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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6,240
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6,452
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6,581
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6.00
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6.00
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6.50
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EBITDA (adj.)
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2,977
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1,651
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1,897
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1,935
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1.50
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2.00
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2.00
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EBITDA (adj.) margin
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35.5%
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26.5%
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29.4%
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29.4%
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25.0%
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33.3%
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30.8%
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EBIT (adj.)
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2,977
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1,651
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1,897
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1,935
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1.50
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2.00
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2.00
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EBIT (adj.) margin
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35.5%
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26.5%
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29.4%
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29.4%
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25.0%
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33.3%
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30.8%
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PTP (adj.)
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2,260
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1,250
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1,353
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1,391
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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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1,076
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1,083
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1,130
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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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19,078
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19,538
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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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11,518
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11,487
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11,027
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11.5
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11.5
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11.0
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Net gearing
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46.8%
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60.4%
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58.8%
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55.2%
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n.a.
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n.a.
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n.a.
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Net debt/EBITDA
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1.89
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7.37
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6.06
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5.70
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7.68
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5.74
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5.51
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Free cash flow
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32,006
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409.8
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654.2
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1,145
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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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6,229
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6,229
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6,229
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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 Aug 21, 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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0.14
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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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-51.2%
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0.61%
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4.40%
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-80.1%
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18.5%
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6.25%
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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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3.06
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3.14
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3.21
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2.95
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1.49
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1.50
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P/E (adj.)
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10.2
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16.3
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16.2
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15.5
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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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5.65
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5.46
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5.29
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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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21.4
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18.6
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18.0
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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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21.4
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18.6
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18.0
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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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0.92
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0.90
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0.88
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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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3.55%
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3.90%
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4.26%
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3.90%
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4.61%
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4.96%
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FCF yield before A&D, lease-adj.
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25.1%
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2.33%
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3.72%
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6.52%
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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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5.00%
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5.61%
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5.67%
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4.20%
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5.35%
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5.50%
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ROIC
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3.90%
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4.20%
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4.75%
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4.81%
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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 Aug 21, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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