Numbers
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Nordea
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EURm
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2016
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2017
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2018
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2019
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2020E
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2021E
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2022E
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Total revenues
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Ebitda (adj.)
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2,699.00
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3,394.00
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3,611.00
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5,273.00
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4,372.64
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5,553.79
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6,000.97
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Ebitda - margin
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86.1%
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52.6%
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43.6%
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46.0%
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46.5%
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83.5%
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83.8%
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EBIT (adj.)
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EBIT (adj.) margin
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86.1%
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52.6%
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43.6%
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46.0%
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46.5%
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83.5%
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83.8%
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PTP (adj.)
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2,418.0
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2,972.0
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3,020.0
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4,060.0
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3,285.2
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5,007.3
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5,319.5
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Net profit from cont oper (adj)
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1,874.00
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2,460.00
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1,072.00
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3,391.54
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2,911.60
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4,680.73
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4,966.43
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Shareholders´ Equity
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21,695.0
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46,128.0
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46,815.0
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43,477.0
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43,439.7
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45,239.0
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47,065.0
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Net interest bearing debt
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19,023.0
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24,266.0
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35,017.0
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16,081.0
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25,283.9
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28,966.0
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37,018.7
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Net gearing
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87.7%
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52.6%
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70.8%
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36.0%
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56.6%
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61.1%
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73.7%
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Net debt/EBITDA
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4.2
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4.1
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7.5
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4.1
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6.9
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5.2
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6.2
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Free cash flow to equity
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-2,378.0
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2,449.0
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-4,909.7
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-11,500.2
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-7,657.3
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-2,012.9
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-6,197.9
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Diluted number of shares in issue, year-end (m)
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3,310.8
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6,182.3
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6,182.3
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6,182.3
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6,182.3
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6,182.3
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6,182.3
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Nordea Markets estimates published on Dec 1, 2020 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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2016
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2017
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2018
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2019
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2020E
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2021E
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2022E
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EPS (adj.)
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EPS (adj.) growth
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589.3%
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-3.2%
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-68.4%
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176.0%
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-1.6%
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28.6%
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6.0%
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DPS
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0.19
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0.21
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0.23
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0.25
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0.27
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0.30
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0.35
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BVPS
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6.6
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7.5
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7.6
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7.0
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7.0
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7.3
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7.6
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P/E (adj.)
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n.a.
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n.a.
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34.6
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13.5
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12.2
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9.5
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9.0
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EV/Sales
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n.a.
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n.a.
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9.04
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4.99
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6.59
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10.02
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10.57
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EV/EBITDA (adj.)
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n.a.
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n.a.
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20.71
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10.84
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14.19
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12.00
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12.62
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EV/EBIT (adj.)
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n.a.
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n.a.
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25.28
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9.76
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18.16
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20.40
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20.89
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P/BV
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n.a.
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n.a.
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0.79
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0.92
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0.82
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0.79
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0.76
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Dividend yield
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n.a.
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n.a.
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3.8%
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3.9%
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4.7%
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5.2%
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6.1%
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FCF Yield bef A&D, lease adj
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n.a.
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n.a.
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0.7%
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3.9%
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-13.1%
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1.4%
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5.1%
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RoE
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19.0%
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14.9%
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4.6%
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3.7%
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4.9%
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7.8%
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8.0%
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ROIC
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6.1%
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4.8%
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3.6%
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5.7%
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5.3%
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6.0%
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5.8%
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Nordea Markets estimates published on Dec 1, 2020 Source: Company data, Nordea estimates |
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