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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469.0
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499.3
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510.7
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530.1
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500.7
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500.2
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522.0
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EBITDA (adj.)
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56.8
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61.9
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65.1
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69.4
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63.3
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67.2
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71.8
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EBITDA (adj.) margin
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12.1%
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12.4%
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12.8%
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13.1%
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12.6%
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13.4%
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13.7%
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EBIT (adj.)
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26.9
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31.7
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34.3
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37.6
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34.4
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35.8
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40.4
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EBIT (adj.) margin
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5.74%
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6.35%
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6.72%
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7.10%
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6.87%
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7.16%
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7.73%
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PTP (adj.)
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19.2
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30.1
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26.6
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30.1
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33.5
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28.3
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32.7
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Net profit (cont. oper.) (adj.)
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16.6
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27.5
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24.0
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26.5
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24.0
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21.0
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23.0
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Shareholders' equity
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143.5
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168.9
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180.9
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194.6
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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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201.2
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152.1
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161.3
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160.5
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159.0
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162.0
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148.5
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Net gearing
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123.1%
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79.1%
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77.7%
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71.4%
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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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3.22
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2.14
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2.48
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2.31
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2.51
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2.41
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2.07
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Free cash flow
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31.9
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65.0
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7.30
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18.6
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43.0
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12.6
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38.3
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Diluted no. of shares, year-end (m)
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31.4
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31.4
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31.4
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31.4
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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 Oct 27, 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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0.51
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0.76
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0.65
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0.73
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0.97
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0.64
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0.76
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EPS (adj.) growth
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15.1%
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49.0%
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-14.6%
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12.3%
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35.1%
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-34.4%
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18.8%
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DPS (ord. EUR)
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0.25
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0.27
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0.30
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0.34
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0.28
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0.32
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0.37
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BVPS
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4.57
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5.37
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5.76
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6.19
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5.21
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5.58
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6.03
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P/E (adj.)
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12.7
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8.73
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10.2
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9.10
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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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0.91
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0.77
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0.78
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0.76
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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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7.51
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6.23
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6.11
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5.77
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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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15.8
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12.2
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11.6
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10.6
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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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1.43
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1.24
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1.16
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1.08
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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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3.83%
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4.04%
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4.49%
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5.09%
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4.24%
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4.87%
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5.51%
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FCF yield before A&D, lease-adj.
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2.78%
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6.20%
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-0.33%
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4.88%
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20.1%
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5.88%
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17.9%
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ROE
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14.4%
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21.3%
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11.7%
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12.3%
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19.6%
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12.1%
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13.4%
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ROIC
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6.61%
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8.28%
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8.46%
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8.79%
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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 Oct 27, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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