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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358.0
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381.8
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399.4
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413.6
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382.0
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398.6
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419.0
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EBITDA (adj.)
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87.2
|
92.4
|
96.0
|
99.9
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91.9
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94.0
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97.8
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EBITDA (adj.) margin
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24.4%
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24.2%
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24.0%
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24.2%
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24.1%
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23.6%
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23.3%
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EBIT (adj.)
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32.3
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36.1
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38.0
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40.2
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35.9
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38.0
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40.8
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EBIT (adj.) margin
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9.02%
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9.46%
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9.53%
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9.73%
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9.40%
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9.53%
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9.74%
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PTP (adj.)
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14.8
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19.4
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23.0
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26.0
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19.4
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23.3
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27.1
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Net profit (cont. oper.) (adj.)
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12.0
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15.9
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18.9
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21.3
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13.5
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16.0
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19.9
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Shareholders' equity
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101.8
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108.8
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116.0
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124.2
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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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317.6
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312.1
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305.0
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296.9
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306.3
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227.7
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114.0
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Net gearing
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276.4%
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251.9%
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228.5%
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205.7%
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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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3.64
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3.38
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3.18
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2.97
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3.33
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2.42
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1.17
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Free cash flow
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55.4
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52.7
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58.0
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61.1
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397.7
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467.2
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500.9
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Diluted no. of shares, year-end (m)
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21.0
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21.0
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21.0
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21.0
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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 Nov 4, 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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1.57
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0.56
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0.67
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0.76
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0.58
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0.73
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0.86
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EPS (adj.) growth
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190.7%
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-64.2%
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18.7%
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13.1%
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-62.1%
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25.7%
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18.0%
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DPS (ord. EUR)
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0.23
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0.33
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0.37
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0.41
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0.31
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0.38
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0.46
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BVPS
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4.84
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5.17
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5.51
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5.90
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5.18
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5.59
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6.07
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P/E (adj.)
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5.22
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12.9
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10.9
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9.62
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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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1.41
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1.26
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1.19
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1.14
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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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5.78
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5.20
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4.96
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4.71
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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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15.6
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13.3
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12.5
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11.7
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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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1.70
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1.41
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1.32
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1.24
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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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2.80%
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4.53%
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5.08%
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5.62%
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4.25%
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5.25%
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6.28%
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FCF yield before A&D, lease-adj.
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25.8%
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6.52%
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9.17%
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10.4%
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261.8%
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307.5%
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329.6%
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ROE
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36.4%
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11.3%
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12.5%
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13.3%
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11.4%
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13.4%
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14.4%
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ROIC
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6.41%
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7.41%
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8.07%
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8.54%
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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 Nov 4, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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