Estimates on a dark background are based on consensus estimates that are collected from the market. Valuatum calculates the other estimates using the consensus estimates and its own analysis. Actual figures are collected from company disclosures. More information can be found on Valuatum's web site.

Income statement (EURm)		2020e	2021e	2022e	2023e	2024e	2025e	2026e	2027e	2028e	2029e	2030e	2031e	2032e	2033e

	Net sales (cont. operations)	2,480	2,567	2,657	2,750	2,846	2,931	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	EBITDA	234	234	242	237	231	238	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	EBIT	179	180	186	179	171	176	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	EBIT without non-rec. items	179	180	186	179	171	176	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Pre-tax profit (PTP)	172	173	179	172	164	169	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Pre-tax profit without non-rec. items	172	173	179	172	164	169	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Net earnings (cont. operations)	125	126	130	125	119	123	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Adjusted net earnings	125	126	130	125	119	123	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Free cash flow	105	108	112	106	99.5	106	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0

See the entire income statement

Balance sheet (EURm)		2020e	2021e	2022e	2023e	2024e	2025e	2026e	2027e	2028e	2029e	2030e	2031e	2032e	2033e

	Tangible assets	136	141	146	151	157	161	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Shareholders' equity	653	697	746	786	824	869	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Interest-bearing liabilities	202	209	216	216	216	224	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	Balance sheet total (assets)	1,764	1,842	1,924	1,992	2,059	2,137	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0

	Net debt	41.7	18.4	-8.08	-25.6	-40.1	-64.6	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Key figures		2020e	2021e	2022e	2023e	2024e	2025e	2026e	2027e	2028e	2029e	2030e	2031e	2032e	2033e

	Net sales growth	4.0%	3.5%	3.5%	3.5%	3.5%	3.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
	EBITDA %	9.4%	9.1%	9.1%	8.6%	8.1%	8.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
	EBIT %	7.2%	7.0%	7.0%	6.5%	6.0%	6.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
	ROE %	19.9%	18.7%	18.0%	16.3%	14.8%	14.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
	ROI %	21.9%	20.9%	20.3%	18.6%	17.1%	16.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
	EVA	75.1	74.0	76.8	69.9	62.3	64.2	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	Equity ratio	42.1%	43.0%	43.9%	44.7%	45.4%	46.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
	Gearing %	6.4%	2.6%	-1.1%	-3.3%	-4.9%	-7.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Share data		2023e	2024e	2025e	2026e	2027e	2028e

	EPS, unadjusted	2.13	2.03	2.09	0.00	0.00	0.00
	EPS, excl. non-recurring items	2.13	2.03	2.09	0.00	0.00	0.00
	FCF/share	1.80	1.69	1.80	0.00	0.00	0.00
	Div. per share	1.38	1.32	1.36	0.00	0.00	0.00
	BV/share	13.4	14.0	14.8	0.00	0.00	0.00

Pricing and key ratios		2020e	2021e	2022e	2023e	2024e	2025e	2026e	2027e	2028e	2029e	2030e	2031e	2032e	2033e

	Share price (EUR)	27.5	27.5	27.5	27.5	27.5	27.5	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	Market cap (EURm)	1,615	1,615	1,615	1,615	1,615	1,615	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	EV (EURm)	1,603	1,580	1,554	1,536	1,522	1,497	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	MVA (EURm)	962	918	869	829	791	746	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

	P/E	12.9	12.8	12.4	12.9	13.6	13.2	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	P/FCFF	15.3	14.9	14.4	15.2	16.2	15.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	P/BV	2.47	2.32	2.17	2.06	1.96	1.86	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	P/Sales	0.7	0.6	0.6	0.6	0.6	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	EV/EBITDA	6.9	6.7	6.4	6.5	6.6	6.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	EV/EBIT	9.0	8.8	8.4	8.6	8.9	8.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Payout	65.0%	65.0%	65.0%	65.0%	65.0%	65.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
	Dividend yield	5.0%	5.1%	5.2%	5.0%	4.8%	4.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%