Numbers
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Nordea
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NOKm
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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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1,918
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1,885
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2,078
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2,327
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1,879
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2,079
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2,308
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EBITDA (adj.)
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264.8
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151.6
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201.0
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305.1
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179.0
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230.2
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322.0
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EBITDA (adj.) margin
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13.8%
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8.04%
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9.67%
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13.1%
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9.53%
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11.1%
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14.0%
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EBIT (adj.)
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188.0
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84.3
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134.8
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239.0
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120.3
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159.8
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249.5
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EBIT (adj.) margin
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9.80%
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4.47%
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6.49%
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10.3%
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6.40%
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7.68%
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10.8%
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PTP (adj.)
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28.3
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55.9
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93.1
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197.3
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82.3
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113.3
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196.3
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Net profit (cont. oper.) (adj.)
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-2.52
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51.4
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72.6
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153.9
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76.0
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88.2
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160.0
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Shareholders' equity
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347.8
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475.0
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547.6
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701.5
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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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531.8
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392.3
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303.5
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163.8
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428.1
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347.0
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185.7
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Net gearing
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141.0%
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82.6%
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55.4%
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23.4%
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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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2.21
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2.81
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1.51
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0.54
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2.39
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1.51
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0.58
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Free cash flow
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-575.8
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11.8
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130.5
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181.4
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6,030
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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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44.8
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47.9
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47.9
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47.9
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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 Aug 20, 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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NOKm
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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. NOK)
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-0.06
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1.07
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1.52
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3.22
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1.50
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1.80
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3.10
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EPS (adj.) growth
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-129.5%
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2,007%
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41.2%
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111.9%
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354.7%
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19.8%
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72.1%
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DPS (ord. NOK)
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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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0.00
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0.00
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BVPS
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7.76
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9.92
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11.4
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14.7
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9.40
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12.2
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15.0
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P/E (adj.)
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n.m.
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21.7
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15.4
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7.26
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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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1.51
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0.80
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0.68
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0.55
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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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10.9
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9.97
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7.07
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4.20
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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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15.4
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17.9
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10.5
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5.36
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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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6.70
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2.35
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2.04
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1.59
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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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0.00%
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0.00%
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FCF yield before A&D, lease-adj.
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-0.55%
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13.6%
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11.7%
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16.2%
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535.0%
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n.a.
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n.a.
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ROE
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-7.57%
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9.59%
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14.2%
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24.6%
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15.4%
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15.3%
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22.0%
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ROIC
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23.9%
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6.54%
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10.6%
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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 Aug 20, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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