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 5,073 - -
Change - - -0.34% 20.99% -2.26% - -
Enterprise Value (EV) 1 6,603 4,304 4,509 5,720 6,412 6,198 5,896
Change - - 4.75% 26.87% 12.09% -3.34% -4.87%
P/E 34.4x 13.5x 17.2x 18.4x 17.6x 13x 11.5x
PBR - - 2.57x 3.15x 2.57x 2.18x 1.87x
PEG - - -0.8x 1.2x 8.74x 0.4x 0.9x
Capitalization / Revenue - - 1.1x 1.36x 1.09x 0.96x 0.89x
EV / Revenue - - 1.16x 1.5x 1.38x 1.17x 1.03x
EV / EBITDA - - 9.51x 11.3x 10.6x 8.42x 7.38x
EV / EBIT - - 12.8x 15x 14.7x 11.3x 9.84x
EV / FCF - - - 15.8x 32.4x 20.3x 14.5x
FCF Yield - - - 6.34% 3.08% 4.94% 6.88%
Dividend per Share 2 - - - - 2.69 1.75 1.96
Rate of return - - - - 1.51% 0.98% 1.1%
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 2 231.00 148.50 148.00 181.80 177.70 177.70 177.70
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.($)
17.61x1.38x10.55x1.51% 528M
67.66x10.84x54.55x1.21% 234B
49.33x8.62x15.31x-.--% 95.59B
46.43x9.91x34.5x1.19% 61.13B
50.22x - - 0.19% 53.26B
49.13x8.62x31.05x0.97% 51.7B
46.44x8.07x32.27x0.87% 38.91B
34.64x8.32x27.54x0.53% 36.58B
26.79x7.01x21.22x1.59% 33.33B
42.11x4.64x22.61x1.11% 31.8B
Average 43.04x 7.49x 27.73x 0.92% 63.71B
Weighted average by Cap. 53.26x 9.28x 37.08x 0.88%

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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