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 91,204 - -
Change - -13.18% 13.98% 37.7% 13.89% 35.4% - -
Enterprise Value (EV) 1 39,150 33,954 38,755 55,356 62,682 89,103 87,517 85,763
Change - -13.27% 14.14% 42.83% 13.24% 42.15% -1.78% -2%
P/E 22.4x 23.8x 17.4x 21.6x 22.9x 25.3x 22.5x 20.1x
PBR 7.25x 6.24x 5.55x 7.44x 8.02x 9.92x 8.82x 7.79x
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 14.3x 12.9x 11.8x
EV / Revenue 10.8x 10x 8.52x 10.7x 11.6x 14x 12.4x 11.1x
EV / EBITDA 14.8x 15x 11.3x 14.6x 15.8x 18.7x 15.9x 14x
EV / EBIT 15.7x 16.2x 11.9x 15.8x 16.8x 19.5x 17.3x 15.2x
EV / FCF - - - 9.46x 5.11x 132x 21.4x 18.7x
FCF Yield - - - 10.6% 19.6% 0.76% 4.68% 5.36%
Dividend per Share 2 5.56 4.6 7.2 8.1 8.6 10.09 11.46 12.73
Rate of return 3.2% 3.05% 4.21% 3.45% 3.18% 2.75% 3.12% 3.47%
EPS 2 7.75 6.33 9.83 10.85 11.82 14.52 16.34 18.25
Distribution rate 71.7% 72.7% 73.2% 74.7% 72.8% 69.5% 70.1% 69.7%
Net sales 1 3,628 3,382 4,550 5,152 5,384 6,372 7,052 7,745
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 3,619 4,054 4,507
Net Debt 1 -4,250 -3,726 -4,193 -3,785 -4,675 -2,101 -3,687 -5,441
Reference price 2 173.60 150.95 171.00 234.80 270.20 367.00 367.00 367.00
Nbr of stocks (in thousands) 250,000 249,625 251,159 251,877 249,287 248,512 - -
Announcement Date 3/2/22 31/1/23 30/1/24 28/1/25 28/1/26 - - -
1SEK in Million2SEK
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
25.28x13.98x18.66x2.75% 9.51B
14.15x - - 1.76% 951B
13.32x - - 1.91% 436B
6.28x - - 5.01% 397B
12.67x - - 4.12% 355B
5.98x - - 5.17% 314B
17.7x - - 2.39% 283B
6.28x - - 5.11% 279B
11.87x - - 2.2% 262B
14.73x - - 2.69% 257B
Average 12.82x 13.98x 18.66x 3.31% 354.41B
Weighted average by Cap. 11.86x 13.98x 18.66x 3.1%

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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