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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Ebitda (adj.)
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48.80
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76.38
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70.34
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68.77
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101.86
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113.34
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127.45
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Ebitda - margin
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6.6%
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7.8%
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6.6%
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6.9%
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7.9%
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8.3%
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9.0%
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EBIT (adj.)
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EBIT (adj.) margin
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5.5%
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6.2%
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4.8%
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4.4%
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5.6%
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6.6%
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7.2%
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PTP (adj.)
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37.0
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54.5
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41.0
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37.9
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65.5
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81.3
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94.9
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Net profit from cont oper (adj)
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30.03
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43.90
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30.11
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28.80
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51.37
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64.26
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74.95
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Shareholders´ Equity
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111.1
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142.3
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269.5
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265.5
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305.0
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355.7
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405.1
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Net interest bearing debt
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176.3
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129.8
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31.2
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145.0
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277.4
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235.8
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200.2
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Net gearing
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158.8%
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91.3%
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11.6%
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54.6%
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91.0%
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66.3%
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49.4%
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Net debt/EBITDA
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3.6
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1.9
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0.5
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4.1
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2.9
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2.1
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1.6
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Free cash flow to equity
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37.8
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58.4
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17.4
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-25.5
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9.5
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55.2
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61.1
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Diluted number of shares in issue, year-end (m)
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4.8
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4.9
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5.2
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18.1
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19.0
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19.9
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19.9
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Nordea Markets estimates published on Jul 13, 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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EPS (adj.)
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EPS (adj.) growth
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5.5%
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46.0%
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-35.7%
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-72.2%
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69.9%
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19.4%
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16.6%
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DPS
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1.51
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0.00
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0.00
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0.30
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0.71
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1.28
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1.68
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BVPS
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22.9
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29.1
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51.5
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14.7
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16.0
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17.9
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20.3
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P/E (adj.)
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2.7
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4.2
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6.5
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21.2
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11.2
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9.4
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8.1
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EV/Sales
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0.35
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0.32
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0.21
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0.75
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0.66
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0.62
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0.57
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EV/EBITDA (adj.)
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5.24
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4.07
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3.22
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10.98
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8.38
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7.41
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6.31
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EV/EBIT (adj.)
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6.24
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5.08
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4.48
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9.71
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10.79
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9.63
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8.14
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P/BV
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0.72
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1.27
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0.73
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2.30
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1.89
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1.70
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1.49
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Dividend yield
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9.2%
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0.0%
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0.0%
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0.9%
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2.4%
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4.2%
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5.5%
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FCF Yield bef A&D, lease adj
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37.8%
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42.5%
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29.2%
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-4.2%
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4.7%
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9.4%
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10.1%
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RoE
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31.6%
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29.5%
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13.2%
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-3.3%
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15.8%
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19.5%
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19.7%
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ROIC
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11.1%
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16.2%
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13.2%
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9.4%
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12.9%
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15.1%
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17.0%
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Nordea Markets estimates published on Jul 13, 2022 Source: Company data, Nordea estimates |
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