Numbers
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Nordea
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NOKm
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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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1,918
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2,177
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2,497
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2,787
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2,060
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2,328
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2,602
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EBITDA (adj.)
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264.8
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255.6
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360.5
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505.3
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265.0
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374.7
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488.7
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EBITDA (adj.) margin
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13.8%
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11.7%
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14.4%
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18.1%
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12.9%
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16.1%
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18.8%
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EBIT (adj.)
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188.0
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182.2
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286.1
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431.0
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191.7
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299.7
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413.0
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EBIT (adj.) margin
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9.80%
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8.37%
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11.5%
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15.5%
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9.30%
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12.9%
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15.9%
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PTP (adj.)
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28.3
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162.8
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244.2
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389.1
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177.7
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242.7
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359.0
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Net profit (cont. oper.) (adj.)
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-2.52
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133.3
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190.5
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303.5
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144.3
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189.3
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280.0
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Shareholders' equity
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347.8
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565.8
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756.3
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1,060
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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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531.8
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244.5
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46.4
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-238.4
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282.0
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-26.0
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-173.7
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Net gearing
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141.0%
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43.2%
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6.13%
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-22.5%
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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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2.21
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0.96
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0.13
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-0.47
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1.06
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-0.07
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-0.36
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Free cash flow
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-575.8
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119.8
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240.1
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326.7
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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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44.8
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47.9
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47.9
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47.9
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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 Jul 15, 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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NOKm
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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. NOK)
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-0.06
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2.78
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3.98
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6.34
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2.96
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3.86
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5.71
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EPS (adj.) growth
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-129.5%
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5,040%
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43.1%
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59.3%
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601.2%
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30.4%
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48.1%
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DPS (ord. NOK)
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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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7.76
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11.8
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15.8
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22.1
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10.8
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15.2
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20.2
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P/E (adj.)
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n.m.
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13.0
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9.12
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5.72
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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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1.51
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0.91
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0.71
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0.54
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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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10.9
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7.76
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4.95
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2.97
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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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15.4
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10.9
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6.23
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3.48
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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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6.70
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3.07
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2.30
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1.64
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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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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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FCF yield before A&D, lease-adj.
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-0.55%
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14.6%
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13.8%
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18.8%
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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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-7.57%
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29.2%
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28.8%
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33.4%
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30.4%
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27.4%
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30.3%
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ROIC
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23.9%
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14.5%
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23.7%
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35.5%
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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 Jul 15, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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