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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80.6
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80.9
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84.1
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86.6
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80.0
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83.0
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87.0
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EBITDA (adj.)
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5.85
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5.02
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7.24
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8.09
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4.50
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7.00
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8.00
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EBITDA (adj.) margin
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7.26%
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6.20%
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8.60%
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9.34%
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5.62%
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8.43%
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9.20%
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EBIT (adj.)
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1.51
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0.66
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2.83
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3.64
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0.50
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2.50
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3.50
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EBIT (adj.) margin
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1.88%
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0.82%
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3.37%
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4.20%
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0.62%
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3.01%
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4.02%
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PTP (adj.)
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-0.31
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-1.79
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0.68
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1.49
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-1.50
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1.50
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1.50
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Net profit (cont. oper.) (adj.)
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-0.08
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-1.43
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0.54
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1.19
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-1.50
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0.50
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1.00
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Shareholders' equity
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41.2
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39.8
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40.3
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41.3
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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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27.2
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28.3
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25.0
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21.1
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27.6
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26.0
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21.0
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Net gearing
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65.7%
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70.8%
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61.6%
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50.8%
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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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5.42
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5.65
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3.45
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2.61
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6.13
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3.71
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2.62
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Free cash flow
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-7.37
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1.94
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3.37
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4.06
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n.a.
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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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10.2
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10.2
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10.2
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10.2
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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 26, 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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-0.01
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-0.14
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0.05
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0.12
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-0.16
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0.02
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0.10
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EPS (adj.) growth
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-105.0%
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-1,605%
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137.8%
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119.9%
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-77.8%
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112.5%
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425.0%
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DPS (ord. EUR)
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0.00
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0.00
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0.02
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0.06
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0.00
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0.01
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0.04
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BVPS
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4.05
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3.91
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3.97
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4.06
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3.84
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3.86
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3.96
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P/E (adj.)
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n.m.
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n.m.
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20.7
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9.39
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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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0.62
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0.49
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0.43
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0.38
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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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8.60
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7.92
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5.02
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4.02
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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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33.3
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59.9
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12.8
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8.92
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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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0.56
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0.28
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0.28
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0.27
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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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0.00%
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0.00%
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1.82%
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5.45%
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0.00%
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0.91%
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4.09%
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FCF yield before A&D, lease-adj.
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24.6%
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17.3%
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3.31%
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9.43%
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n.a.
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n.a.
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n.a.
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ROE
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-2.22%
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-3.54%
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1.35%
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2.92%
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-1.75%
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0.60%
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2.60%
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ROIC
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1.84%
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0.75%
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3.35%
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4.50%
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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 26, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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