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 89,514 - -
Change - -13.18% 13.98% 37.7% 13.89% 32.89% - -
Enterprise Value (EV) 1 39,150 33,954 38,755 55,356 62,682 87,413 85,827 84,073
Change - -13.27% 14.14% 42.83% 13.24% 39.45% -1.81% -2.04%
P/E 22.4x 23.8x 17.4x 21.6x 22.9x 24.8x 22.1x 19.8x
PBR 7.25x 6.24x 5.55x 7.44x 8.02x 9.78x 8.72x 7.7x
PEG - -1.3x 0.3x 2.1x 2.56x 1.1x 1.8x 1.7x
Capitalization / Revenue 12x 11.1x 9.44x 11.5x 12.5x 14.1x 12.7x 11.6x
EV / Revenue 10.8x 10x 8.52x 10.7x 11.6x 13.7x 12.2x 10.9x
EV / EBITDA 14.8x 15x 11.3x 14.6x 15.8x 18.3x 15.6x 13.7x
EV / EBIT 15.7x 16.2x 11.9x 15.8x 16.8x 19.1x 16.9x 14.9x
EV / FCF - - - 9.46x 5.11x 129x 20.9x 18.3x
FCF Yield - - - 10.6% 19.6% 0.77% 4.77% 5.47%
Dividend per Share 2 5.56 4.6 7.2 8.1 8.6 10.08 11.42 12.67
Rate of return 3.2% 3.05% 4.21% 3.45% 3.18% 2.8% 3.17% 3.52%
EPS 2 7.75 6.33 9.83 10.85 11.82 14.5 16.27 18.15
Distribution rate 71.7% 72.7% 73.2% 74.7% 72.8% 69.5% 70.2% 69.8%
Net sales 1 3,628 3,382 4,550 5,152 5,384 6,366 7,029 7,720
EBITDA 1 2,650 2,263 3,430 3,790 3,962 4,775 5,514 6,138
EBIT 1 2,488 2,091 3,251 3,506 3,736 4,566 5,064 5,626
Net income 1 1,985 1,652 2,579 2,814 3,015 3,613 4,034 4,481
Net Debt 1 -4,250 -3,726 -4,193 -3,785 -4,675 -2,101 -3,687 -5,441
Reference price 2 173.60 150.95 171.00 234.80 270.20 360.20 360.20 360.20
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.($)
24.85x13.73x18.31x2.8% 9.36B
14.01x - - 1.79% 937B
13.37x - - 1.9% 437B
6.26x - - 4.95% 401B
13.28x - - 3.91% 368B
6.01x - - 5.07% 315B
18.47x - - 2.31% 290B
6.28x - - 5.01% 271B
12.05x - - 2.17% 266B
14.46x - - 2.74% 256B
Average 12.90x 13.73x 18.31x 3.26% 355.04B
Weighted average by Cap. 11.96x 13.73x 18.31x 3.06%

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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