Numbers
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Nordea
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EURm
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2020
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2021
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2022
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2023
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2024E
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2025E
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2026E
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Total revenues
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156.9
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186.0
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314.8
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372.3
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428.7
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456.1
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478.6
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Ebitda (adj.)
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34.87
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57.92
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86.40
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82.20
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98.97
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105.52
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110.23
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Ebitda - margin
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22.2%
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31.1%
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27.4%
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22.1%
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23.1%
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23.1%
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23.0%
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EBIT (adj.)
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-17.1
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10.9
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38.6
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34.4
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39.8
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44.5
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47.4
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EBIT (adj.) margin
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-10.9%
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5.8%
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12.3%
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9.2%
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9.3%
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9.8%
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9.9%
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PTP (adj.)
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-25.8
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-0.7
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16.1
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11.3
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18.3
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26.0
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29.2
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Net profit from cont oper (adj)
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-20.45
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1.70
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11.80
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8.60
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14.84
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20.54
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23.07
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Shareholders´ Equity
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76.1
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64.4
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74.8
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78.1
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80.5
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86.7
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93.9
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Net interest bearing debt
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317.6
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321.6
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290.4
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349.1
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337.1
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325.7
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312.2
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Net gearing
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392.2%
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463.5%
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354.1%
|
326.9%
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304.5%
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272.8%
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241.1%
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Net debt/EBITDA
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11.3
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7.0
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3.7
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4.2
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3.4
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3.1
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2.8
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Free cash flow to equity
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2.7
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36.0
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56.1
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72.1
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57.2
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66.3
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70.5
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Diluted number of shares in issue, year-end (m)
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19.2
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19.2
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20.8
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21.0
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20.5
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20.5
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20.5
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Nordea Markets estimates published on Nov 6, 2024 Source: Company data, Nordea estimates |
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Per share data and multiples
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Nordea
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EUR and %
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2020
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2021
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2022
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2023
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2024E
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2025E
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2026E
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EPS (adj.)
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-0.93
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0.07
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0.42
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0.29
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0.55
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0.77
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0.86
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EPS (adj.) growth
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-176.1%
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107.9%
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474.9%
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-30.4%
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88.4%
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39.9%
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12.3%
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DPS
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0.00
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0.00
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0.40
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0.43
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0.47
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0.51
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0.55
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BVPS
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4.0
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3.3
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3.6
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3.7
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3.9
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4.2
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4.6
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P/E (adj.)
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n.a.
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n.a.
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16.0
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30.3
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13.1
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9.4
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8.3
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EV/Sales
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3.04
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2.54
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1.39
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1.51
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1.20
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1.11
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1.04
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EV/EBITDA (adj.)
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13.69
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8.17
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5.06
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6.85
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5.21
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4.80
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4.50
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EV/EBIT (adj.)
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n.a.
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44.70
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11.33
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16.37
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12.96
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11.37
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10.46
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P/BV
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2.03
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2.28
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1.87
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2.37
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1.84
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1.71
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1.58
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Dividend yield
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0.0%
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0.0%
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6.0%
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4.9%
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6.5%
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7.1%
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7.6%
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FCF Yield bef A&D, lease adj
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-15.1%
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2.4%
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21.8%
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2.9%
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8.9%
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14.2%
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16.2%
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RoE
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-25.6%
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-14.6%
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2.2%
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9.9%
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14.4%
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18.9%
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19.7%
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ROIC
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-3.4%
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2.5%
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9.0%
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7.1%
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7.4%
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8.4%
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9.1%
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Nordea Markets estimates published on Nov 6, 2024 Source: Company data, Nordea estimates |
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