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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469.1
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492.4
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502.0
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460.3
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477.0
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486.3
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EBITDA (adj.)
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58.6
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75.5
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81.3
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83.7
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73.7
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77.7
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79.7
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EBITDA (adj.) margin
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15.3%
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16.1%
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16.5%
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16.7%
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16.0%
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16.3%
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16.4%
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EBIT (adj.)
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33.0
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42.8
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48.2
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50.2
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40.0
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44.0
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46.3
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EBIT (adj.) margin
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8.61%
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9.12%
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9.78%
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9.99%
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8.69%
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9.22%
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9.53%
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PTP (adj.)
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23.1
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34.9
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40.8
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44.0
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31.0
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35.0
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38.3
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Net profit (cont. oper.) (adj.)
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19.2
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26.7
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30.6
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33.1
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26.0
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28.0
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30.7
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Shareholders' equity
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171.5
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186.7
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206.2
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226.2
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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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223.9
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198.7
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172.8
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225.2
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203.7
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192.7
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Net gearing
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116.0%
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113.9%
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91.7%
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72.8%
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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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3.02
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2.44
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2.06
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3.06
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2.62
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2.42
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Free cash flow
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-19.7
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15.3
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55.7
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58.3
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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 Jul 30, 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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1.18
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1.37
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1.50
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1.05
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1.20
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1.32
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EPS (adj.) growth
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-6.09%
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22.7%
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16.9%
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9.50%
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34.6%
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14.0%
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10.5%
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DPS (ord. EUR)
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0.30
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0.35
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0.45
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0.50
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0.36
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0.39
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0.44
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BVPS
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9.14
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9.92
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10.9
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12.0
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8.19
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9.08
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10.1
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P/E (adj.)
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17.4
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12.7
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10.8
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9.90
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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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1.10
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1.00
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0.93
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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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6.81
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6.03
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5.56
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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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12.0
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10.2
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9.28
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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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1.50
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1.37
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1.24
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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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2.35%
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3.02%
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3.36%
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2.44%
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2.64%
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2.95%
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FCF yield before A&D, lease-adj.
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-14.3%
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4.09%
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12.2%
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13.2%
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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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11.6%
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13.2%
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13.1%
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16.4%
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16.3%
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16.0%
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ROIC
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7.92%
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8.42%
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9.41%
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9.91%
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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 Jul 30, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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