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 90,607 - -
Change - -13.18% 13.98% 37.7% 13.89% 34.52% - -
Enterprise Value (EV) 1 39,150 33,954 38,755 55,356 62,682 88,506 86,920 85,166
Change - -13.27% 14.14% 42.83% 13.24% 41.2% -1.79% -2.02%
P/E 22.4x 23.8x 17.4x 21.6x 22.9x 25.2x 22.6x 20.3x
PBR 7.25x 6.24x 5.55x 7.44x 8.02x 9.96x 8.85x 7.8x
PEG - -1.3x 0.3x 2.1x 2.56x 1.1x 1.9x 1.8x
Capitalization / Revenue 12x 11.1x 9.44x 11.5x 12.5x 14.3x 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 18.2x 16.8x 14.7x
EV / EBIT 15.7x 16.2x 11.9x 15.8x 16.8x 19.6x 17.5x 15.4x
EV / FCF - - - 9.46x 5.11x 131x 21.2x 18.5x
FCF Yield - - - 10.6% 19.6% 0.76% 4.71% 5.4%
Dividend per Share 2 5.56 4.6 7.2 8.1 8.6 9.994 11.24 12.48
Rate of return 3.2% 3.05% 4.21% 3.45% 3.18% 2.74% 3.08% 3.42%
EPS 2 7.75 6.33 9.83 10.85 11.82 14.46 16.14 17.96
Distribution rate 71.7% 72.7% 73.2% 74.7% 72.8% 69.1% 69.6% 69.5%
Net sales 1 3,628 3,382 4,550 5,152 5,384 6,325 6,937 7,622
EBITDA 1 2,650 2,263 3,430 3,790 3,962 4,861 5,188 5,786
EBIT 1 2,488 2,091 3,251 3,506 3,736 4,512 4,968 5,529
Net income 1 1,985 1,652 2,579 2,814 3,015 3,605 4,003 4,434
Net Debt 1 -4,250 -3,726 -4,193 -3,785 -4,675 -2,101 -3,687 -5,441
Reference price 2 173.60 150.95 171.00 234.80 270.20 364.60 364.60 364.60
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.($)
13.42x - - 1.86% 901B
12.94x - - 1.96% 424B
5.96x - - 5.2% 387B
12.26x - - 4.21% 341B
18.62x - - 2.29% 292B
5.67x - - 5.38% 298B
11.89x - - 2.21% 261B
6.01x - - 5.21% 270B
14.14x - - 2.8% 240B
Average 11.21x 3.46% 379.44B
Weighted average by Cap. 11.52x 3.19%

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