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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420.5
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461.0
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471.0
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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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9.00
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19.0
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32.0
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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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2.14%
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4.12%
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6.79%
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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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-8.50
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1.00
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14.0
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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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-2.02%
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0.22%
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2.97%
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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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-13.5
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-4.00
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8.50
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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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-14.0
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-3.00
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6.50
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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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77.7
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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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7.88
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4.09
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2.29
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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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16.2
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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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-0.12
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-0.03
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0.04
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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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11.5%
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73.9%
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250.0%
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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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0.00
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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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0.91
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0.97
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P/E (adj.)
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n.m.
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n.m.
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14.9
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6.25
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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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0.30
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0.30
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0.29
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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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7.74
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5.20
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3.79
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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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15.1
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7.48
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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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0.52
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0.52
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0.48
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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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6.00%
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0.00%
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2.80%
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7.00%
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FCF yield before A&D, lease-adj.
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-15.5%
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-28.5%
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-19.1%
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6.60%
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23.9%
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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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-9.20%
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-0.80%
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7.73%
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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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