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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797.1
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1,023
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1,106
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1,173
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1,014
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1,098
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1,168
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EBITDA (adj.)
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78.0
|
98.9
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106.3
|
110.7
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98.3
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106.0
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112.7
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EBITDA (adj.) margin
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9.79%
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9.67%
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9.61%
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9.44%
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9.70%
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9.66%
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9.65%
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EBIT (adj.)
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54.3
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68.4
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75.7
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79.8
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67.3
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76.0
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82.3
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EBIT (adj.) margin
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6.81%
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6.69%
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6.84%
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6.80%
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6.64%
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6.92%
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7.05%
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PTP (adj.)
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51.1
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62.1
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69.3
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73.6
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46.3
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71.0
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76.7
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Net profit (cont. oper.) (adj.)
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40.8
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46.6
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53.0
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58.2
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47.1
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55.0
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60.1
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Shareholders' equity
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314.5
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344.3
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379.3
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418.2
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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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11.2
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115.0
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104.6
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92.3
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80.8
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91.2
|
64.5
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Net gearing
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3.56%
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33.3%
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27.5%
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22.0%
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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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0.14
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1.16
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0.98
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0.83
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0.82
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0.86
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0.57
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Free cash flow
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24.0
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-82.6
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33.0
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36.2
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34.0
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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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64.7
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64.7
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64.7
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64.7
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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 26, 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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0.63
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0.71
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0.81
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0.89
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0.72
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0.84
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0.92
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EPS (adj.) growth
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3.78%
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13.6%
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14.0%
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9.79%
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15.6%
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16.7%
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9.56%
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DPS (ord. EUR)
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0.25
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0.27
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0.29
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0.31
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0.26
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0.28
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0.30
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BVPS
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4.86
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5.32
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5.86
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6.46
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5.30
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5.97
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6.60
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P/E (adj.)
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15.9
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16.9
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14.8
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13.5
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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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0.82
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0.87
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0.80
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0.74
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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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8.43
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9.02
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8.30
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7.87
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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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12.1
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13.0
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11.7
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10.9
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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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2.05
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2.25
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2.05
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1.86
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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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2.51%
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2.25%
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2.42%
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2.58%
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2.19%
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2.33%
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2.52%
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FCF yield before A&D, lease-adj.
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4.91%
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0.41%
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4.87%
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5.29%
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5.20%
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n.a.
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n.a.
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ROE
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13.4%
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14.0%
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14.5%
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14.4%
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14.6%
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15.2%
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15.0%
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ROIC
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12.4%
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13.0%
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12.0%
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12.0%
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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 26, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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