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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302.1
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311.7
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332.1
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353.7
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319.7
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350.0
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373.0
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EBITDA (adj.)
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17.9
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19.0
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22.5
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24.0
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18.3
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22.7
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25.0
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EBITDA (adj.) margin
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5.94%
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6.10%
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6.78%
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6.79%
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5.74%
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6.48%
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6.70%
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EBIT (adj.)
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9.05
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10.9
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14.3
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15.7
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10.0
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14.0
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16.7
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EBIT (adj.) margin
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3.00%
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3.49%
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4.31%
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4.45%
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3.13%
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4.00%
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4.47%
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PTP (adj.)
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-4.98
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4.58
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8.78
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10.0
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3.33
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9.33
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11.7
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Net profit (cont. oper.) (adj.)
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-6.18
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2.37
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7.03
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8.03
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1.50
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8.50
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10.5
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Shareholders' equity
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52.4
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57.3
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64.3
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72.3
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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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3.40
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-4.06
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-13.2
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-23.5
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4.27
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-6.20
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-3.75
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Net gearing
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6.43%
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-7.05%
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-20.5%
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-32.4%
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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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0.13
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-0.21
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-0.59
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-0.98
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0.23
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-0.27
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-0.15
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Free cash flow
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8.35
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11.4
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13.4
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14.7
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n.a.
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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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16.5
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16.2
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16.2
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16.2
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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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-0.37
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0.15
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0.43
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0.50
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-0.01
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0.37
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0.49
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EPS (adj.) growth
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-39.7%
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139.1%
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196.4%
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14.2%
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-111.7%
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5,429%
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32.2%
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DPS (ord. EUR)
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0.00
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0.00
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0.00
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0.00
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0.00
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0.03
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0.07
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BVPS
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3.18
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3.53
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3.97
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4.46
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2.11
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2.50
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3.01
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P/E (adj.)
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n.m.
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31.2
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10.5
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9.20
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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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0.23
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0.23
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0.18
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0.14
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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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3.89
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3.69
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2.71
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2.11
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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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7.71
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6.44
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4.26
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3.22
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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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1.26
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1.29
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1.15
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1.02
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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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0.00%
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0.00%
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0.00%
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0.00%
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0.00%
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0.72%
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1.47%
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FCF yield before A&D, lease-adj.
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6.60%
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9.88%
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12.4%
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13.9%
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n.a.
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n.a.
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n.a.
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ROE
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3.12%
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4.33%
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11.6%
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11.8%
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0.30%
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14.8%
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16.7%
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ROIC
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16.2%
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16.1%
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22.0%
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25.3%
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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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