Company Valuation: ERICSSON

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 3,32,382 2,04,141 2,10,346 2,99,520 3,01,970 3,05,773 - -
Change - -38.58% 3.04% 42.39% 0.82% 1.26% - -
Enterprise Value (EV) 1 2,97,231 1,89,986 2,12,445 2,81,130 2,78,032 2,53,950 2,44,680 2,37,281
Change - -36.08% 11.82% 32.33% -1.1% -8.66% -3.65% -3.02%
P/E 14.7x 10.8x -7.95x 8,988x 10.6x 17.3x 14.3x 13.4x
PBR 3.06x 1.51x 2.16x 3.18x 2.76x 2.78x 2.59x 2.4x
PEG - -0.6x 0x -90x 0x -0.5x 0.7x 1.8x
Capitalization / Revenue 1.43x 0.75x 0.8x 1.21x 1.28x 1.35x 1.33x 1.3x
EV / Revenue 1.28x 0.7x 0.81x 1.13x 1.17x 1.12x 1.06x 1.01x
EV / EBITDA 7.2x 5x 7.06x 5.58x 5.54x 6.75x 6.5x 6.03x
EV / EBIT 9.2x 6.93x 11.7x 11.4x 6.79x 8.8x 8.27x 7.62x
EV / FCF 8.37x 7.13x 54.8x 6.4x 10.4x 11.5x 9.79x 9.12x
FCF Yield 11.9% 14% 1.83% 15.6% 9.63% 8.71% 10.2% 11%
Dividend per Share 2 2.5 2.5 2.7 2.85 3 3.035 3.154 3.285
Rate of return 2.51% 4.11% 4.28% 3.17% 3.31% 3.26% 3.39% 3.53%
EPS 2 6.81 5.62 -7.94 0.01 8.51 5.382 6.485 6.967
Distribution rate 36.7% 44.5% -34% 28,500% 35.3% 56.4% 48.6% 47.1%
Net sales 1 2,32,314 2,71,546 2,63,351 2,47,880 2,36,681 2,26,162 2,30,728 2,35,774
EBITDA 1 41,298 37,962 30,084 50,358 50,212 37,601 37,648 39,325
EBIT 1 32,300 27,419 18,093 24,658 40,971 28,852 29,571 31,153
Net income 1 23,000 18,724 -26,446 20 28,428 17,811 20,598 21,437
Net Debt 1 -35,151 -14,155 2,099 -18,390 -23,938 -51,823 -61,093 -68,492
Reference price 2 99.79 60.90 63.11 89.88 90.60 93.06 93.06 93.06
Nbr of stocks (in thousands) 33,29,738 33,30,142 33,30,142 33,32,672 33,33,287 32,83,682 - -
Announcement Date 25/01/22 20/01/23 23/01/24 24/01/25 23/01/26 - - -
1SEK in Million2SEK
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.29x1.12x6.75x3.26% 3.05TCr
26.07x5.84x15.13x1.59% 42TCr
53.2x18.98x38.1x-.--% 26TCr
19.3x0.78x14.1x2.35% 17TCr
26.3x8.33x20.12x0.47% 14TCr
45.92x13.52x30.13x-.--% 8.73TCr
32.28x6.31x18.27x1.08% 7.38TCr
28.98x6.56x21.89x1.43% 5.6TCr
42.72x2.32x14.97x1.66% 5.81TCr
61.19x7.92x35.02x-.--% 5.03TCr
Average 35.33x 7.17x 21.45x 1.18% 13.49TCr
Weighted average by Cap. 33.95x 8.32x 21.85x 1.11%

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