Company Valuation: NOTE AB

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2023 2024 2025 2026 2027 2028
Market Cap 1 6,603 4,304 4,290 5,190 4,259 - -
Change - - -0.34% 20.99% -17.93% - -
Enterprise Value (EV) 1 6,603 4,304 4,509 5,720 5,598 5,384 5,082
Change - - 4.75% 26.87% -2.13% -3.82% -5.61%
P/E 34.4x 13.5x 17.2x 18.4x 14.8x 10.9x 9.68x
PBR - - 2.57x 3.15x 2.16x 1.83x 1.57x
PEG - - -0.8x 1.2x 7.35x 0.3x 0.8x
Capitalization / Revenue - - 1.1x 1.36x 0.92x 0.8x 0.75x
EV / Revenue - - 1.16x 1.5x 1.21x 1.01x 0.89x
EV / EBITDA - - 9.51x 11.3x 9.21x 7.31x 6.36x
EV / EBIT - - 12.8x 15x 12.8x 9.78x 8.49x
EV / FCF - - - 15.8x 28.3x 17.6x 12.5x
FCF Yield - - - 6.34% 3.53% 5.68% 7.98%
Dividend per Share 2 - - - - 2.693 1.751 1.962
Rate of return - - - - 1.8% 1.17% 1.31%
EPS 2 6.72 11.04 8.61 9.89 10.09 13.69 15.42
Distribution rate - - - - 26.7% 12.8% 12.7%
Net sales 1 - - 3,901 3,814 4,634 5,306 5,705
EBITDA 1 - - 474 504 607.6 736.5 798.6
EBIT 1 - - 352 381 437.6 550.8 598.9
Net income 1 194 320 248 281 288 390.7 440.1
Net Debt 1 - - 219 530 1,339 1,125 822.7
Reference price 2 231.00 148.50 148.00 181.80 149.20 149.20 149.20
Nbr of stocks (in thousands) 28,584 28,984 28,984 28,549 28,549 - -
Announcement Date 28/01/22 22/03/24 27/01/25 26/01/26 - - -
1SEK in Million2SEK
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.68x1.2x9.16x1.82% 45Cr
58.4x9.39x47.26x1.39% 20TCr
63.57x9.25x17.86x-.--% 10TCr
48.36x10.28x35.9x1.1% 6.37TCr
51.82x - - 0.19% 5.41TCr
45.62x8.54x30.13x0.97% 5.09TCr
7809.78x73.82x2343.52x - 4.24TCr
29.22x8.01x22.44x1.16% 3.97TCr
50.23x8.35x33.88x0.87% 3.9TCr
35.91x8.32x27.38x0.54% 3.51TCr
Average 820.76x 15.24x 285.28x 0.89% 6.24TCr
Weighted average by Cap. 580.10x 13.95x 206.40x 0.87%

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