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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80.6
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85.6
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88.1
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89.9
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85.0
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88.0
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90.5
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EBITDA (adj.)
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5.85
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7.00
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8.13
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8.33
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6.50
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8.00
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8.50
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EBITDA (adj.) margin
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7.26%
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8.18%
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9.22%
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9.27%
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7.65%
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9.09%
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9.39%
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EBIT (adj.)
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1.51
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2.67
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3.76
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3.94
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2.50
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4.00
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4.00
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EBIT (adj.) margin
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1.88%
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3.12%
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4.27%
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4.38%
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2.94%
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4.55%
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4.42%
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PTP (adj.)
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-0.31
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0.52
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1.61
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1.78
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0.50
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2.00
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2.50
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Net profit (cont. oper.) (adj.)
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-0.08
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0.42
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1.29
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1.43
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0.50
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1.50
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2.00
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Shareholders' equity
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41.2
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41.6
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42.5
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43.3
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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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27.2
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26.8
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23.2
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19.6
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28.5
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26.0
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19.6
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Net gearing
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65.7%
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64.1%
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54.3%
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45.0%
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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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5.42
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3.83
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2.85
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2.35
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4.38
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3.24
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2.31
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Free cash flow
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-7.37
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3.44
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4.04
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4.22
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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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10.2
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10.2
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10.2
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10.2
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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 May 22, 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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-0.01
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0.04
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0.13
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0.14
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0.06
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0.16
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0.17
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EPS (adj.) growth
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-105.0%
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594.8%
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209.8%
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10.8%
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161.1%
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200.0%
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3.03%
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DPS (ord. EUR)
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0.00
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0.04
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0.06
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0.08
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0.04
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0.06
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0.06
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BVPS
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4.05
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4.09
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4.18
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4.26
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3.97
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4.08
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4.29
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P/E (adj.)
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n.m.
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43.3
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14.0
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12.6
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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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0.62
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0.53
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0.47
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0.42
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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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8.60
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6.44
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5.09
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4.53
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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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33.3
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16.8
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11.0
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9.59
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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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0.56
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0.43
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0.42
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0.42
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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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2.26%
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3.39%
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4.52%
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2.54%
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3.11%
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3.67%
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FCF yield before A&D, lease-adj.
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24.6%
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19.1%
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5.78%
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6.78%
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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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-2.22%
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1.00%
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3.06%
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3.33%
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0.00%
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3.25%
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4.50%
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ROIC
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1.84%
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3.02%
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4.43%
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4.83%
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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 22, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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