Numbers
|
|
|
|
|
|
|
Nordea
|
EURm
|
2019
|
2020
|
2021
|
2022
|
2023E
|
2024E
|
2025E
|
Total revenues
|
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
NOI
|
48.6
|
61.4
|
76.3
|
99.6
|
113.2
|
118.0
|
121.6
|
NOI margin
|
80.8%
|
82.5%
|
81.4%
|
80.3%
|
82.6%
|
83.0%
|
83.3%
|
EBIT (adj.)
|
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
EBIT (adj.) margin
|
72.0%
|
73.8%
|
74.6%
|
73.4%
|
76.5%
|
76.9%
|
77.1%
|
PTP (adj.)
|
27.8
|
33.1
|
48.7
|
55.2
|
54.9
|
59.4
|
61.1
|
Net profit from cont oper (adj)
|
27.22
|
33.07
|
48.67
|
54.91
|
52.73
|
55.85
|
56.84
|
Shareholders´ Equity
|
332.9
|
458.0
|
583.3
|
697.8
|
767.6
|
769.4
|
783.2
|
Net interest bearing debt
|
516.6
|
785.5
|
875.9
|
1,100.7
|
1,018.1
|
1,012.4
|
1,006.0
|
Net gearing
|
155.2%
|
171.5%
|
150.2%
|
157.7%
|
132.6%
|
131.6%
|
128.5%
|
Net debt/EBITDA
|
11.9
|
14.3
|
12.5
|
12.1
|
9.7
|
9.3
|
8.9
|
Net operating cash flow
|
12.8
|
35.2
|
51.0
|
64.8
|
56.3
|
57.3
|
57.9
|
Diluted number of shares in issue, year-end (m)
|
31.1
|
40.0
|
44.0
|
48.4
|
57.2
|
57.2
|
57.2
|
Nordea Markets estimates published on Apr 28, 2023 Source: Company data, Nordea estimates |
|
|
|
|
|
|
|
Per share data and multiples
|
|
|
|
|
|
|
Nordea
|
EUR and %
|
2019
|
2020
|
2021
|
2022
|
2023E
|
2024E
|
2025E
|
NAVPS
|
10.9
|
10.6
|
11.8
|
12.0
|
14.0
|
15.0
|
16.1
|
EPS (adj.)
|
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
DPS
|
0.89
|
0.94
|
0.99
|
0.90
|
0.90
|
0.90
|
0.90
|
BVPS
|
10.7
|
11.5
|
13.3
|
14.4
|
13.4
|
13.4
|
13.7
|
P/E (adj.)
|
15.9
|
18.1
|
24.0
|
11.5
|
9.9
|
9.8
|
9.6
|
P/NAV
|
1.3
|
1.6
|
2.4
|
1.1
|
0.7
|
0.6
|
0.6
|
EV/EBITDA (adj.)
|
21.90
|
26.43
|
30.38
|
18.94
|
14.74
|
14.09
|
13.62
|
EV/EBIT (adj.)
|
21.90
|
26.43
|
30.38
|
18.94
|
14.74
|
14.09
|
13.62
|
P/BV
|
1.30
|
1.45
|
2.14
|
0.89
|
0.69
|
0.69
|
0.67
|
P/CE
|
33.7
|
18.9
|
24.5
|
9.6
|
9.4
|
9.2
|
9.1
|
Dividend yield
|
6.4%
|
5.7%
|
3.5%
|
7.0%
|
9.8%
|
9.8%
|
9.8%
|
RoE
|
9.2%
|
8.7%
|
9.9%
|
12.5%
|
5.6%
|
6.9%
|
8.4%
|
ROIC
|
4.2%
|
4.1%
|
4.1%
|
4.4%
|
4.6%
|
4.8%
|
4.9%
|
Nordea Markets estimates published on Apr 28, 2023 Source: Company data, Nordea estimates |
|
|
|
|
|
|
|
![]() |
![]() |
![]() |
![]() |