Numbers
|
|
|
|
|
|
|
|
Nordea
|
|
EURm
|
2022
|
2023
|
2024
|
2025
|
2026E
|
2027E
|
2028E
|
|
Total revenue
|
118.8
|
121.4
|
125.2
|
129.0
|
123.5
|
127.5
|
130.0
|
|
EBITDA (adj.)
|
55.9
|
56.3
|
59.2
|
61.0
|
56.9
|
59.7
|
60.8
|
|
EBITDA (adj.) margin
|
47.1%
|
46.4%
|
47.3%
|
47.3%
|
46.1%
|
46.8%
|
46.7%
|
|
EBIT (adj.)
|
30.9
|
31.0
|
33.4
|
34.9
|
32.2
|
34.4
|
34.6
|
|
EBIT (adj.) margin
|
26.0%
|
25.6%
|
26.7%
|
27.1%
|
26.0%
|
27.0%
|
26.6%
|
|
PTP (adj.)
|
26.1
|
26.8
|
29.6
|
31.2
|
27.2
|
29.9
|
30.2
|
|
Net profit (cont. oper.) (adj.)
|
20.5
|
21.8
|
24.4
|
25.9
|
21.9
|
24.2
|
25.1
|
|
Shareholders' equity
|
380.9
|
386.5
|
398.7
|
409.8
|
n.a.
|
n.a.
|
n.a.
|
|
Net debt
|
141.7
|
136.2
|
115.1
|
93.8
|
138.0
|
125.2
|
96.4
|
|
Net gearing
|
37.2%
|
35.2%
|
28.9%
|
22.9%
|
n.a.
|
n.a.
|
n.a.
|
|
Net debt/EBITDA
|
2.46
|
2.42
|
1.94
|
1.54
|
2.42
|
2.10
|
1.59
|
|
Free cash flow
|
23.0
|
24.5
|
40.2
|
43.1
|
28.9
|
31.6
|
39.4
|
|
Diluted no. of shares, year-end (m)
|
263.0
|
263.0
|
263.0
|
263.0
|
n.a.
|
n.a.
|
n.a.
|
|
Nordea Markets estimates published on May 12, 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)
|
0.08
|
0.08
|
0.09
|
0.10
|
0.09
|
0.10
|
0.10
|
|
EPS (adj.) growth
|
5.50%
|
6.26%
|
11.9%
|
5.94%
|
0.00%
|
7.78%
|
-2.06%
|
|
DPS (ord. EUR)
|
0.07
|
0.07
|
0.08
|
0.09
|
0.07
|
0.08
|
0.08
|
|
BVPS
|
1.45
|
1.47
|
1.52
|
1.56
|
1.47
|
1.48
|
1.54
|
|
P/E (adj.)
|
16.6
|
15.0
|
13.4
|
12.7
|
n.a.
|
n.a.
|
n.a.
|
|
EV/Sales
|
4.06
|
3.82
|
3.54
|
3.27
|
n.a.
|
n.a.
|
n.a.
|
|
EV/EBITDA (adj.)
|
8.63
|
8.23
|
7.48
|
6.91
|
n.a.
|
n.a.
|
n.a.
|
|
EV/EBIT (adj.)
|
15.6
|
14.9
|
13.3
|
12.1
|
n.a.
|
n.a.
|
n.a.
|
|
P/BV
|
0.89
|
0.85
|
0.82
|
0.80
|
n.a.
|
n.a.
|
n.a.
|
|
Dividend yield (ord.)
|
5.63%
|
5.86%
|
6.66%
|
7.46%
|
5.62%
|
6.18%
|
6.42%
|
|
FCF yield before A&D, lease-adj.
|
6.76%
|
7.47%
|
12.3%
|
13.2%
|
8.74%
|
9.54%
|
11.9%
|
|
ROE
|
5.89%
|
5.69%
|
6.22%
|
6.40%
|
5.70%
|
6.27%
|
6.30%
|
|
ROIC
|
4.68%
|
4.78%
|
5.19%
|
5.52%
|
n.a.
|
n.a.
|
n.a.
|
|
Nordea Markets estimates published on May 12, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
|
|
|
|
|
|
|
 |
|
|