Company Valuation: Nordnet AB

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 43,400 37,681 42,948 59,141 67,357 80,816 - -
Change - -13.18% 13.98% 37.7% 13.89% 19.98% - -
Enterprise Value (EV) 1 39,150 33,954 38,755 55,356 62,682 78,715 77,129 75,375
Change - -13.27% 14.14% 42.83% 13.24% 25.58% -2.01% -2.27%
P/E 22.4x 23.8x 17.4x 21.6x 22.9x 22.3x 19.7x 17.6x
PBR 7.25x 6.24x 5.55x 7.44x 8.02x 8.79x 7.81x 6.91x
PEG - -1.3x 0.3x 2.1x 2.56x 1x 1.4x 1.5x
Capitalization / Revenue 12x 11.1x 9.44x 11.5x 12.5x 12.7x 11.4x 10.4x
EV / Revenue 10.8x 10x 8.52x 10.7x 11.6x 12.4x 10.9x 9.67x
EV / EBITDA 14.8x 15x 11.3x 14.6x 15.8x 16.5x 14x 12.3x
EV / EBIT 15.7x 16.2x 11.9x 15.8x 16.8x 17.3x 15.1x 13.3x
EV / FCF - - - 9.46x 5.11x 116x 18.8x 16.4x
FCF Yield - - - 10.6% 19.6% 0.86% 5.31% 6.1%
Dividend per Share 2 5.56 4.6 7.2 8.1 8.6 10.21 11.59 12.88
Rate of return 3.2% 3.05% 4.21% 3.45% 3.18% 3.14% 3.57% 3.96%
EPS 2 7.75 6.33 9.83 10.85 11.82 14.55 16.54 18.44
Distribution rate 71.7% 72.7% 73.2% 74.7% 72.8% 70.2% 70.1% 69.8%
Net sales 1 3,628 3,382 4,550 5,152 5,384 6,365 7,094 7,794
EBITDA 1 2,650 2,263 3,430 3,790 3,962 4,775 5,514 6,138
EBIT 1 2,488 2,091 3,251 3,506 3,736 4,560 5,112 5,681
Net income 1 1,985 1,652 2,579 2,814 3,015 3,631 4,104 4,555
Net Debt 1 -4,250 -3,726 -4,193 -3,785 -4,675 -2,101 -3,687 -5,441
Reference price 2 173.60 150.95 171.00 234.80 270.20 325.20 325.20 325.20
Nbr of stocks (in thousands) 2,50,000 2,49,625 2,51,159 2,51,877 2,49,287 2,48,512 - -
Announcement Date 03/02/22 31/01/23 30/01/24 28/01/25 28/01/26 - - -
1SEK in Million2SEK
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.85x - - 1.8% 93TCr
6.2x - - 4.99% 41TCr
12.38x - - 2.07% 40TCr
12.37x - - 4.22% 35TCr
6.16x - - 5% 33TCr
6.68x - - 4.74% 30TCr
17.53x - - 2.4% 28TCr
11.78x - - 2.21% 26TCr
14.47x - - 2.72% 26TCr
Average 11.27x 3.35% 39.03TCr
Weighted average by Cap. 11.51x 3.13%

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

-40%: Exceptional extension
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