Numbers
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Nordea
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CHFm
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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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616.5
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721.1
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787.5
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869.1
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710.2
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783.6
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859.3
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EBITDA (adj.)
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64.6
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74.8
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92.8
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105.4
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71.5
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89.0
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100.1
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EBITDA (adj.) margin
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10.5%
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10.4%
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11.8%
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12.1%
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10.1%
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11.4%
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11.6%
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EBIT (adj.)
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47.2
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51.6
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64.8
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74.5
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44.8
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62.2
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71.7
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EBIT (adj.) margin
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7.65%
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7.15%
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8.23%
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8.57%
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6.31%
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7.93%
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8.35%
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PTP (adj.)
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49.9
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47.3
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59.8
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69.5
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38.1
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55.9
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65.0
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Net profit (cont. oper.) (adj.)
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35.7
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36.0
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45.9
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53.4
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28.7
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42.3
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49.1
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Shareholders' equity
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151.0
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182.9
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228.8
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282.2
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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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70.1
|
56.2
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9.77
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-41.5
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59.4
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32.6
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-30.4
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Net gearing
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46.4%
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30.7%
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4.27%
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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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Net debt/EBITDA
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1.25
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0.80
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0.11
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-0.39
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0.83
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0.37
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-0.30
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Free cash flow
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-0.84
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15.4
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46.5
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51.3
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-36.3
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40.5
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29.2
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Diluted no. of shares, year-end (m)
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4.39
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4.40
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4.40
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4.40
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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 Jul 23, 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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CHFm
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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. CHF)
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7.45
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7.85
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10.4
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12.1
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6.44
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9.58
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11.2
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EPS (adj.) growth
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-5.10%
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5.35%
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33.0%
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16.2%
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72.7%
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48.8%
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17.2%
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DPS (ord. CHF)
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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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34.4
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41.6
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52.0
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64.1
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41.8
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52.2
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64.7
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P/E (adj.)
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17.0
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16.7
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12.6
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10.8
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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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1.02
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0.88
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0.75
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0.62
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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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9.71
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8.48
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6.34
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5.09
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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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13.3
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12.3
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9.07
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7.20
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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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3.69
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3.16
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2.53
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2.05
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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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8.95%
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2.60%
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8.03%
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8.87%
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-5.68%
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6.36%
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4.57%
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ROE
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11.8%
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17.4%
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22.3%
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20.9%
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27.0%
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21.2%
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19.9%
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ROIC
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13.3%
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12.4%
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15.3%
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17.5%
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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 Jul 23, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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