Numbers
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Nordea
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EURm
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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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797.1
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1,012
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1,089
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1,155
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1,003
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1,073
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1,134
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EBITDA (adj.)
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78.0
|
98.5
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103.5
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109.4
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97.7
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104.0
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110.7
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EBITDA (adj.) margin
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9.79%
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9.73%
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9.50%
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9.48%
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9.73%
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9.69%
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9.76%
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EBIT (adj.)
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54.3
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68.0
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72.9
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78.5
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67.3
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75.3
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80.7
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EBIT (adj.) margin
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6.81%
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6.72%
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6.69%
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6.80%
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6.71%
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7.02%
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7.12%
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PTP (adj.)
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51.1
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61.6
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66.3
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72.2
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46.3
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70.0
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76.0
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Net profit (cont. oper.) (adj.)
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40.8
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46.3
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50.7
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57.0
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46.7
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54.3
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59.1
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Shareholders' equity
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314.5
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344.1
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376.7
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414.4
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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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11.2
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112.6
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102.8
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91.0
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66.7
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65.9
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50.4
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Net gearing
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3.56%
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32.7%
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27.2%
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21.9%
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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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0.14
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1.14
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0.99
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0.83
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0.68
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0.63
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0.45
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Free cash flow
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24.0
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-80.2
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32.4
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35.8
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34.0
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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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64.7
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64.7
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64.7
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64.7
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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 Jul 17, 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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EURm
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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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0.63
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0.71
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0.77
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0.87
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0.71
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0.83
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0.91
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EPS (adj.) growth
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3.78%
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12.9%
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9.56%
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12.6%
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15.0%
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16.0%
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9.67%
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DPS (ord. EUR)
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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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0.26
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0.28
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0.31
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BVPS
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4.86
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5.32
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5.82
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6.41
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5.30
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5.94
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6.57
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P/E (adj.)
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15.9
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17.1
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15.6
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13.9
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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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0.82
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0.89
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0.81
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0.76
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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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8.43
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9.10
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8.57
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8.00
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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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12.1
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13.2
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12.2
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11.2
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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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2.05
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2.28
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2.08
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1.89
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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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2.51%
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2.23%
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2.40%
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2.56%
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2.17%
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2.34%
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2.54%
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FCF yield before A&D, lease-adj.
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4.91%
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0.71%
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4.76%
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5.18%
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5.20%
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n.a.
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n.a.
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ROE
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13.4%
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13.9%
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13.9%
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14.3%
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14.6%
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15.1%
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14.8%
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ROIC
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12.4%
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12.9%
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11.7%
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12.0%
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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 Jul 17, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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