Company Valuation: B2 Impact ASA

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,217 3,043 2,709 3,707 6,744 8,586 - -
Change - -27.84% -10.98% 36.85% 81.9% 27.31% - -
Enterprise Value (EV) 1 13,284 12,085 11,744 12,993 16,628 19,237 20,077 20,004
Change - -9.03% -2.82% 10.64% 27.97% 15.69% 4.37% -0.37%
P/E 7.45x 9.59x 7.82x 13.4x 11x 10.3x 9.09x 8.75x
PBR 0.85x 0.6x 0.51x 0.66x 1.18x 1.51x 1.47x 1.45x
PEG - -0.2x 0.5x -0.7x 0x 0.3x 0.7x 2.23x
Capitalization / Revenue 1.39x 0.99x 0.72x 1.01x 1.79x 2.17x 2.05x 1.96x
EV / Revenue 4.38x 3.92x 3.11x 3.53x 4.42x 4.85x 4.79x 4.57x
EV / EBITDA 9.52x 8.53x 6.97x 8.17x 9.06x 9.72x 9.41x 8.91x
EV / EBIT 10.2x 9.06x 7.44x 8.66x 9.59x 10.1x 9.78x 9.25x
EV / FCF 5.77x 9.73x 5.46x 6.9x 13.4x 62x 18.9x 15.7x
FCF Yield 17.3% 10.3% 18.3% 14.5% 7.46% 1.61% 5.3% 6.37%
Dividend per Share 2 0.42 0.2 0.7 1.5 1.9 2.283 2.47 2.573
Rate of return 4.05% 2.54% 9.52% 14.9% 10.4% 9.86% 10.7% 11.1%
EPS 2 1.39 0.82 0.94 0.75 1.66 2.253 2.547 2.647
Distribution rate 30.2% 24.4% 74.5% 200% 114% 101% 97% 97.2%
Net sales 1 3,036 3,085 3,775 3,683 3,759 3,964 4,191 4,374
EBITDA 1 1,396 1,417 1,684 1,591 1,835 1,979 2,133 2,245
EBIT 1 1,308 1,334 1,578 1,500 1,734 1,896 2,052 2,164
Net income 1 573 326 363 277 621 842.1 951.1 989.2
Net Debt 1 9,067 9,042 9,035 9,286 9,884 10,652 11,492 11,418
Reference price 2 10.36 7.86 7.35 10.06 18.24 23.15 23.15 23.15
Nbr of stocks (in thousands) 4,07,086 3,87,181 3,68,595 3,68,532 3,69,727 3,70,870 - -
Announcement Date 10/02/22 15/02/23 15/02/24 13/02/25 12/02/26 - - -
1NOK in Million2NOK
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
126.25x - - -.--% 2.9TCr
1366.37x - - -.--% 1.47TCr
12.36x4.23x46.54x3.85% 1.28TCr
5.8x - - 5.15% 1.18TCr
11.47x - - 4.3% 1.08TCr
4.78x - - 6.61% 846.86Cr
18.95x14.84x35.71x1.25% 772.53Cr
14.17x - - 2.85% 704.34Cr
Average 195.02x 9.53x 41.13x 3% 1.28TCr
Weighted average by Cap. 237.79x 8.22x 42.46x 2.37%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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