Numbers
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Nordea
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EURm
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2019
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2020
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2021
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2022
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2023E
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2024E
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2025E
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Total revenues
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NOI
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48.6
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61.4
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76.3
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99.6
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115.0
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116.3
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119.8
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NOI margin
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80.8%
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82.5%
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81.4%
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80.3%
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82.6%
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82.8%
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83.1%
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EBIT (adj.)
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EBIT (adj.) margin
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72.0%
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73.8%
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74.6%
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73.4%
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76.5%
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76.6%
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76.9%
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PTP (adj.)
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27.8
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33.1
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48.7
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55.2
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53.9
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54.9
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54.5
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Net profit from cont oper (adj)
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27.22
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33.07
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48.67
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54.91
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52.84
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53.22
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52.30
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Shareholders´ Equity
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332.9
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458.0
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583.3
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697.8
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747.8
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757.8
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766.8
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Net interest bearing debt
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516.6
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785.5
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875.9
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1,100.7
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1,016.0
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1,014.0
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1,012.2
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Net gearing
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155.2%
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171.5%
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150.2%
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157.7%
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135.9%
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133.8%
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132.0%
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Net debt/EBITDA
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11.9
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14.3
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12.5
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12.1
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9.5
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9.4
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9.1
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Net operating cash flow
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12.8
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35.2
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51.0
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64.8
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57.1
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53.5
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53.3
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Diluted number of shares in issue, year-end (m)
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31.1
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40.0
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44.0
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48.4
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57.2
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57.2
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57.2
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Nordea Markets estimates published on Nov 8, 2023 Source: Company data, Nordea estimates |
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Per share data and multiples
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Nordea
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EUR and %
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2019
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2020
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2021
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2022
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2023E
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2024E
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2025E
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NAVPS
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10.9
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10.6
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11.8
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12.0
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12.9
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14.0
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15.1
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EPS (adj.)
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DPS
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0.89
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0.94
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0.99
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0.90
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0.90
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0.90
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0.90
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BVPS
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10.7
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11.5
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13.3
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14.4
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13.1
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13.2
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13.4
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P/E (adj.)
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15.9
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18.1
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24.0
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11.5
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12.8
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13.4
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13.6
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P/NAV
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1.3
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1.6
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2.4
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1.1
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0.9
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0.8
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0.8
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EV/EBITDA (adj.)
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21.90
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26.43
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30.38
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18.94
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15.88
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15.73
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15.26
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EV/EBIT (adj.)
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21.90
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26.43
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30.38
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18.94
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15.88
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15.73
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15.26
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P/BV
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1.30
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1.45
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2.14
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0.89
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0.91
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0.89
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0.88
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P/CE
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33.7
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18.9
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24.5
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9.6
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11.9
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12.7
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12.7
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Dividend yield
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6.4%
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5.7%
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3.5%
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7.0%
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7.6%
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7.6%
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7.6%
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RoE
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9.2%
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8.7%
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9.9%
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12.5%
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2.9%
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8.2%
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7.9%
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ROIC
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4.2%
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4.1%
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4.1%
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4.4%
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4.7%
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4.7%
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4.9%
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Nordea Markets estimates published on Nov 8, 2023 Source: Company data, Nordea estimates |
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