Numbers
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Nordea
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EURt
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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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8,386
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6,510
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6,732
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6,867
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6.50
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6.50
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7.00
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EBITDA (adj.)
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2,977
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1,664
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1,912
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1,950
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1.50
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1.50
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2.00
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EBITDA (adj.) margin
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35.5%
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25.6%
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28.4%
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28.4%
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23.1%
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23.1%
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28.6%
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EBIT (adj.)
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2,977
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1,664
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1,912
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1,950
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1.50
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1.50
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2.00
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EBIT (adj.) margin
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35.5%
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25.6%
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28.4%
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28.4%
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23.1%
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23.1%
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28.6%
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PTP (adj.)
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2,260
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1,234
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1,368
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1,406
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1.00
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1.00
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1.00
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Net profit (cont. oper.) (adj.)
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2,533
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1,059
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1,095
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1,142
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1.00
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1.00
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1.00
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Shareholders' equity
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20,447
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19,084
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19,541
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19,973
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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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9,571
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11,464
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11,435
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10,978
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11.5
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11.4
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11.0
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Net gearing
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46.8%
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60.1%
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58.5%
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55.0%
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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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1.89
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7.17
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5.98
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5.63
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7.64
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7.62
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5.49
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Free cash flow
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32,006
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463.9
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666.0
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1,158
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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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6,370
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6,370
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6,370
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6,370
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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 May 8, 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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EURt
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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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0.35
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0.17
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0.17
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0.18
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0.12
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0.16
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0.17
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EPS (adj.) growth
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57.8%
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-53.1%
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3.38%
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4.38%
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-81.6%
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24.0%
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9.68%
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DPS (ord. EUR)
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0.37
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0.10
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0.11
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0.12
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0.11
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0.13
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0.14
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BVPS
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3.21
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3.00
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3.07
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3.14
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2.93
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1.48
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1.48
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P/E (adj.)
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10.2
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20.9
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20.2
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19.3
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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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4.63
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6.11
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5.90
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5.72
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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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13.0
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23.9
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20.8
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20.1
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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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13.0
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23.9
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20.8
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20.1
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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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1.13
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1.16
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1.13
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1.11
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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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10.2%
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2.88%
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3.17%
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3.46%
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3.17%
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3.75%
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4.03%
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FCF yield before A&D, lease-adj.
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25.1%
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2.10%
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3.01%
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5.24%
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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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14.8%
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5.03%
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5.67%
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5.73%
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3.95%
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5.25%
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5.50%
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ROIC
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3.90%
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4.23%
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4.79%
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4.86%
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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 May 8, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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