Numbers
|
|
|
|
|
|
|
|
Nordea
|
|
EURm
|
2022
|
2023
|
2024
|
2025
|
2026E
|
2027E
|
2028E
|
|
Total revenue
|
469.0
|
467.6
|
488.6
|
507.2
|
477.0
|
485.0
|
506.2
|
|
EBITDA (adj.)
|
56.8
|
57.1
|
62.8
|
66.7
|
58.8
|
65.0
|
67.8
|
|
EBITDA (adj.) margin
|
12.1%
|
12.2%
|
12.8%
|
13.1%
|
12.3%
|
13.4%
|
13.4%
|
|
EBIT (adj.)
|
26.9
|
28.3
|
33.0
|
36.0
|
32.0
|
34.5
|
37.2
|
|
EBIT (adj.) margin
|
5.74%
|
6.05%
|
6.76%
|
7.10%
|
6.71%
|
7.11%
|
7.36%
|
|
PTP (adj.)
|
19.2
|
20.9
|
25.8
|
29.0
|
25.0
|
26.7
|
28.3
|
|
Net profit (cont. oper.) (adj.)
|
16.6
|
19.0
|
22.7
|
25.5
|
16.0
|
20.0
|
22.0
|
|
Shareholders' equity
|
143.5
|
161.8
|
172.4
|
184.9
|
n.a.
|
n.a.
|
n.a.
|
|
Net debt
|
201.2
|
156.2
|
168.8
|
169.9
|
161.4
|
165.8
|
152.7
|
|
Net gearing
|
123.1%
|
84.2%
|
84.5%
|
78.7%
|
n.a.
|
n.a.
|
n.a.
|
|
Net debt/EBITDA
|
3.22
|
2.30
|
2.69
|
2.55
|
2.75
|
2.55
|
2.25
|
|
Free cash flow
|
31.9
|
61.0
|
4.21
|
17.0
|
43.0
|
12.6
|
38.3
|
|
Diluted no. of shares, year-end (m)
|
31.4
|
31.4
|
31.4
|
31.4
|
n.a.
|
n.a.
|
n.a.
|
|
Nordea Markets estimates published on Jul 29, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
|
|
|
|
|
|
|
Per share data and multiples
|
|
|
|
|
|
|
|
Nordea
|
|
EURm
|
2022
|
2023
|
2024
|
2025
|
2026E
|
2027E
|
2028E
|
|
EPS (adj. EUR)
|
0.51
|
0.49
|
0.61
|
0.70
|
0.69
|
0.60
|
0.67
|
|
EPS (adj.) growth
|
15.1%
|
-4.86%
|
24.5%
|
14.4%
|
-3.75%
|
-14.1%
|
12.3%
|
|
DPS (ord. EUR)
|
0.25
|
0.27
|
0.30
|
0.34
|
0.28
|
0.32
|
0.36
|
|
BVPS
|
4.57
|
5.15
|
5.49
|
5.88
|
5.05
|
5.39
|
5.82
|
|
P/E (adj.)
|
12.7
|
12.9
|
10.3
|
9.03
|
n.a.
|
n.a.
|
n.a.
|
|
EV/Sales
|
0.91
|
0.81
|
0.81
|
0.79
|
n.a.
|
n.a.
|
n.a.
|
|
EV/EBITDA (adj.)
|
7.51
|
6.61
|
6.27
|
5.97
|
n.a.
|
n.a.
|
n.a.
|
|
EV/EBIT (adj.)
|
15.8
|
13.3
|
11.9
|
11.1
|
n.a.
|
n.a.
|
n.a.
|
|
P/BV
|
1.43
|
1.22
|
1.14
|
1.07
|
n.a.
|
n.a.
|
n.a.
|
|
Dividend yield (ord.)
|
3.83%
|
4.30%
|
4.78%
|
5.41%
|
4.51%
|
5.18%
|
5.65%
|
|
FCF yield before A&D, lease-adj.
|
2.78%
|
4.54%
|
-2.08%
|
4.23%
|
21.4%
|
6.25%
|
19.1%
|
|
ROE
|
14.4%
|
17.1%
|
11.4%
|
12.2%
|
16.8%
|
12.2%
|
13.5%
|
|
ROIC
|
6.61%
|
7.42%
|
8.19%
|
8.42%
|
n.a.
|
n.a.
|
n.a.
|
|
Nordea Markets estimates published on Jul 29, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
|
|
|
|
|
|
|
 |
|
|