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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47.60
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32.70
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64.70
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56.72
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52.93
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59.15
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62.71
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Ebitda - margin
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16.9%
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11.3%
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23.8%
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19.8%
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16.5%
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17.2%
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17.8%
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EBIT (adj.)
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EBIT (adj.) margin
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11.1%
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6.4%
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17.3%
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15.3%
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12.1%
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13.7%
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14.7%
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PTP (adj.)
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31.9
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18.1
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45.4
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46.5
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41.0
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47.0
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51.9
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Net profit from cont oper (adj)
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24.20
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13.62
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36.80
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36.32
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31.60
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36.46
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40.26
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Shareholders´ Equity
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159.5
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168.0
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165.4
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197.5
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217.1
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244.0
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274.0
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Net interest bearing debt
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-120.1
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-110.4
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-129.4
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-125.7
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-107.1
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-137.2
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-168.0
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Net gearing
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-75.3%
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-65.7%
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-78.2%
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-63.6%
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-49.3%
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-56.2%
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-61.3%
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Net debt/EBITDA
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-2.5
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-3.4
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-2.2
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-2.5
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-2.2
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-2.3
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-2.7
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Free cash flow to equity
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41.3
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6.6
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58.9
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29.4
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-9.6
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39.6
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41.1
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Diluted number of shares in issue, year-end (m)
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79.4
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81.3
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73.4
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73.4
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73.4
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73.4
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73.4
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Nordea Markets estimates published on Aug 12, 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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-7.1%
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-44.5%
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180.7%
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4.0%
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-13.0%
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15.4%
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10.4%
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DPS
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0.09
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0.09
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0.12
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0.12
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0.13
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0.14
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0.15
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BVPS
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2.0
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2.1
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2.3
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2.7
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3.0
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3.3
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3.7
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P/E (adj.)
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12.5
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26.1
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13.3
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13.3
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14.4
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12.5
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11.3
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EV/Sales
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0.65
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0.86
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1.23
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1.25
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1.08
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0.92
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0.81
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EV/EBITDA (adj.)
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3.85
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7.60
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5.16
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6.30
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6.56
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5.36
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4.57
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EV/EBIT (adj.)
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5.88
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13.49
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7.07
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8.16
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8.96
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6.75
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5.52
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P/BV
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1.90
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2.14
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2.80
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2.45
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2.09
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1.86
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1.66
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Dividend yield
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2.4%
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2.0%
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1.9%
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1.8%
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2.1%
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2.3%
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2.4%
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FCF Yield bef A&D, lease adj
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13.6%
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1.8%
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12.6%
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7.7%
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5.4%
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9.5%
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9.8%
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RoE
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16.3%
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8.1%
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19.3%
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16.8%
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13.7%
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15.8%
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15.5%
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ROIC
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53.6%
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30.0%
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79.7%
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55.9%
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30.6%
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33.6%
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37.7%
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Nordea Markets estimates published on Aug 12, 2022 Source: Company data, Nordea estimates |
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