Company Valuation: Volvo

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,27,626 3,87,546 5,34,513 5,46,897 6,01,921 6,92,523 - -
Change - -9.37% 37.92% 2.32% 10.06% 15.05% - -
Enterprise Value (EV) 1 3,77,226 3,26,246 4,67,813 4,79,697 5,53,521 6,35,226 6,22,972 6,12,267
Change - -13.51% 43.39% 2.54% 15.39% 14.76% -1.93% -1.72%
P/E 13x 11.7x 10.7x 10.8x 17.5x 16.6x 13.6x 12.5x
PBR 3.02x 2.36x 2.99x 2.82x 3.37x 3.55x 3.28x 3.05x
PEG - -62.87x 0.2x 9.45x -0.6x 0.8x 0.6x 1.46x
Capitalization / Revenue 1.15x 0.82x 0.97x 1.04x 1.26x 1.39x 1.28x 1.22x
EV / Revenue 1.01x 0.69x 0.85x 0.91x 1.16x 1.28x 1.15x 1.07x
EV / EBITDA 6.31x 4.58x 4.73x 5.43x 7.41x 8.2x 6.92x 6.32x
EV / EBIT 9.2x 6.46x 6.03x 7.3x 10.8x 11x 9.08x 8.21x
EV / FCF 24.3x 25.5x 42x 16.8x 27.5x 18.5x 15.2x 13.9x
FCF Yield 4.12% 3.92% 2.38% 5.95% 3.64% 5.39% 6.59% 7.2%
Dividend per Share 2 13 14 18 18.5 13 15.49 18.29 19.54
Rate of return 6.2% 7.43% 6.88% 6.89% 4.39% 4.55% 5.37% 5.74%
EPS 2 16.12 16.09 24.5 24.78 16.94 20.55 25.06 27.21
Distribution rate 80.6% 87% 73.5% 74.7% 76.7% 75.4% 73% 71.8%
Net sales 1 3,72,216 4,73,479 5,52,764 5,26,816 4,79,183 4,97,752 5,41,285 5,69,725
EBITDA 1 59,735 71,196 98,865 88,266 74,704 77,435 89,973 96,876
EBIT 1 41,015 50,467 77,638 65,718 51,218 57,520 68,594 74,598
Net income 1 32,787 32,722 49,825 50,389 34,456 42,053 51,880 56,307
Net Debt 1 -50,400 -61,300 -66,700 -67,200 -48,400 -57,296 -69,551 -80,255
Reference price 2 209.65 188.48 261.70 268.60 295.90 340.50 340.50 340.50
Nbr of stocks (in thousands) 20,33,452 20,33,452 20,33,452 20,33,452 20,33,452 20,33,452 - -
Announcement Date 28/01/22 26/01/23 26/01/24 29/01/25 28/01/26 - - -
1SEK in Million2SEK
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.57x1.28x8.2x4.55% 7.15TCr
11.04x0.44x4.79x5.22% 1.44TCr
12.19x0.36x7.17x5.39% 374.64Cr
11.38x0.44x2.88x2.34% 300.22Cr
11.32x0.45x4.65x3.47% 218.14Cr
12.2x0.3x3.59x4.85% 207Cr
Average 12.45x 0.54x 5.21x 4.3% 1.61TCr
Weighted average by Cap. 15.20x 1.05x 7.31x 4.6%

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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