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 91,254 - -
Change - -13.18% 13.98% 37.7% 13.89% 35.48% - -
Enterprise Value (EV) 1 39,150 33,954 38,755 55,356 62,682 89,153 87,567 85,813
Change - -13.27% 14.14% 42.83% 13.24% 42.23% -1.78% -2%
P/E 22.4x 23.8x 17.4x 21.6x 22.9x 25.5x 22.8x 20.5x
PBR 7.25x 6.24x 5.55x 7.44x 8.02x 9.79x 8.98x 7.94x
PEG - -1.3x 0.3x 2.1x 2.56x 1.2x 1.9x 1.8x
Capitalization / Revenue 12x 11.1x 9.44x 11.5x 12.5x 14.5x 13.2x 12x
EV / Revenue 10.8x 10x 8.52x 10.7x 11.6x 14.1x 12.7x 11.3x
EV / EBITDA 14.8x 15x 11.3x 14.6x 15.8x 18.3x 16.9x 14.8x
EV / EBIT 15.7x 16.2x 11.9x 15.8x 16.8x 19.7x 17.7x 15.6x
EV / FCF - - - 9.46x 5.11x 132x 21.4x 18.7x
FCF Yield - - - 10.6% 19.6% 0.76% 4.68% 5.35%
Dividend per Share 2 5.56 4.6 7.2 8.1 8.6 9.892 11.17 12.41
Rate of return 3.2% 3.05% 4.21% 3.45% 3.18% 2.69% 3.04% 3.38%
EPS 2 7.75 6.33 9.83 10.85 11.82 14.38 16.07 17.91
Distribution rate 71.7% 72.7% 73.2% 74.7% 72.8% 68.8% 69.5% 69.3%
Net sales 1 3,628 3,382 4,550 5,152 5,384 6,301 6,908 7,591
EBITDA 1 2,650 2,263 3,430 3,790 3,962 4,861 5,188 5,786
EBIT 1 2,488 2,091 3,251 3,506 3,736 4,532 4,949 5,517
Net income 1 1,985 1,652 2,579 2,814 3,015 3,571 3,978 4,403
Net Debt 1 -4,250 -3,726 -4,193 -3,785 -4,675 -2,101 -3,687 -5,441
Reference price 2 173.60 150.95 171.00 234.80 270.20 367.20 367.20 367.20
Nbr of stocks (in thousands) 250,000 249,625 251,159 251,877 249,287 248,512 - -
Announcement Date 2/3/22 1/31/23 1/30/24 1/28/25 1/28/26 - - -
1SEK in Million2SEK
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
25.54x14.15x18.34x2.69% 9.47B
13.53x - - 1.85% 907B
13.12x - - 1.94% 430B
5.8x - - 5.35% 378B
12.39x - - 4.17% 344B
19.02x - - 2.24% 300B
5.44x - - 5.61% 286B
12.1x - - 2.18% 265B
5.81x - - 5.39% 264B
14.14x - - 2.8% 241B
Average 12.69x 14.15x 18.34x 3.42% 342.35B
Weighted average by Cap. 11.69x 14.15x 18.34x 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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