Ticker	KNEBV
Share price	EUR 51.8

Detailed Consensus

Overview

Est. vs. Actual

Valuation

Quarters

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Apr 24, 2006 12:23:33 PM EEST
Jul 25, 2011 5:22:42 PM EEST
May 22, 2019 12:16:56 AM EEST
Dec 2, 2019 1:40:53 PM EET

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)		2013	2014	2015e	2016e	2017e	2018e	2019e	2020e	2021e	2022e	2023e	2024e	2025e	2026e

	Net sales	6,933	7,334	8,470	8,924	9,372	9,934	10,430	10,952	11,390	11,846	12,320	12,689	0.0	0.0
	EBITDA	1,032	1,120	1,296	1,388	1,480	1,598	1,679	1,653	1,720	1,730	1,799	1,854	0.0	0.0
	EBIT	953	1,036	1,206	1,288	1,374	1,490	1,565	1,533	1,595	1,599	1,663	1,713	0.0	0.0
	EBIT without non-rec. items	953	1,036	1,206	1,288	1,374	1,490	1,565	1,533	1,595	1,599	1,663	1,713	0.0	0.0
	Pre-tax profit (PTP)	960	1,016	1,218	1,305	1,396	1,509	1,596	1,569	1,634	1,643	1,711	1,765	0.0	0.0
	Pre-tax profit without non-rec. items	960	1,016	1,218	1,305	1,396	1,509	1,596	1,569	1,634	1,643	1,711	1,765	0.0	0.0
	Net earnings	702	756	514	771	771	1,133	1,198	1,178	1,227	1,234	1,286	1,327	0.0	0.0
	Adjusted net earnings	702	756	514	771	771	1,133	1,198	1,178	1,227	1,234	1,286	1,327	0.0	0.0
	Free cash flow	875	780	647	707	732	1,145	1,200	1,177	1,222	1,226	1,275	1,310	0.0	0.0

	Order intake	6,151	6,769	3,824	3,938	0	0	0	0	0	0	0	0	0	0

See the entire income statement

Balance sheet (EURm)		2013	2014	2015e	2016e	2017e	2018e	2019e	2020e	2021e	2022e	2023e	2024e	2025e	2026e

	Tangible assets	270	317	328	328	347	368	386	405	421	438	456	469	0.0	0.0
	Shareholders' equity	1,694	2,018	1,917	2,174	2,431	3,050	3,342	3,561	3,846	4,098	4,397	4,695	0.0	0.0
	Interest-bearing liabilities	139	194	241	120	120	120	120	120	120	120	120	120	0.00	0.00
	Balance sheet total (assets)	5,343	6,360	6,695	6,960	7,427	8,310	8,836	9,300	9,791	10,257	10,778	11,251	0.0	0.0

	Net debt	-751	-1,084	-1,115	-1,306	-1,527	-2,159	-2,463	-2,694	-2,989	-3,252	-3,561	-3,868	0.00	0.00

Key figures		2013	2014	2015e	2016e	2017e	2018e	2019e	2020e	2021e	2022e	2023e	2024e	2025e	2026e

	Net sales growth	10.4%	5.8%	15.5%	5.4%	5.0%	6.0%	5.0%	5.0%	4.0%	4.0%	4.0%	3.0%	0.0%	0.0%
	EBITDA %	14.9%	15.3%	15.3%	15.6%	15.8%	16.1%	16.1%	15.1%	15.1%	14.6%	14.6%	14.6%	0.0%	0.0%
	EBIT %	13.8%	14.1%	14.2%	14.4%	14.7%	15.0%	15.0%	14.0%	14.0%	13.5%	13.5%	13.5%	0.0%	0.0%
	ROE %	39.2%	40.7%	26.1%	37.7%	33.5%	41.3%	37.5%	34.1%	33.1%	31.1%	30.3%	29.2%	0.0%	0.0%
	ROI %	50.0%	50.9%	55.4%	58.4%	57.3%	52.4%	47.7%	43.6%	42.4%	39.9%	38.9%	37.6%	0.0%	0.0%
	EVA	611	707	872	945	1,007	1,065	1,123	1,100	1,147	1,152	1,201	1,240	0.00	0.00
	Equity ratio	43.7%	43.6%	39.6%	43.6%	45.7%	50.3%	52.0%	52.9%	54.6%	55.9%	57.3%	59.2%	0.0%	0.0%
	Gearing %	-43.6%	-52.6%	-56.8%	-58.9%	-61.7%	-69.8%	-72.7%	-74.7%	-76.8%	-78.5%	-80.2%	-81.6%	0.0%	0.0%

Share data		2016e	2017e	2018e	2019e	2020e	2021e

	EPS, excl. non-recurring items	1.50	1.50	2.20	2.33	2.29	2.39
	FCF/share	1.38	1.43	2.23	2.34	2.29	2.38
	Div. per share		1.00	1.76	1.87	1.83	1.91
	BV/share	4.23	4.73	5.94	6.51	6.93	7.49

Pricing and key ratios		2016e	2017e	2018e	2019e	2020e	2021e

	Share price	51.8	51.8	51.8	51.8	51.8	51.8
	Market cap	26,601	26,601	26,601	26,601	26,601	26,601
	EV	25,817	25,539	24,808	24,470	24,218	23,898
	MVA	24,427	24,170	23,551	23,259	23,040	22,755

	P/E	34.5	34.5	23.5	22.2	22.6	21.7
	P/FCFF	37.6	36.3	23.2	22.2	22.6	21.8
	P/BV	12.2	10.9	8.72	7.96	7.47	6.92
	P/Sales	3.0	2.8	2.7	2.6	2.4	2.3
	EV/EBITDA	18.6	17.2	15.5	14.6	14.7	13.9
	Payout				80.0%	80.0%	80.0%
	Dividend yield				3.6%	3.5%	3.7%