|
|
|
|
|
|
|
Nordea
|
SEKm
|
2017
|
2018
|
2019
|
2020
|
2021E
|
2022E
|
2023E
|
Total revenues
|
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
Ebitda (adj.)
|
78.20
|
116.60
|
223.60
|
18.80
|
-183.25
|
55.17
|
109.58
|
Ebitda - margin
|
12.1%
|
14.9%
|
26.5%
|
2.8%
|
-28.9%
|
7.3%
|
12.8%
|
EBIT (adj.)
|
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
EBIT (adj.) margin
|
8.9%
|
12.2%
|
21.6%
|
-3.0%
|
-34.5%
|
2.7%
|
8.7%
|
PTP (adj.)
|
29.7
|
92.3
|
179.3
|
-38.3
|
-215.8
|
19.8
|
74.3
|
Net profit from cont oper (adj)
|
23.20
|
138.00
|
170.50
|
-84.30
|
-194.18
|
16.83
|
63.12
|
Shareholders´ Equity
|
329.1
|
476.1
|
706.4
|
558.5
|
364.3
|
381.2
|
444.3
|
Net interest bearing debt
|
-8.8
|
-269.2
|
-472.5
|
-214.0
|
37.2
|
31.5
|
-20.3
|
Net gearing
|
-2.7%
|
-56.5%
|
-66.9%
|
-38.3%
|
10.2%
|
8.3%
|
-4.6%
|
Net debt/EBITDA
|
-0.1
|
-2.3
|
-2.1
|
-11.4
|
n.a.
|
0.6
|
-0.2
|
Free cash flow to equity
|
59.6
|
235.9
|
264.5
|
-172.4
|
-273.0
|
8.6
|
63.0
|
Diluted number of shares in issue, year-end (m)
|
34.7
|
35.2
|
35.4
|
34.4
|
34.3
|
34.3
|
34.3
|
Nordea Markets estimates published on Jan 29, 2021 Source: Company data, Nordea estimates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nordea
|
SEK and %
|
2017
|
2018
|
2019
|
2020
|
2021E
|
2022E
|
2023E
|
EPS (adj.)
|
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
EPS (adj.) growth
|
-20.5%
|
485.5%
|
23.0%
|
-150.8%
|
-131.0%
|
108.7%
|
275.1%
|
DPS
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
BVPS
|
9.5
|
13.5
|
20.0
|
16.2
|
10.6
|
11.1
|
13.0
|
P/E (adj.)
|
61.6
|
15.0
|
13.0
|
n.a.
|
n.a.
|
93.7
|
25.0
|
EV/Sales
|
2.21
|
2.30
|
2.07
|
2.27
|
2.55
|
2.14
|
1.82
|
EV/EBITDA (adj.)
|
18.15
|
15.45
|
7.82
|
80.10
|
n.a.
|
29.17
|
14.21
|
EV/EBIT (adj.)
|
24.73
|
18.81
|
9.58
|
n.a.
|
n.a.
|
79.77
|
20.88
|
P/BV
|
4.34
|
4.35
|
3.14
|
3.08
|
4.33
|
4.14
|
3.55
|
Dividend yield
|
0.0%
|
0.0%
|
0.0%
|
0.0%
|
0.0%
|
0.0%
|
0.0%
|
FCF Yield bef A&D, lease adj
|
4.3%
|
11.7%
|
13.1%
|
-10.1%
|
-17.3%
|
0.5%
|
4.0%
|
RoE
|
7.3%
|
34.3%
|
28.8%
|
-13.3%
|
-42.1%
|
4.5%
|
15.3%
|
ROIC
|
8.1%
|
15.0%
|
29.1%
|
-2.9%
|
-29.2%
|
2.5%
|
8.6%
|
Nordea Markets estimates published on Jan 29, 2021 Source: Company data, Nordea estimates |
|
|
|
|
|
|
|
![]() |
![]() |
![]() |
![]() |