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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412.7
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449.1
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459.6
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421.0
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450.0
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460.3
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EBITDA (adj.)
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13.0
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14.2
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26.2
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34.9
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10.7
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23.3
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35.7
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EBITDA (adj.) margin
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3.16%
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3.44%
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5.83%
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7.58%
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2.53%
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5.19%
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7.75%
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EBIT (adj.)
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-4.18
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-3.56
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8.41
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17.1
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-4.00
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7.33
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16.0
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EBIT (adj.) margin
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-1.01%
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-0.86%
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1.87%
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3.72%
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-0.95%
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1.63%
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3.48%
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PTP (adj.)
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-11.6
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-8.86
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3.62
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12.8
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-10.7
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-1.00
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11.3
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Net profit (cont. oper.) (adj.)
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-10.4
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-7.51
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3.71
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9.98
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-11.3
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-1.50
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8.67
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Shareholders' equity
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112.5
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127.8
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127.5
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137.5
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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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58.4
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71.6
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67.6
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72.0
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78.2
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74.5
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Net gearing
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60.1%
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45.7%
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56.2%
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49.1%
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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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7.58
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3.23
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1.94
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6.75
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3.35
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2.09
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Free cash flow
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-13.2
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-17.6
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-10.4
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6.93
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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 Jul 28, 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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-0.08
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0.03
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0.07
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-0.11
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0.00
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0.08
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EPS (adj.) growth
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-89.6%
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56.4%
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135.3%
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169.3%
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17.7%
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100.9%
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7,700%
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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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0.02
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0.02
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0.04
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BVPS
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1.93
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0.94
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0.94
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1.02
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0.88
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0.88
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0.95
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P/E (adj.)
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n.m.
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n.m.
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26.4
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9.80
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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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0.38
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0.38
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0.36
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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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11.0
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6.47
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4.74
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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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20.1
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9.68
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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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0.76
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0.77
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0.71
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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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4.16%
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3.05%
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3.05%
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5.12%
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FCF yield before A&D, lease-adj.
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-15.5%
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-20.9%
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-13.5%
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4.15%
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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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-11.7%
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-0.23%
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7.53%
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-11.3%
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-0.80%
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7.77%
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ROIC
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-1.76%
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-1.48%
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3.32%
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6.44%
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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 28, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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