Numbers
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Nordea
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SEKm
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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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NOI
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212.6
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285.5
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368.5
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396.0
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442.8
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490.6
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544.2
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NOI margin
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61.1%
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63.0%
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66.3%
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63.5%
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63.7%
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65.3%
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66.1%
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EBIT (adj.)
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EBIT (adj.) margin
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53.0%
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55.0%
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56.8%
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55.6%
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57.4%
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59.3%
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60.5%
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PTP (adj.)
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95.6
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149.4
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195.2
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222.6
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253.1
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289.4
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333.1
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Net profit from cont oper (adj)
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95.60
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149.40
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195.20
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219.60
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253.07
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289.44
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333.11
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Shareholders´ Equity
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1,978.4
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2,831.0
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3,532.3
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5,217.3
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5,738.6
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6,193.4
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6,679.7
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Net interest bearing debt
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3,333.2
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4,561.2
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5,395.1
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6,728.5
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6,760.3
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7,250.2
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7,700.8
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Net gearing
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161.5%
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156.4%
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148.4%
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128.3%
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117.3%
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116.6%
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114.8%
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Net debt/EBITDA
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18.1
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18.3
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17.1
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19.4
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16.9
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16.3
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15.5
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Net operating cash flow
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151.7
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149.2
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184.4
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477.5
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557.8
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301.1
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348.2
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Diluted number of shares in issue, year-end (m)
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137.5
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145.9
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149.9
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157.0
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157.0
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157.0
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157.0
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Nordea Markets estimates published on May 9, 2022 Source: Company data, Nordea estimates |
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Per share data and multiples
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Nordea
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SEK 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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NAVPS
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17.5
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20.5
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24.9
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36.2
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40.6
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45.0
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49.8
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EPS (adj.)
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DPS
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0.29
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0.00
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0.45
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0.50
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0.55
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0.60
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0.60
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BVPS
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14.4
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19.4
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23.6
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33.2
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36.5
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39.4
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42.5
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P/E (adj.)
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24.0
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28.0
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34.8
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50.8
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16.5
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14.1
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12.1
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P/NAV
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0.9
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1.3
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1.4
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1.6
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0.6
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0.5
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0.5
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EV/EBITDA (adj.)
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30.43
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33.77
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33.68
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46.46
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26.00
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24.38
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22.72
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EV/EBIT (adj.)
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30.43
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33.77
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33.68
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46.51
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26.03
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24.41
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22.75
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P/BV
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1.11
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1.33
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1.45
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1.79
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0.63
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0.58
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0.54
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P/CE
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14.5
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25.3
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27.8
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19.6
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6.5
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12.0
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10.3
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Dividend yield
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1.8%
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0.0%
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1.3%
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0.8%
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2.4%
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2.6%
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2.6%
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RoE
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14.0%
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11.9%
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15.3%
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29.0%
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10.9%
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9.1%
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9.0%
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ROIC
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0.6%
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0.6%
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0.6%
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0.5%
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0.5%
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0.5%
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0.6%
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Nordea Markets estimates published on May 9, 2022 Source: Company data, Nordea estimates |
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