Numbers
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Nordea
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EURm
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2019
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2020
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2021
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2022
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2023E
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2024E
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2025E
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Total revenues
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Ebitda (adj.)
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75.60
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21.29
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34.50
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72.60
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88.90
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102.71
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106.65
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Ebitda - margin
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27.7%
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13.6%
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18.5%
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23.2%
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23.6%
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23.4%
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23.4%
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EBIT (adj.)
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EBIT (adj.) margin
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11.4%
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-19.6%
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-6.7%
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7.9%
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10.0%
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10.3%
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10.4%
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PTP (adj.)
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23.7
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-39.9
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-24.4
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2.3
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18.3
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30.4
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32.6
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Net profit from cont oper (adj)
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22.23
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-34.56
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-22.00
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-2.00
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15.17
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24.96
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25.78
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Shareholders´ Equity
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129.3
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76.1
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64.4
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74.8
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76.7
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97.8
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108.6
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Net interest bearing debt
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267.6
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317.6
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321.6
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290.4
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280.3
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264.2
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242.9
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Net gearing
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195.3%
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392.2%
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463.5%
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354.1%
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287.8%
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218.3%
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180.6%
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Net debt/EBITDA
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3.6
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11.3
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7.0
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3.7
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3.2
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2.6
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2.3
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Free cash flow to equity
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23.9
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2.7
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36.0
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56.1
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52.8
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67.5
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62.4
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Diluted number of shares in issue, year-end (m)
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19.0
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19.2
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19.2
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20.8
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20.8
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20.8
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20.8
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Nordea Markets estimates published on Aug 9, 2023 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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2019
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2020
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2021
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2022
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2023E
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2024E
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2025E
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EPS (adj.)
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EPS (adj.) growth
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318.9%
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-173.3%
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30.1%
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76.8%
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318.6%
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61.0%
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3.3%
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DPS
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0.00
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0.00
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0.00
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0.40
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0.42
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0.46
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0.50
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BVPS
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6.8
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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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4.7
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5.2
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P/E (adj.)
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4.5
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n.a.
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n.a.
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n.a.
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13.1
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8.1
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7.9
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EV/Sales
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1.73
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3.05
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2.54
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1.40
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1.23
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1.02
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0.94
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EV/EBITDA (adj.)
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6.23
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22.43
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13.72
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6.02
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5.20
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4.37
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4.03
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EV/EBIT (adj.)
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15.56
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n.a.
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n.a.
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17.63
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12.31
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9.94
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9.08
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P/BV
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1.51
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2.03
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2.28
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1.87
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2.10
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1.65
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1.48
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Dividend yield
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0.0%
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0.0%
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0.0%
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6.0%
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5.4%
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5.9%
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6.5%
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FCF Yield bef A&D, lease adj
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9.9%
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-18.3%
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3.8%
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23.2%
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16.5%
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16.7%
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12.8%
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RoE
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45.6%
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-26.1%
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-15.1%
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2.2%
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13.6%
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22.6%
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19.8%
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ROIC
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7.9%
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-6.3%
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-2.8%
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5.8%
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8.7%
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10.2%
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10.6%
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Nordea Markets estimates published on Aug 9, 2023 Source: Company data, Nordea estimates |
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