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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319.9
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338.8
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354.4
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327.3
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353.3
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376.0
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EBITDA (adj.)
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17.9
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20.3
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22.5
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23.6
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19.7
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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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6.34%
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6.64%
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6.67%
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6.01%
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6.42%
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6.65%
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EBIT (adj.)
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9.05
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12.4
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14.5
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15.6
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11.7
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14.7
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17.0
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EBIT (adj.) margin
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3.00%
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3.87%
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4.29%
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4.40%
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3.56%
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4.15%
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4.52%
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PTP (adj.)
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-4.98
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5.22
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8.30
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9.18
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5.00
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9.33
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12.5
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Net profit (cont. oper.) (adj.)
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-6.18
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3.47
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6.64
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7.35
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4.50
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9.00
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10.5
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Shareholders' equity
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52.4
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58.4
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65.0
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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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-5.85
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-14.1
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-22.8
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-3.12
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-10.4
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-22.8
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Net gearing
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6.43%
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-9.95%
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-21.6%
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-31.3%
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n.a.
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n.a.
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n.a.
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Net debt/EBITDA
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0.13
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-0.29
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-0.63
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-0.96
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-0.16
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-0.46
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-0.91
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Free cash flow
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8.35
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13.2
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12.5
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13.0
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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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16.5
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16.5
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16.5
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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 May 8, 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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0.21
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0.40
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0.45
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0.12
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0.37
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0.54
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EPS (adj.) growth
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-39.7%
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156.1%
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91.5%
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10.7%
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100.0%
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208.3%
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44.6%
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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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0.10
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BVPS
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3.18
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3.54
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3.94
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4.39
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2.21
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2.61
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3.49
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P/E (adj.)
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n.m.
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16.9
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8.84
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7.99
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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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0.17
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0.13
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0.10
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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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2.62
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2.00
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1.54
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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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4.30
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3.10
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2.33
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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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1.01
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0.90
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0.81
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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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0.93%
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2.81%
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FCF yield before A&D, lease-adj.
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6.60%
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15.5%
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14.1%
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14.8%
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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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6.26%
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10.8%
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10.7%
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5.60%
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13.9%
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15.4%
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ROIC
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16.2%
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18.4%
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22.5%
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24.9%
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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 May 8, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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