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 88,606 - -
Change - -13.18% 13.98% 37.7% 13.89% 31.55% - -
Enterprise Value (EV) 39,150 33,954 38,755 55,356 62,682 88,606 88,606 88,606
Change - -13.27% 14.14% 42.83% 13.24% 41.36% 0% 0%
P/E 22.4x 23.8x 17.4x 21.6x 22.9x 26x 23.1x 20.5x
PBR 7.25x 6.24x 5.55x 7.44x 8.02x 10.2x 9.13x 8.03x
PEG - -1.3x 0.3x 2.1x 2.56x 1.6x 1.8x 1.6x
Capitalization / Revenue 12x 11.1x 9.44x 11.5x 12.5x 14.6x 13.1x 11.8x
EV / Revenue 0x 0x 0x 0x 0x 14.6x 13.1x 11.8x
EV / EBITDA 0x 0x 0x 0x 0x 19.3x 16.9x 14.9x
EV / EBIT 0x 0x 0x 0x 0x 20.8x 18.5x 16.5x
EV / FCF - - - 0x 0x 25.6x 23.4x 20.7x
FCF Yield - - - 9.9% 18.2% 3.9% 4.28% 4.82%
Dividend per Share 2 5.56 4.6 7.2 8.1 8.6 9.551 10.89 12.24
Rate of return 3.2% 3.05% 4.21% 3.45% 3.18% 2.68% 3.05% 3.43%
EPS 2 7.75 6.33 9.83 10.85 11.82 13.73 15.45 17.4
Distribution rate 71.7% 72.7% 73.2% 74.7% 72.8% 69.6% 70.5% 70.4%
Net sales 1 3,628 3,382 4,550 5,152 5,384 6,085 6,758 7,483
EBITDA 1 2,650 2,263 3,430 3,790 3,962 4,583 5,256 5,956
EBIT 1 2,488 2,091 3,251 3,506 3,736 4,263 4,790 5,376
Net income 1 1,985 1,652 2,579 2,814 3,015 3,427 3,837 4,296
Net Debt -4,250 -3,726 -4,193 -3,785 -4,675 - - -
Reference price 2 173.60 150.95 171.00 234.80 270.20 356.60 356.60 356.60
Nbr of stocks (in thousands) 2,50,000 2,49,625 2,51,159 2,51,877 2,49,287 2,48,473 - -
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.($)
25.98x - - 2.68% 911.6Cr
14.96x - - 1.89% 90TCr
12.94x - - 2.04% 41TCr
5.84x - - 5.3% 37TCr
11.78x - - 4.39% 33TCr
5.68x - - 5.37% 30TCr
18.16x - - 2.35% 28TCr
6.1x - - 5.11% 27TCr
12.03x - - 2.23% 26TCr
16.69x - - 2.31% 23TCr
Average 13.01x 3.37% 33.49TCr
Weighted average by Cap. 12.04x 3.19%

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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