Numbers
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Nordea
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SEKm
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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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12,201
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12,019
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12,493
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13,021
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11,965
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12,560
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13,092
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EBITDA (adj.)
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2,025
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2,025
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2,134
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2,244
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1,960
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2,172
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2,294
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EBITDA (adj.) margin
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16.6%
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16.8%
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17.1%
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17.2%
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16.4%
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17.3%
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17.5%
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EBIT (adj.)
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678.0
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785.1
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873.8
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933.9
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695.5
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895.5
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965.0
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EBIT (adj.) margin
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5.56%
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6.53%
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6.99%
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7.17%
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5.81%
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7.13%
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7.37%
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PTP (adj.)
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203.0
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301.6
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477.4
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546.5
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269.0
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482.0
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568.0
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Net profit (cont. oper.) (adj.)
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158.0
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205.8
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334.2
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382.5
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189.5
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335.5
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395.5
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Shareholders' equity
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3,459
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3,534
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3,810
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4,088
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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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7,989
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7,840
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7,536
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7,242
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7,889
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7,651
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7,349
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Net gearing
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227.7%
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218.5%
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194.7%
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174.4%
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n.a.
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n.a.
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n.a.
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Net debt/EBITDA
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4.39
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4.02
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3.53
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3.23
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4.02
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3.52
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3.20
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Free cash flow
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1,024
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1,261
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1,407
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1,495
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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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35.4
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35.4
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35.4
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35.4
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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 Oct 26, 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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SEKm
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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. SEK)
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4.33
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5.68
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9.31
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10.7
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3.98
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8.92
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10.5
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EPS (adj.) growth
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-9.11%
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31.2%
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64.0%
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14.7%
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362.2%
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123.7%
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18.2%
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DPS (ord. SEK)
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2.10
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1.49
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2.84
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3.25
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2.00
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3.74
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4.12
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BVPS
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97.8
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99.9
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107.8
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115.6
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99.4
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105.4
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113.1
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P/E (adj.)
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15.7
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9.74
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5.94
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5.18
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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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0.86
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0.82
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0.76
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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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EV/EBITDA (adj.)
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5.16
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4.87
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4.47
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4.13
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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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15.4
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12.5
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10.9
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9.92
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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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0.70
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0.55
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0.51
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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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3.09%
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2.70%
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5.13%
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5.87%
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3.61%
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6.77%
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7.46%
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FCF yield before A&D, lease-adj.
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15.2%
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29.9%
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37.3%
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41.8%
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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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-1.42%
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4.28%
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8.97%
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9.56%
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4.70%
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8.70%
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9.65%
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ROIC
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3.74%
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4.67%
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5.21%
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5.57%
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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 Oct 26, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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