Numbers
|
|
|
|
|
|
|
|
Nordea
|
|
EURm
|
2022
|
2023
|
2024
|
2025
|
2026E
|
2027E
|
2028E
|
|
Total revenue
|
383.4
|
467.6
|
490.2
|
499.7
|
472.5
|
493.5
|
510.0
|
|
EBITDA (adj.)
|
58.6
|
72.6
|
79.2
|
81.6
|
68.0
|
76.5
|
80.5
|
|
EBITDA (adj.) margin
|
15.3%
|
15.5%
|
16.2%
|
16.3%
|
14.4%
|
15.5%
|
15.8%
|
|
EBIT (adj.)
|
33.0
|
37.7
|
44.7
|
46.7
|
33.0
|
41.5
|
44.8
|
|
EBIT (adj.) margin
|
8.61%
|
8.06%
|
9.13%
|
9.35%
|
6.98%
|
8.41%
|
8.77%
|
|
PTP (adj.)
|
23.1
|
27.0
|
36.2
|
39.8
|
26.7
|
34.3
|
38.0
|
|
Net profit (cont. oper.) (adj.)
|
19.2
|
20.8
|
26.8
|
29.6
|
16.7
|
21.1
|
24.0
|
|
Shareholders' equity
|
171.5
|
176.3
|
192.2
|
209.0
|
n.a.
|
n.a.
|
n.a.
|
|
Net debt
|
209.6
|
222.9
|
207.1
|
183.4
|
221.3
|
207.9
|
194.7
|
|
Net gearing
|
116.0%
|
119.6%
|
101.9%
|
83.0%
|
n.a.
|
n.a.
|
n.a.
|
|
Net debt/EBITDA
|
3.80
|
3.33
|
2.61
|
2.25
|
3.25
|
2.72
|
2.42
|
|
Free cash flow
|
-19.7
|
17.0
|
46.5
|
56.2
|
4.71
|
n.a.
|
n.a.
|
|
Diluted no. of shares, year-end (m)
|
18.8
|
18.8
|
18.9
|
18.9
|
n.a.
|
n.a.
|
n.a.
|
|
Nordea Markets estimates published on Oct 29, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
|
|
|
|
|
|
|
Per share data and multiples
|
|
|
|
|
|
|
|
Nordea
|
|
EURm
|
2022
|
2023
|
2024
|
2025
|
2026E
|
2027E
|
2028E
|
|
EPS (adj. EUR)
|
0.96
|
0.85
|
1.16
|
1.30
|
0.66
|
0.99
|
1.14
|
|
EPS (adj.) growth
|
-6.09%
|
-11.7%
|
36.8%
|
12.8%
|
-15.0%
|
49.0%
|
14.9%
|
|
DPS (ord. EUR)
|
0.30
|
0.32
|
0.42
|
0.46
|
0.32
|
0.37
|
0.40
|
|
BVPS
|
9.14
|
9.36
|
10.2
|
11.1
|
7.82
|
8.61
|
9.53
|
|
P/E (adj.)
|
17.4
|
13.9
|
10.2
|
9.01
|
n.a.
|
n.a.
|
n.a.
|
|
EV/Sales
|
1.39
|
0.97
|
0.90
|
0.84
|
n.a.
|
n.a.
|
n.a.
|
|
EV/EBITDA (adj.)
|
9.08
|
6.26
|
5.56
|
5.12
|
n.a.
|
n.a.
|
n.a.
|
|
EV/EBIT (adj.)
|
16.1
|
12.1
|
9.84
|
8.94
|
n.a.
|
n.a.
|
n.a.
|
|
P/BV
|
1.83
|
1.25
|
1.15
|
1.06
|
n.a.
|
n.a.
|
n.a.
|
|
Dividend yield (ord.)
|
1.80%
|
2.72%
|
3.57%
|
3.91%
|
2.70%
|
3.12%
|
3.38%
|
|
FCF yield before A&D, lease-adj.
|
-14.7%
|
5.66%
|
11.0%
|
15.4%
|
2.26%
|
n.a.
|
n.a.
|
|
ROE
|
10.0%
|
5.94%
|
11.9%
|
12.3%
|
11.5%
|
14.0%
|
14.4%
|
|
ROIC
|
7.92%
|
7.53%
|
8.94%
|
9.37%
|
n.a.
|
n.a.
|
n.a.
|
|
Nordea Markets estimates published on Oct 29, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
|
|
|
|
|
|
|
 |
|
|