Financials Investor AB Deutsche Boerse AG

Equities

IVSB

SE0000107419

Investment Holding Companies

End-of-day quote Deutsche Boerse AG Other stock markets 04:30:00 05/02/2024 am IST			5-day change	1st Jan Change
21.76 ^EUR	-0.62%		-0.23%	+3.72%

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Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,89,734	4,58,189	7,11,166	5,84,130	7,12,637	8,35,616	-	-
Enterprise Value (EV) ¹	4,41,416	4,78,001	7,25,657	5,94,393	7,26,575	8,43,316	8,43,316	8,43,316
P/E ratio	3.83 x	8.67 x	3.21 x	-	-	-	-	-
Yield	2.76%	2.34%	1.68%	2.27%	2.07%	1.89%	2.04%	2.19%
Capitalization / Revenue	9.23 x	11.7 x	17.5 x	11.3 x	9.92 x	10.9 x	11.1 x	11.4 x
EV / Revenue	10.5 x	12.2 x	17.8 x	11.5 x	10.1 x	11 x	11.2 x	11.5 x
EV / EBITDA	52.8 x	53.8 x	80.7 x	55 x	41.3 x	44.1 x	41.3 x	-
EV / FCF	3,54,55,091 x	5,84,06,772 x	6,93,94,389 x	-	-	-	-	-
FCF Yield	0%	0%	0%	-	-	-	-	-
Price to Book	-	-	1.07 x	0.98 x	-	-	-	-
Nbr of stocks (in thousands)	30,61,024	30,62,209	30,63,178	30,62,872	30,62,660	30,63,350	-	-
Reference price ²	126.6	149.4	238.6	193.8	231.5	271.8	271.8	271.8
Announcement Date	22/01/20	21/01/21	21/01/22	20/01/23	19/01/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	42,239	39,323	40,737	51,812	71,862	76,740	75,011	73,065
EBITDA ¹	8,358	8,879	8,997	10,802	17,577	19,109	20,401	-
EBIT ¹	3,409	4,469	3,972	5,110	1,32,744	56,096	54,148	51,895
Operating Margin	8.07%	11.36%	9.75%	9.86%	184.72%	73.1%	72.19%	71.03%
Earnings before Tax (EBT)	1,02,650	-	-	-	-	-	-	-
Net income ¹	1,01,226	52,790	2,28,065	-74,681	1,27,045	50,064	48,145	45,926
Net margin	239.65%	134.25%	559.85%	-144.14%	176.79%	65.24%	64.18%	62.86%
EPS	33.05	17.23	74.41	-	-	-	-	-
Free Cash Flow	12,450	8,184	10,457	-	-	-	-	-
FCF margin	29.48%	20.81%	25.67%	-	-	-	-	-
FCF Conversion (EBITDA)	148.96%	92.17%	116.23%	-	-	-	-	-
FCF Conversion (Net income)	12.3%	15.5%	4.59%	-	-	-	-	-
Dividend per Share ²	3.500	3.500	4.000	4.400	4.800	5.140	5.550	5.940
Announcement Date	22/01/20	21/01/21	21/01/22	20/01/23	19/01/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2
Net sales ¹	14,168	16,998	17,789	-	19,022	18,001	18,947
EBITDA ¹	2,872	4,012	4,407	-	4,483	4,486	4,734
EBIT	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-
Net income	-	-	-	-11,090	-	-	-
Net margin	-	-	-	-	-	-	-
EPS	-	-	-	-3.620	-	-	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	20/01/23	21/04/23	17/07/23	19/10/23	19/01/24	18/04/24	-

¹SEK in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	51,682	19,812	14,491	10,263	13,938	7,700	7,700	7,700
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.184 x	2.231 x	1.611 x	0.9501 x	0.793 x	0.403 x	0.3774 x	-
Free Cash Flow	12,450	8,184	10,457	-	-	-	-	-
ROE (net income / shareholders' equity)	27.1%	12%	39.9%	1.26%	19.2%	6.98%	6.72%	6.41%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share	-	-	223.0	197.0	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	2,090	2,786	3,799	-	-	-	-	-
Capex / Sales	4.95%	7.08%	9.33%	-	-	-	-	-
Announcement Date	22/01/20	21/01/21	21/01/22	20/01/23	19/01/24	-	-	-

¹SEK in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Investor AB

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

267.8 SEK

Average target price

267.6 SEK

Spread / Average Target

-0.07%

Consensus

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Holding Companies

	1st Jan change	Capi.
KOÇ HOLDING	+64.10%	18.41B
INVESTMENT AB LATOUR	+4.61%	15.73B
AB INDUSTRIVÄRDEN	+7.02%	13.95B
L E LUNDBERGFÖRETAGEN AB	-0.04%	12.33B
HAL TRUST	+7.21%	11.56B
BAJAJ HOLDINGS & INVESTMENT LIMITED	+7.38%	10.82B
MERITZ FINANCIAL GROUP INC.	+33.84%	10.09B
GROUPE BRUXELLES LAMBERT SA	+0.04%	9.7B
SOFINA SA	-1.51%	7.82B

Other Holding Companies