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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412.4
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415.2
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453.0
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464.0
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421.0
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449.0
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459.3
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EBITDA (adj.)
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13.0
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16.1
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26.5
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35.2
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12.3
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23.7
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36.0
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EBITDA (adj.) margin
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3.16%
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3.89%
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5.85%
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7.59%
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2.93%
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5.27%
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7.84%
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EBIT (adj.)
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-4.18
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-1.24
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9.14
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17.8
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-4.67
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5.00
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16.7
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EBIT (adj.) margin
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-1.01%
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-0.30%
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2.02%
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3.84%
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-1.11%
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1.11%
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3.63%
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PTP (adj.)
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-11.6
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-6.20
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4.68
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13.9
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-9.00
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0.00
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12.0
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Net profit (cont. oper.) (adj.)
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-10.4
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-5.71
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4.53
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10.8
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-10.6
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-0.67
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9.00
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Shareholders' equity
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112.5
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129.5
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130.1
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140.9
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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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67.6
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57.2
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70.2
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65.7
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70.9
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76.9
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73.4
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Net gearing
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60.1%
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44.2%
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53.9%
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46.6%
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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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5.98
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5.98
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3.12
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1.87
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5.75
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3.25
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2.04
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Free cash flow
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-13.2
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-16.4
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-10.0
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7.34
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-18.5
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-0.81
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22.7
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Diluted no. of shares, year-end (m)
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58.3
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135.4
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135.4
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135.4
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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 10, 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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-0.18
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-0.06
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0.03
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0.08
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-0.08
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0.01
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0.08
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EPS (adj.) growth
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-89.6%
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66.8%
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156.7%
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138.9%
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40.8%
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107.8%
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1,317%
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DPS (ord. EUR)
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0.00
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0.00
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0.00
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0.03
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0.01
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0.01
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0.04
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BVPS
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1.93
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0.96
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0.96
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1.04
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0.91
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0.92
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0.98
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P/E (adj.)
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n.m.
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n.m.
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20.0
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8.38
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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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0.42
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0.36
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0.36
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0.34
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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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13.2
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9.17
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6.07
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4.44
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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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n.m.
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n.m.
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17.6
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8.77
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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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0.93
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0.70
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0.70
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0.64
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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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4.48%
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2.09%
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2.09%
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5.22%
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FCF yield before A&D, lease-adj.
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-15.5%
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-21.3%
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-14.2%
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4.93%
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-23.8%
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-1.04%
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29.2%
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ROE
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-10.5%
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-10.1%
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0.41%
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7.99%
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-9.13%
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-0.23%
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8.10%
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ROIC
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-1.76%
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-0.51%
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3.59%
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6.68%
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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 10, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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