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 85,985 - -
Change - -13.18% 13.98% 37.7% 13.89% 27.66% - -
Enterprise Value (EV) 1 39,150 33,954 38,755 55,356 62,682 82,896 71,928 62,221
Change - -13.27% 14.14% 42.83% 13.24% 32.25% -13.23% -13.49%
P/E 22.4x 23.8x 17.4x 21.6x 22.9x 23.7x 20.9x 18.8x
PBR 7.25x 6.24x 5.55x 7.44x 8.02x 9.57x 8.46x 7.45x
PEG - -1.3x 0.3x 2.1x 2.56x 1x 1.6x 1.6x
Capitalization / Revenue 12x 11.1x 9.44x 11.5x 12.5x 13.5x 12.1x 11x
EV / Revenue 10.8x 10x 8.52x 10.7x 11.6x 13x 10.1x 7.93x
EV / EBITDA 14.8x 15x 11.3x 14.6x 15.8x 17.3x 13x 10x
EV / EBIT 15.7x 16.2x 11.9x 15.8x 16.8x 18.1x 14x 10.9x
EV / FCF - - - 9.46x 5.11x 122x 17.6x 13.5x
FCF Yield - - - 10.6% 19.6% 0.82% 5.7% 7.38%
Dividend per Share 2 5.56 4.6 7.2 8.1 8.6 10.28 11.72 13.05
Rate of return 3.2% 3.05% 4.21% 3.45% 3.18% 2.97% 3.39% 3.77%
EPS 2 7.75 6.33 9.83 10.85 11.82 14.58 16.54 18.44
Distribution rate 71.7% 72.7% 73.2% 74.7% 72.8% 70.5% 70.8% 70.8%
Net sales 1 3,628 3,382 4,550 5,152 5,384 6,375 7,132 7,851
EBITDA 1 2,650 2,263 3,430 3,790 3,962 4,787 5,553 6,199
EBIT 1 2,488 2,091 3,251 3,506 3,736 4,571 5,152 5,734
Net income 1 1,985 1,652 2,579 2,814 3,015 3,644 4,129 4,592
Net Debt 1 -4,250 -3,726 -4,193 -3,785 -4,675 -3,089 -14,057 -23,764
Reference price 2 173.60 150.95 171.00 234.80 270.20 346.00 346.00 346.00
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.($)
23.73x13x17.32x2.97% 8.57B
13.13x - - 1.91% 884B
6.17x - - 5.03% 415B
11.69x - - 2.22% 376B
6.58x - - 4.81% 357B
6.14x - - 5.02% 328B
11.67x - - 4.46% 327B
6.7x - - 4.75% 303B
17.18x - - 2.45% 271B
13.93x - - 2.82% 253B
Average 11.69x 13.00x 17.32x 3.65% 352.12B
Weighted average by Cap. 10.55x 13.00x 17.32x 3.49%

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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