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 4,137 - -
Change - - -0.34% 20.99% -20.3% - -
Enterprise Value (EV) 1 6,603 4,304 4,509 5,720 5,475 5,261 4,959
Change - - 4.75% 26.87% -4.28% -3.91% -5.74%
P/E 34.4x 13.5x 17.2x 18.4x 14.4x 10.6x 9.4x
PBR - - 2.57x 3.15x 2.1x 1.78x 1.52x
PEG - - -0.8x 1.2x 7.15x 0.3x 0.7x
Capitalization / Revenue - - 1.1x 1.36x 0.89x 0.78x 0.73x
EV / Revenue - - 1.16x 1.5x 1.18x 0.99x 0.87x
EV / EBITDA - - 9.51x 11.3x 9.01x 7.14x 6.21x
EV / EBIT - - 12.8x 15x 12.5x 9.55x 8.28x
EV / FCF - - - 15.8x 27.7x 17.2x 12.2x
FCF Yield - - - 6.34% 3.61% 5.82% 8.18%
Dividend per Share 2 - - - - 2.69 1.75 1.96
Rate of return - - - - 1.86% 1.21% 1.35%
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 2 231.00 148.50 148.00 181.80 144.90 144.90 144.90
Nbr of stocks (in thousands) 28,584 28,984 28,984 28,549 28,549 - -
Announcement Date 28/1/22 22/3/24 27/1/25 26/1/26 - - -
1SEK in Million2SEK
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.36x1.18x9.01x1.86% 438M
55.86x8.97x45.12x1.45% 192B
55.66x9.37x16.68x-.--% 104B
50.8x10.83x37.71x1.08% 66.07B
51.96x9.76x34.43x0.85% 58.13B
52.69x - - 0.19% 53.37B
8100x76.61x2432.08x - 43.33B
26.12x7.18x20.12x1.3% 34.96B
45.38x7.58x30.74x0.97% 34.8B
33.98x7.87x25.98x0.58% 32.42B
Average 848.68x 15.48x 294.65x 0.92% 62.04B
Weighted average by Cap. 613.02x 14.25x 216.78x 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