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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118.8
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122.2
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125.6
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129.4
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122.8
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126.2
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129.2
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EBITDA (adj.)
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55.9
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55.3
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58.5
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60.2
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55.1
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57.8
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59.6
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EBITDA (adj.) margin
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47.1%
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45.2%
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46.6%
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46.6%
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44.9%
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45.8%
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46.1%
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EBIT (adj.)
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30.9
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29.4
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32.4
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33.9
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29.1
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31.6
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33.4
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EBIT (adj.) margin
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26.0%
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24.0%
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25.8%
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26.2%
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23.7%
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25.0%
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25.8%
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PTP (adj.)
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26.1
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24.9
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28.3
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29.9
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25.4
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27.9
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29.8
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Net profit (cont. oper.) (adj.)
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20.5
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19.9
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23.2
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24.8
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19.6
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22.2
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24.1
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Shareholders' equity
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380.9
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384.5
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395.6
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405.6
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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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141.7
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132.4
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110.6
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90.1
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132.4
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110.6
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90.1
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Net gearing
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37.2%
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34.4%
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28.0%
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22.2%
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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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2.46
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2.40
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1.89
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1.50
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2.40
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1.92
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1.51
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Free cash flow
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23.0
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28.3
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41.0
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42.3
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28.9
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31.6
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36.8
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Diluted no. of shares, year-end (m)
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263.0
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263.0
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263.0
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263.0
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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 Aug 11, 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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0.08
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0.08
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0.09
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0.09
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0.08
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0.09
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0.09
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EPS (adj.) growth
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5.50%
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-3.32%
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16.8%
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7.00%
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-11.1%
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12.5%
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0.00%
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DPS (ord. EUR)
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0.07
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0.07
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0.08
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0.09
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0.07
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0.08
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0.08
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BVPS
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1.45
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1.46
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1.50
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1.54
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1.46
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1.48
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1.52
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P/E (adj.)
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16.6
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15.8
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13.5
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12.6
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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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4.06
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3.65
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3.38
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3.12
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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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8.63
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8.07
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7.25
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6.70
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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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15.6
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15.2
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13.1
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11.9
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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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0.89
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0.82
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0.79
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0.77
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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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5.63%
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6.12%
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6.96%
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7.80%
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5.87%
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6.29%
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6.71%
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FCF yield before A&D, lease-adj.
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6.76%
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9.03%
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13.1%
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13.5%
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9.17%
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10.0%
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11.7%
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ROE
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5.89%
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5.19%
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5.95%
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6.20%
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5.10%
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5.80%
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6.10%
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ROIC
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4.68%
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4.55%
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5.09%
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5.43%
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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 Aug 11, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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