Numbers
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Nordea
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SEKm
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2016
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2017
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2018
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2019
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2020E
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2021E
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2022E
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Total revenues
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Ebitda (adj.)
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-1,482.00
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102.00
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7,794.00
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17,161.00
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31,823.34
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50,782.55
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68,584.14
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Ebitda - margin
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-3.4%
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0.3%
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13.2%
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16.8%
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18.0%
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21.5%
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23.9%
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EBIT (adj.)
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EBIT (adj.) margin
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-19.5%
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-23.7%
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-6.0%
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2.4%
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2.4%
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8.8%
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13.4%
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PTP (adj.)
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-8,285.0
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-10,602.0
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-5,409.0
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-1,145.0
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706.8
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16,200.9
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33,869.4
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Net profit from cont oper (adj)
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-8,116.00
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-10,145.00
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-4,372.00
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-885.00
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-2,314.78
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12,717.71
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26,587.48
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Shareholders´ Equity
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22,690.0
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28,761.0
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41,697.0
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83,549.0
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321,174.2
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333,891.9
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360,479.4
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Net interest bearing debt
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13,806.0
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-428.0
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-1,446.0
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-1,963.0
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78,556.8
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53,064.5
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10,366.6
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Net gearing
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60.0%
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-1.5%
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-3.5%
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-2.4%
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24.4%
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15.9%
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2.9%
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Net debt/EBITDA
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n.a.
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-4.2
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-0.2
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-0.1
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1.6
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1.0
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0.2
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Free cash flow to equity
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-11,329.0
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-15,792.0
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-4,606.0
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-40,570.0
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-347,186.8
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28,492.3
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42,697.9
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Diluted number of shares in issue, year-end (m)
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17,613.7
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22,017.1
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28,879.8
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38,190.7
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65,917.7
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65,917.7
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65,917.7
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Nordea Markets estimates published on Nov 20, 2020 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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2016
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2017
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2018
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2019
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2020E
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2021E
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2022E
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EPS (adj.)
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EPS (adj.) growth
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8.2%
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-3.8%
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67.6%
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80.6%
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-57.9%
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518.1%
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109.1%
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DPS
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0.00
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0.00
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0.00
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0.00
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0.00
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0.00
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0.00
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BVPS
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1.3
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1.3
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1.4
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2.2
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4.9
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5.1
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5.5
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P/E (adj.)
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n.a.
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n.a.
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n.a.
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n.a.
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n.a.
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25.3
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12.1
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EV/Sales
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3.96
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1.69
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4.17
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2.68
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2.27
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1.59
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1.16
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EV/EBITDA (adj.)
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n.a.
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606.59
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31.63
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15.95
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12.60
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7.39
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4.85
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EV/EBIT (adj.)
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n.a.
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n.a.
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n.a.
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113.30
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93.38
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18.06
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8.65
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P/BV
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7.09
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2.16
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5.94
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3.30
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1.00
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0.96
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0.89
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Dividend yield
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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FCF Yield bef A&D, lease adj
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-7.0%
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-21.8%
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-2.2%
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-1.0%
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4.8%
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8.9%
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13.3%
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RoE
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-35.3%
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-39.8%
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-12.3%
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-1.6%
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7.4%
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3.9%
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7.7%
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ROIC
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-17.9%
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-16.4%
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-5.6%
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2.5%
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1.1%
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3.3%
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6.4%
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Nordea Markets estimates published on Nov 20, 2020 Source: Company data, Nordea estimates |
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