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 91,154 - -
Change - -13.18% 13.98% 37.7% 13.89% 35.33% - -
Enterprise Value (EV) 1 39,150 33,954 38,755 55,356 62,682 89,053 87,467 85,713
Change - -13.27% 14.14% 42.83% 13.24% 42.07% -1.78% -2.01%
P/E 22.4x 23.8x 17.4x 21.6x 22.9x 25.3x 22.6x 20.2x
PBR 7.25x 6.24x 5.55x 7.44x 8.02x 9.96x 8.88x 7.85x
PEG - -1.3x 0.3x 2.1x 2.56x 1.1x 1.9x 1.7x
Capitalization / Revenue 12x 11.1x 9.44x 11.5x 12.5x 14.4x 13.1x 11.9x
EV / Revenue 10.8x 10x 8.52x 10.7x 11.6x 14x 12.5x 11.2x
EV / EBITDA 14.8x 15x 11.3x 14.6x 15.8x 18.4x 16.4x 14.3x
EV / EBIT 15.7x 16.2x 11.9x 15.8x 16.8x 19.6x 17.4x 15.3x
EV / FCF - - - 9.46x 5.11x 132x 21.3x 18.7x
FCF Yield - - - 10.6% 19.6% 0.76% 4.69% 5.36%
Dividend per Share 2 5.56 4.6 7.2 8.1 8.6 10.05 11.32 12.59
Rate of return 3.2% 3.05% 4.21% 3.45% 3.18% 2.74% 3.09% 3.43%
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% 69.3% 69.6% 69.3%
Net sales 1 3,628 3,382 4,550 5,152 5,384 6,347 6,982 7,681
EBITDA 1 2,650 2,263 3,430 3,790 3,962 4,837 5,337 5,994
EBIT 1 2,488 2,091 3,251 3,506 3,736 4,546 5,016 5,587
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 2 173.60 150.95 171.00 234.80 270.20 366.80 366.80 366.80
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
13.67x - - 1.82% 918B
13.11x - - 1.94% 430B
5.88x - - 5.27% 379B
12.44x - - 4.15% 346B
5.59x - - 5.45% 294B
18.74x - - 2.27% 294B
5.93x - - 5.28% 263B
12.08x - - 2.17% 266B
14.58x - - 2.71% 247B
Average 11.34x 3.45% 381.68B
Weighted average by Cap. 11.71x 3.16%

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