Numbers
|
|
|
|
|
|
|
|
Nordea
|
|
EURm
|
2022
|
2023
|
2024
|
2025
|
2026E
|
2027E
|
2028E
|
|
Total revenue
|
1,140
|
1,163
|
1,203
|
1,250
|
1,158
|
1,198
|
1,238
|
|
EBITDA (adj.)
|
133.6
|
169.3
|
197.6
|
214.6
|
161.8
|
195.0
|
207.2
|
|
EBITDA (adj.) margin
|
11.7%
|
14.6%
|
16.4%
|
17.2%
|
14.0%
|
16.3%
|
16.7%
|
|
EBIT (adj.)
|
76.4
|
96.3
|
118.1
|
133.2
|
88.5
|
115.6
|
127.4
|
|
EBIT (adj.) margin
|
6.70%
|
8.28%
|
9.82%
|
10.7%
|
7.64%
|
9.65%
|
10.3%
|
|
PTP (adj.)
|
50.9
|
66.3
|
91.9
|
109.0
|
54.7
|
92.3
|
106.2
|
|
Net profit (cont. oper.) (adj.)
|
47.9
|
55.0
|
70.8
|
83.9
|
52.9
|
72.2
|
83.5
|
|
Shareholders' equity
|
710.4
|
680.5
|
682.8
|
698.2
|
n.a.
|
n.a.
|
n.a.
|
|
Net debt
|
513.2
|
477.2
|
446.1
|
426.1
|
466.9
|
448.6
|
424.0
|
|
Net gearing
|
71.8%
|
69.6%
|
64.8%
|
60.5%
|
n.a.
|
n.a.
|
n.a.
|
|
Net debt/EBITDA
|
4.19
|
3.03
|
2.26
|
1.99
|
2.89
|
2.30
|
2.05
|
|
Free cash flow
|
58.0
|
135.9
|
130.1
|
119.6
|
99.6
|
n.a.
|
n.a.
|
|
Diluted no. of shares, year-end (m)
|
81.0
|
81.0
|
81.0
|
81.0
|
n.a.
|
n.a.
|
n.a.
|
|
Nordea Markets estimates published on Oct 23, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
|
|
|
|
|
|
|
Per share data and multiples
|
|
|
|
|
|
|
|
Nordea
|
|
EURm
|
2022
|
2023
|
2024
|
2025
|
2026E
|
2027E
|
2028E
|
|
EPS (adj. EUR)
|
0.59
|
0.67
|
0.87
|
1.03
|
0.47
|
0.87
|
1.01
|
|
EPS (adj.) growth
|
-52.9%
|
14.5%
|
28.8%
|
18.7%
|
288.3%
|
87.6%
|
15.3%
|
|
DPS (ord. EUR)
|
0.84
|
0.84
|
0.84
|
0.86
|
0.83
|
0.84
|
0.86
|
|
BVPS
|
8.77
|
8.40
|
8.43
|
8.62
|
8.41
|
8.47
|
8.66
|
|
P/E (adj.)
|
21.5
|
19.5
|
15.1
|
12.7
|
n.a.
|
n.a.
|
n.a.
|
|
EV/Sales
|
1.35
|
1.33
|
1.26
|
1.20
|
n.a.
|
n.a.
|
n.a.
|
|
EV/EBITDA (adj.)
|
11.6
|
9.13
|
7.67
|
6.97
|
n.a.
|
n.a.
|
n.a.
|
|
EV/EBIT (adj.)
|
20.2
|
16.1
|
12.8
|
11.2
|
n.a.
|
n.a.
|
n.a.
|
|
P/BV
|
1.45
|
1.56
|
1.56
|
1.52
|
n.a.
|
n.a.
|
n.a.
|
|
Dividend yield (ord.)
|
6.62%
|
6.39%
|
6.39%
|
6.54%
|
6.32%
|
6.39%
|
6.54%
|
|
FCF yield before A&D, lease-adj.
|
2.40%
|
9.64%
|
9.04%
|
7.98%
|
7.63%
|
n.a.
|
n.a.
|
|
ROE
|
1.27%
|
5.48%
|
10.3%
|
12.1%
|
6.16%
|
10.4%
|
11.8%
|
|
ROIC
|
4.70%
|
6.23%
|
7.93%
|
9.08%
|
n.a.
|
n.a.
|
n.a.
|
|
Nordea Markets estimates published on Oct 23, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
|
|
|
|
|
|
|
 |
|
|