9
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EBITDA (adj.) margin
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24.4%
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24.3%
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24.3%
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24.3%
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24.3%
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23.8%
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23.5%
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EBIT (adj.)
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32.3
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34.6
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36.8
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38.4
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34.6
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36.8
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39.4
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EBIT (adj.) margin
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9.02%
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9.24%
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9.40%
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9.49%
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9.21%
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9.29%
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9.47%
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PTP (adj.)
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14.8
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18.9
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21.7
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24.1
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19.1
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23.1
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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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15.5
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17.8
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19.8
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12.9
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17.0
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19.6
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Shareholders' equity
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101.8
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110.1
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118.3
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127.3
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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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312.6
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304.4
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295.5
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307.4
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295.0
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281.4
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Net gearing
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276.4%
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251.3%
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227.2%
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204.6%
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n.a.
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n.a.
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n.a.
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Net debt/EBITDA
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3.64
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3.43
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3.20
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3.01
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3.37
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3.13
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2.88
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Free cash flow
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55.4
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51.4
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58.2
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60.8
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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 Jul 16, 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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0.63
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0.72
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0.80
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0.60
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0.75
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0.88
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EPS (adj.) growth
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190.7%
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-60.2%
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14.8%
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11.1%
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-61.0%
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25.5%
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16.6%
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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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0.47
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BVPS
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4.84
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5.23
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5.62
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6.05
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5.18
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5.60
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6.09
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P/E (adj.)
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5.22
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11.9
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10.4
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9.33
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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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1.29
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1.22
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1.16
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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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5.31
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5.02
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4.77
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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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14.0
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13.0
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12.2
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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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1.42
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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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4.43%
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4.97%
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5.50%
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4.40%
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5.34%
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6.31%
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FCF yield before A&D, lease-adj.
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25.8%
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6.09%
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9.67%
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10.6%
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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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12.4%
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13.2%
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13.7%
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11.5%
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13.3%
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14.3%
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ROIC
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6.41%
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7.36%
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7.80%
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8.19%
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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 16, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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