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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383.4
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477.1
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502.0
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511.8
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471.2
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495.0
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511.8
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EBITDA (adj.)
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58.6
|
75.6
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81.7
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84.2
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70.2
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78.2
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82.2
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EBITDA (adj.) margin
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15.3%
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15.8%
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16.3%
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16.4%
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14.9%
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15.8%
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16.1%
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EBIT (adj.)
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33.0
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40.9
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47.6
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49.6
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33.8
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42.8
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46.5
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EBIT (adj.) margin
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8.61%
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8.58%
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9.47%
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9.69%
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7.16%
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8.64%
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9.09%
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PTP (adj.)
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23.1
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29.7
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38.4
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41.9
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27.3
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34.7
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38.7
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Net profit (cont. oper.) (adj.)
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19.2
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23.1
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28.6
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31.3
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19.8
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23.5
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26.8
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Shareholders' equity
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171.5
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181.4
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199.2
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217.9
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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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209.6
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229.9
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206.2
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181.4
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220.8
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206.5
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191.1
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Net gearing
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116.0%
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120.2%
|
98.2%
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79.0%
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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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3.80
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3.17
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2.52
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2.15
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3.14
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2.64
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2.32
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Free cash flow
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-19.7
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10.0
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54.4
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57.5
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4.71
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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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18.8
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18.8
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18.9
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18.9
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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 Aug 14, 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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0.96
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0.98
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1.26
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1.40
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0.70
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1.04
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1.20
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EPS (adj.) growth
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-6.09%
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1.77%
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29.2%
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11.3%
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-10.5%
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49.0%
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15.2%
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DPS (ord. EUR)
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0.30
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0.32
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0.42
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0.46
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0.34
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0.38
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0.41
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BVPS
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9.14
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9.63
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10.5
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11.5
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8.78
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9.65
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9.77
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P/E (adj.)
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17.4
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14.2
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11.0
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9.84
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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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1.39
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1.05
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0.95
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0.89
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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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9.08
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6.61
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5.85
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5.39
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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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16.1
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12.2
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10.0
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9.15
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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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1.83
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1.43
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1.31
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1.20
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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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1.80%
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2.32%
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3.04%
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3.33%
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2.44%
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2.78%
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2.97%
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FCF yield before A&D, lease-adj.
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-14.8%
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2.11%
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12.4%
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13.6%
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2.26%
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n.a.
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n.a.
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ROE
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10.0%
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8.75%
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12.5%
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12.7%
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12.0%
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14.4%
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14.8%
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ROIC
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7.92%
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8.06%
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9.29%
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9.79%
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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 Aug 14, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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