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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469.0
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497.2
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507.0
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526.2
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494.0
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497.8
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519.8
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EBITDA (adj.)
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56.8
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61.0
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64.1
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68.3
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61.2
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66.2
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68.2
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EBITDA (adj.) margin
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12.1%
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12.3%
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12.6%
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13.0%
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12.4%
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13.3%
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13.1%
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EBIT (adj.)
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26.9
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31.2
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34.1
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37.4
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33.6
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35.0
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39.5
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EBIT (adj.) margin
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5.74%
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6.28%
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6.73%
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7.10%
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6.81%
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7.04%
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7.60%
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PTP (adj.)
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19.2
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29.6
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26.4
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29.8
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30.7
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27.0
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32.0
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Net profit (cont. oper.) (adj.)
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16.6
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27.1
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23.8
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26.2
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24.0
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20.0
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23.0
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Shareholders' equity
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143.5
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167.5
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179.4
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192.8
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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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201.2
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153.3
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162.5
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161.9
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159.5
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163.0
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149.0
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Net gearing
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123.1%
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80.3%
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78.8%
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72.6%
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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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3.22
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2.22
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2.53
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2.37
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2.60
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2.46
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2.18
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Free cash flow
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31.9
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63.8
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7.32
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18.4
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43.0
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12.6
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38.3
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Diluted no. of shares, year-end (m)
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31.4
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31.4
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31.4
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31.4
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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 4, 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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0.51
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0.75
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0.65
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0.73
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0.90
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0.62
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0.74
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EPS (adj.) growth
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15.1%
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47.0%
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-14.1%
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12.2%
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24.3%
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-30.9%
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20.2%
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DPS (ord. EUR)
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0.25
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0.27
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0.30
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0.34
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0.28
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0.32
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0.37
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BVPS
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4.57
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5.33
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5.71
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6.13
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5.20
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5.57
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6.01
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P/E (adj.)
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12.7
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9.59
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11.2
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9.96
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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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0.91
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0.81
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0.82
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0.80
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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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7.51
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6.62
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6.50
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6.14
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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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15.8
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12.9
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12.2
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11.2
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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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1.43
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1.36
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1.27
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1.18
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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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3.83%
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3.73%
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4.14%
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4.70%
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3.91%
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4.49%
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5.08%
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FCF yield before A&D, lease-adj.
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2.78%
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5.20%
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-0.30%
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4.41%
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18.9%
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5.52%
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16.9%
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ROE
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14.4%
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20.5%
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11.8%
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12.3%
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19.6%
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12.1%
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13.4%
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ROIC
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6.61%
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8.16%
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8.42%
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8.74%
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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 4, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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