Company Valuation: NOTE AB

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2023 2024 2025 2026 2027 2028
Market Cap 1 6,603 4,304 4,290 5,190 4,494 - -
Change - - -0.34% 20.99% -13.42% - -
Enterprise Value (EV) 1 6,603 4,304 4,509 5,720 5,832 5,618 5,316
Change - - 4.75% 26.87% 1.96% -3.67% -5.38%
P/E 34.4x 13.5x 17.2x 18.4x 15.6x 11.5x 10.2x
PBR - - 2.57x 3.15x 2.28x 1.93x 1.65x
PEG - - -0.8x 1.2x 7.74x 0.3x 0.8x
Capitalization / Revenue - - 1.1x 1.36x 0.97x 0.85x 0.79x
EV / Revenue - - 1.16x 1.5x 1.26x 1.06x 0.93x
EV / EBITDA - - 9.51x 11.3x 9.6x 7.63x 6.66x
EV / EBIT - - 12.8x 15x 13.3x 10.2x 8.88x
EV / FCF - - - 15.8x 29.5x 18.4x 13.1x
FCF Yield - - - 6.34% 3.39% 5.45% 7.63%
Dividend per Share 2 - - - - 2.69 1.75 1.96
Rate of return - - - - 1.71% 1.11% 1.25%
EPS 2 6.72 11.04 8.61 9.89 10.09 13.69 15.42
Distribution rate - - - - 26.7% 12.8% 12.7%
Net sales 1 - - 3,901 3,814 4,634 5,306 5,705
EBITDA 1 - - 474 504 607.6 736.5 798.6
EBIT 1 - - 352 381 437.6 550.8 598.9
Net income 1 194 320 248 281 288 390.7 440.1
Net Debt 1 - - 219 530 1,339 1,125 822.7
Reference price 2 231.00 148.50 148.00 181.80 157.40 157.40 157.40
Nbr of stocks (in thousands) 28,584 28,984 28,984 28,549 28,549 - -
Announcement Date 1/28/22 3/22/24 1/27/25 1/26/26 - - -
1SEK in Million2SEK
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.6x1.26x9.6x1.71% 474M
54.36x8.7x43.79x1.5% 187B
51.7x8.82x15.66x-.--% 97.53B
48.34x10.31x35.9x1.14% 62.84B
54.17x9.53x34.32x0.88% 56.31B
40.34x - - 0.2% 51.75B
7280.56x68.74x2182.02x - 39.01B
26.08x7.18x20.11x1.3% 35B
45x7.51x30.48x0.97% 34.56B
31.04x7.36x24.13x0.7% 32.72B
Average 764.72x 14.38x 266.22x 0.93% 59.71B
Weighted average by Cap. 520.63x 13.03x 186.25x 0.92%

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