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 4,239 - -
Change - - -0.34% 20.99% -18.32% - -
Enterprise Value (EV) 1 6,603 4,304 4,509 5,720 5,578 5,364 5,062
Change - - 4.75% 26.87% -2.48% -3.83% -5.63%
P/E 34.4x 13.5x 17.2x 18.4x 14.7x 10.9x 9.63x
PBR - - 2.57x 3.15x 2.15x 1.82x 1.56x
PEG - - -0.8x 1.2x 7.3x 0.3x 0.8x
Capitalization / Revenue - - 1.1x 1.36x 0.91x 0.8x 0.74x
EV / Revenue - - 1.16x 1.5x 1.2x 1.01x 0.89x
EV / EBITDA - - 9.51x 11.3x 9.18x 7.28x 6.34x
EV / EBIT - - 12.8x 15x 12.7x 9.74x 8.45x
EV / FCF - - - 15.8x 28.2x 17.5x 12.5x
FCF Yield - - - 6.34% 3.55% 5.7% 8.01%
Dividend per Share 2 - - - - 2.69 1.75 1.96
Rate of return - - - - 1.81% 1.18% 1.32%
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 2 231.00 148.50 148.00 181.80 148.50 148.50 148.50
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.($)
14.72x1.2x9.18x1.81% 447M
53.75x8.62x43.36x1.51% 185B
54.96x9.24x16.44x-.--% 103B
51.7x11.03x38.38x1.06% 67.14B
52.42x9.85x34.74x0.85% 58.55B
52.84x - - 0.19% 53.57B
7911x74.8x2374.41x - 42.35B
26.98x7.4x20.74x1.26% 36.06B
45.52x7.6x30.83x0.96% 34.94B
34.26x7.89x26.37x0.58% 32.71B
Average 829.82x 15.29x 288.27x 0.91% 61.35B
Weighted average by Cap. 592.87x 13.96x 209.99x 0.89%

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