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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1,814
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1,890
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1,928
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1,967
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1,897
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1,957
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1,997
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EBITDA (adj.)
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131.8
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138.9
|
142.8
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153.6
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138.7
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141.7
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150.7
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EBITDA (adj.) margin
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7.27%
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7.35%
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7.40%
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7.81%
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7.31%
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7.24%
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7.55%
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EBIT (adj.)
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69.9
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73.7
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76.2
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84.3
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73.7
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74.7
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81.7
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EBIT (adj.) margin
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3.85%
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3.90%
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3.95%
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4.29%
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3.88%
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3.81%
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4.09%
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PTP (adj.)
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59.4
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67.8
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68.6
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77.8
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67.3
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67.3
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75.3
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Net profit (cont. oper.) (adj.)
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49.4
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55.3
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55.8
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63.2
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50.3
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50.0
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56.3
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Shareholders' equity
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432.0
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460.5
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487.1
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518.9
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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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215.0
|
230.1
|
241.8
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205.2
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230.0
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242.0
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205.0
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Net gearing
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47.3%
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47.2%
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46.8%
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37.1%
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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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1.71
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1.68
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1.69
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1.34
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1.66
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1.71
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1.36
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Free cash flow
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53.1
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11.8
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19.1
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69.2
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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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28.3
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28.3
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28.3
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28.3
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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 23, 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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1.64
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1.83
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1.84
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2.08
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1.75
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1.74
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1.98
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EPS (adj.) growth
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19.7%
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11.2%
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0.54%
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13.3%
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21.3%
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-0.23%
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13.6%
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DPS (ord. EUR)
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0.75
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0.90
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0.96
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1.05
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0.84
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0.89
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0.94
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BVPS
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15.3
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16.3
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17.2
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18.4
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16.3
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17.2
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18.4
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P/E (adj.)
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9.30
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8.55
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8.50
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7.50
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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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0.37
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0.37
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0.37
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0.35
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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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5.09
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5.03
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5.00
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4.44
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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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9.59
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9.47
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9.37
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8.08
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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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1.00
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0.96
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0.91
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0.85
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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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4.90%
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5.75%
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6.14%
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6.71%
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5.39%
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5.67%
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6.01%
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FCF yield before A&D, lease-adj.
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11.0%
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3.47%
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3.09%
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14.4%
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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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9.73%
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11.1%
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11.0%
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11.7%
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10.7%
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10.2%
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10.9%
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ROIC
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7.76%
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8.36%
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8.18%
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8.78%
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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 23, 2026 Source: Company data, Nordea estimatesNote: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers. |
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