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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1,814
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1,904
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1,970
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2,009
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1,903
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1,973
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2,011
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EBITDA (adj.)
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131.8
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140.0
|
146.5
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156.9
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140.3
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143.3
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152.7
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EBITDA (adj.) margin
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7.27%
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7.35%
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7.44%
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7.81%
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7.37%
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7.26%
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7.59%
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EBIT (adj.)
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69.9
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74.3
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78.1
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85.7
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74.7
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75.7
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83.0
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EBIT (adj.) margin
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3.85%
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3.90%
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3.97%
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4.27%
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3.92%
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3.84%
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4.13%
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PTP (adj.)
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59.4
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68.3
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74.2
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82.9
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66.7
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67.7
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75.0
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Net profit (cont. oper.) (adj.)
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49.4
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53.3
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59.4
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66.3
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49.0
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50.7
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57.3
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Shareholders' equity
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432.0
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460.5
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491.7
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526.4
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n.a.
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n.a.
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n.a.
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Net debt
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215.0
|
213.8
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197.9
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155.3
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214.0
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198.0
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155.0
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Net gearing
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47.3%
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43.9%
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37.9%
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27.7%
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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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1.71
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1.53
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1.35
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0.99
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1.52
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1.38
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1.02
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Free cash flow
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53.1
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28.1
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45.7
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75.2
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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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28.3
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28.3
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28.3
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28.3
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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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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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1.64
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1.76
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1.96
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2.19
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1.77
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1.81
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2.04
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EPS (adj.) growth
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19.7%
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6.98%
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11.4%
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11.6%
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22.7%
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2.26%
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13.1%
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DPS (ord. EUR)
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0.75
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0.86
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0.96
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1.05
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0.83
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0.89
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0.94
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BVPS
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15.3
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16.3
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17.4
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18.6
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16.3
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17.4
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18.6
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P/E (adj.)
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9.30
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8.91
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8.00
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7.16
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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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0.37
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0.36
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0.34
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0.32
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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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5.09
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4.88
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4.58
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4.04
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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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9.59
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9.19
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8.59
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7.39
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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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1.00
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0.96
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0.90
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0.84
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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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4.90%
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5.48%
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6.12%
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6.70%
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5.29%
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5.66%
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5.99%
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FCF yield before A&D, lease-adj.
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11.0%
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7.14%
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9.07%
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15.7%
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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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9.73%
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11.1%
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11.6%
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12.2%
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11.1%
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10.5%
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11.4%
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ROIC
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7.76%
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8.41%
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8.55%
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9.26%
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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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