Numbers
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Nordea
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EURm
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2018
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2019
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2020
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2021
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2022E
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2023E
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2024E
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Total revenues
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Ebitda (adj.)
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3,611.00
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5,273.00
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333.36
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4,148.55
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2,702.84
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3,151.87
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3,335.07
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Ebitda - margin
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43.6%
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46.0%
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3.5%
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51.6%
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36.0%
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37.7%
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38.4%
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EBIT (adj.)
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EBIT (adj.) margin
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43.6%
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46.0%
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3.5%
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51.6%
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36.0%
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37.7%
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38.4%
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PTP (adj.)
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3,020.0
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4,060.0
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-782.6
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3,533.5
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2,388.3
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2,772.0
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2,933.4
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Net profit from cont oper (adj)
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1,072.00
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3,391.54
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-1,103.50
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3,408.46
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2,112.64
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2,439.33
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2,581.38
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Shareholders´ Equity
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46,815.0
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43,477.0
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37,562.0
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36,239.0
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29,506.5
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29,915.9
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30,336.4
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Net interest bearing debt
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35,017.0
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16,081.0
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19,505.0
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4,383.0
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13,226.5
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15,237.2
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14,240.4
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Net gearing
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70.8%
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36.0%
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50.4%
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11.9%
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44.1%
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50.1%
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46.2%
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Net debt/EBITDA
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7.5
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4.1
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n.a.
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n.a.
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6.2
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4.8
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4.3
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Free cash flow to equity
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-4,909.7
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-11,500.2
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-2,205.4
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13,285.2
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-868.4
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-94.2
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3,036.9
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Diluted number of shares in issue, year-end (m)
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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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6,548.2
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6,548.2
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6,548.2
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Nordea Markets estimates published on Nov 16, 2022 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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2018
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2019
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2020
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2021
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2022E
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2023E
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2024E
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EPS (adj.)
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EPS (adj.) growth
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-68.4%
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176.0%
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-137.3%
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396.5%
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-39.0%
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15.5%
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5.8%
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DPS
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0.23
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0.25
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0.27
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0.29
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0.31
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0.33
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0.35
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BVPS
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7.6
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7.0
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6.1
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5.9
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4.5
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4.6
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4.6
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P/E (adj.)
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34.6
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13.5
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n.a.
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10.5
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17.3
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15.0
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14.2
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EV/Sales
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9.04
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4.99
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5.90
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6.45
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8.35
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7.75
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7.34
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EV/EBITDA (adj.)
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20.71
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10.84
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167.64
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12.50
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23.21
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20.54
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19.12
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EV/EBIT (adj.)
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25.28
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9.76
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17.94
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22.64
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30.32
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25.97
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24.06
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P/BV
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0.79
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0.92
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0.94
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0.95
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1.24
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1.22
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1.20
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Dividend yield
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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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5.6%
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5.9%
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6.3%
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FCF Yield bef A&D, lease adj
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0.7%
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3.9%
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2.3%
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-2.1%
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5.8%
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5.2%
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8.3%
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RoE
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4.6%
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3.7%
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-3.8%
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-3.1%
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4.7%
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8.2%
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8.6%
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ROIC
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3.6%
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5.7%
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0.4%
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n.a.
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4.9%
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5.2%
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5.3%
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Nordea Markets estimates published on Nov 16, 2022 Source: Company data, Nordea estimates |
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