Numbers
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Nordea
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NOKm
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2016
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2017
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2018
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2019
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2020E
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2021E
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2022E
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Total revenues
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Ebitda (adj.)
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484.28
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5,269.11
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6,652.45
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11,003.00
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31,210.02
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34,635.36
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43,825.44
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Ebitda - margin
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0.9%
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7.9%
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6.2%
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8.4%
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14.8%
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15.0%
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16.0%
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EBIT (adj.)
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EBIT (adj.) margin
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-12.0%
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-3.1%
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-0.6%
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2.3%
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9.4%
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8.7%
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10.4%
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PTP (adj.)
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-7,087.7
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-2,111.9
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1,877.5
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4,888.0
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21,179.9
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19,423.4
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27,871.2
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Net profit from cont oper (adj)
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-7,016.25
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-2,187.22
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2,110.88
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5,369.70
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18,191.19
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18,452.19
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26,477.64
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Shareholders´ Equity
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76,207.0
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111,004.0
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109,753.0
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113,396.0
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144,574.9
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159,688.1
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182,826.8
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Net interest bearing debt
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-19,818.0
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-13,558.0
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-18,655.0
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-15,620.0
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-28,041.9
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-41,111.2
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-57,122.8
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Net gearing
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-26.0%
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-12.2%
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-17.0%
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-13.8%
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-17.1%
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-22.9%
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-28.2%
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Net debt/EBITDA
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n.a.
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-4.9
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-3.7
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-1.5
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-1.0
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-1.2
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-1.3
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Free cash flow to equity
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-6,414.0
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-12,093.0
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2,831.0
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-8,466.0
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25,265.9
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16,408.3
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19,350.6
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Diluted number of shares in issue, year-end (m)
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17,613.0
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18,594.0
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19,160.9
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19,638.2
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20,873.2
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20,873.2
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20,873.2
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Nordea Markets estimates published on Nov 12, 2020 Source: Company data, Nordea estimates |
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Per share data and multiples
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Nordea
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NOK and %
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2016
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2017
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2018
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2019
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2020E
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2021E
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2022E
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EPS (adj.)
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EPS (adj.) growth
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58.3%
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270.2%
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-91.8%
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148.2%
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225.2%
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-0.6%
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43.5%
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DPS
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0.00
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0.00
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0.00
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0.00
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0.00
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0.00
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0.00
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BVPS
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4.3
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6.0
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5.7
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5.8
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6.9
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7.7
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8.8
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P/E (adj.)
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n.a.
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6.8
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73.5
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27.4
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39.6
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39.8
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27.7
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EV/Sales
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2.63
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2.34
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1.27
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1.00
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3.44
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3.09
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2.54
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EV/EBITDA (adj.)
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289.67
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29.54
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20.53
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11.97
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23.27
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20.59
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15.91
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EV/EBIT (adj.)
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n.a.
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n.a.
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n.a.
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44.32
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36.66
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35.59
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24.46
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P/BV
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2.10
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1.52
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1.41
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1.30
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5.08
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4.60
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4.02
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Dividend yield
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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FCF Yield bef A&D, lease adj
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-4.0%
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-7.1%
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1.5%
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-5.7%
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0.9%
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2.2%
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2.6%
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RoE
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-20.5%
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24.6%
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1.6%
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-9.6%
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27.5%
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12.1%
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15.5%
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ROIC
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-6.7%
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-1.6%
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-0.4%
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2.0%
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11.6%
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10.0%
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13.8%
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Nordea Markets estimates published on Nov 12, 2020 Source: Company data, Nordea estimates |
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