Ticker	FIA1S
Share price	EUR 6.70

Overview

Est. vs. Actual

Valuation

Divisions

Quarters

Graphs

Finnair

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)		2015	2016	2017e	2018e	2019e	2020e	2021e	2022e	2023e	2024e	2025e	2026e	2027e	2028e

	Net sales	2,254	2,317	2,567	2,714	2,835	2,900	2,987	3,076	3,168	3,263	3,361	3,429	0.0	0.0
	EBITDA	230	222	351	304	313	308	301	326	326	317	316	320	0.0	0.0
	EBIT	122	116	224	167	171	158	149	145	143	137	134	137	0.0	0.0
	Non-recurring items in EBIT	110	61.0	53.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	EBIT without non-rec. items	11.5	55.2	170	167	171	158	149	145	143	137	134	137	0.0	0.0
	Pre-tax profit (PTP)	113	106	209	153	157	146	139	126	126	123	121	126	0.0	0.0
	Pre-tax profit without non-rec. items	3.2	44.8	155	153	157	146	139	126	126	123	121	126	0.0	0.0
	Net earnings	81.1	67.3	156	116	120	104	98.4	88.4	88.5	85.7	84.5	87.8	0.0	0.0
	Adjusted net earnings	-29.1	18.3	116	116	120	104	98.4	88.4	88.5	85.7	84.5	87.8	0.0	0.0
	Free cash flow	246	-289	-1.5	118	170	100	-23.9	95.0	145	87.4	97.8	90.9	0.0	0.0

See the entire income statement

Balance sheet (EURm)		2015	2016	2017e	2018e	2019e	2020e	2021e	2022e	2023e	2024e	2025e	2026e	2027e	2028e

	Tangible assets	812	1,166	1,364	1,384	1,357	1,376	1,514	1,531	1,495	1,514	1,520	1,533	0.0	0.0
	Shareholders' equity	727	857	1,000	1,081	1,161	1,220	1,277	1,326	1,379	1,430	1,480	1,534	0.0	0.0
	Interest-bearing liabilities	346	718	845	689	522	436	532	513	439	422	394	363	0.00	0.00
	Balance sheet total (assets)	2,050	2,529	2,856	2,813	2,753	2,741	2,913	2,963	2,963	3,018	3,061	3,100	0.0	0.0

	Net debt	-362	-79.5	-53.6	-125	-244	-289	-215	-256	-353	-394	-447	-494	0.00	0.00

Key figures		2015	2016	2017e	2018e	2019e	2020e	2021e	2022e	2023e	2024e	2025e	2026e	2027e	2028e

	Net sales growth	-1.3%	2.8%	10.8%	5.7%	4.5%	2.3%	3.0%	3.0%	3.0%	3.0%	3.0%	2.0%	0.0%	0.0%
	EBITDA %	10.2%	9.6%	13.7%	11.2%	11.0%	10.6%	10.1%	10.6%	10.3%	9.7%	9.4%	9.3%	0.0%	0.0%
	EBIT %	5.4%	5.0%	8.7%	6.2%	6.0%	5.5%	5.0%	4.7%	4.5%	4.2%	4.0%	4.0%	0.0%	0.0%
	ROE %	13.1%	8.5%	16.8%	11.1%	10.7%	8.8%	7.9%	6.8%	6.5%	6.1%	5.8%	5.8%	0.0%	0.0%
	ROI %	12.3%	9.0%	13.2%	10.4%	11.1%	9.8%	9.0%	8.3%	8.2%	7.9%	7.7%	7.7%	0.0%	0.0%
	EVA	-38.1	-22.4	105	51.0	53.6	39.6	31.3	16.8	14.6	13.7	10.8	13.2	0.00	0.00
	Equity ratio	35.5%	33.9%	35.0%	38.4%	42.2%	44.5%	43.8%	44.8%	46.5%	47.4%	48.3%	49.5%	0.0%	0.0%
	Gearing %	-49.8%	-9.3%	-5.4%	-11.6%	-21.0%	-23.7%	-16.8%	-19.3%	-25.6%	-27.5%	-30.2%	-32.2%	0.0%	0.0%

Share data		2015	2016	2017e	2018e	2019e	2020e	2021e	2022e	2023e	2024e	2025e	2026e	2027e	2028e

	EPS, unadjusted	0.63	0.53	1.22	0.90	0.93	0.81	0.77	0.69	0.69	0.67	0.66	0.69	0.00	0.00
	EPS, excl. non-recurring items	-0.23	0.14	0.91	0.90	0.93	0.81	0.77	0.69	0.69	0.67	0.66	0.69	0.00	0.00
	FCF/share	1.92	-2.26	-0.01	0.92	1.33	0.78	-0.19	0.74	1.13	0.68	0.76	0.71	0.00	0.00
	Div. per share	0.00	0.10	0.28	0.31	0.35	0.33	0.31	0.28	0.28	0.27	0.26	0.27	0.00	0.00
	BV/share	5.68	6.69	7.81	8.44	9.06	9.52	9.97	10.4	10.8	11.2	11.5	12.0	0.00	0.00

Pricing and key ratios		2015	2016	2017e	2018e	2019e	2020e	2021e	2022e	2023e	2024e	2025e	2026e	2027e	2028e

	Share price (EUR)	5.42	4.03	6.70	6.70	6.70	6.70	6.70	6.70	6.70	6.70	6.70	6.70	0.00	0.00
	Market cap (EURm)	694	516	859	859	859	859	859	859	859	859	859	859	0.00	0.00
	EV (EURm)	333	437	805	734	615	569	643	602	506	465	412	364	0.00	0.00
	MVA (EURm)	-32.9	-341	-142	-223	-303	-362	-419	-468	-521	-571	-621	-675	0.00	0.00

	P/E	-23.9	28.2	7.37	7.41	7.18	8.24	8.72	9.71	9.70	10.0	10.2	9.78	0.00	0.00
	P/FCFF	2.8	-1.8	-559	7.2	5.0	8.6	-35.9	9.0	5.9	9.8	8.8	9.4	0.0	0.0
	P/BV	0.95	0.60	0.86	0.79	0.74	0.70	0.67	0.65	0.62	0.60	0.58	0.56	0.00	0.00
	P/Sales	0.3	0.2	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.0	0.0
	EV/EBITDA	1.4	2.0	2.3	2.4	2.0	1.9	2.1	1.8	1.5	1.5	1.3	1.1	0.0	0.0
	EV/EBIT	2.7	3.8	3.6	4.4	3.6	3.6	4.3	4.2	3.5	3.4	3.1	2.7	0.0	0.0
	Payout	0.0%	19.0%	22.5%	34.3%	37.5%	40.0%	40.0%	40.0%	40.0%	40.0%	40.0%	40.0%	0.0%	0.0%
	Dividend yield	0.0%	2.5%	4.1%	4.6%	5.2%	4.9%	4.6%	4.1%	4.1%	4.0%	3.9%	4.1%	0.0%	0.0%