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 4,879 - -
Change - - -0.34% 20.99% -6% - -
Enterprise Value (EV) 1 6,603 4,304 4,509 5,720 6,218 6,004 5,702
Change - - 4.75% 26.87% 8.7% -3.44% -5.03%
P/E 34.4x 13.5x 17.2x 18.4x 16.9x 12.5x 11.1x
PBR - - 2.57x 3.15x 2.47x 2.1x 1.8x
PEG - - -0.8x 1.2x 8.39x 0.4x 0.9x
Capitalization / Revenue - - 1.1x 1.36x 1.05x 0.92x 0.86x
EV / Revenue - - 1.16x 1.5x 1.34x 1.13x 1x
EV / EBITDA - - 9.51x 11.3x 10.2x 8.15x 7.14x
EV / EBIT - - 12.8x 15x 14.2x 10.9x 9.52x
EV / FCF - - - 15.8x 31.4x 19.6x 14.1x
FCF Yield - - - 6.34% 3.18% 5.1% 7.12%
Dividend per Share 2 - - - - 2.69 1.75 1.96
Rate of return - - - - 1.57% 1.02% 1.15%
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 2 231.00 148.50 148.00 181.80 170.90 170.90 170.90
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
16.94x1.34x10.23x1.57% 499M
64.85x10.36x51.97x1.25% 222B
44.99x8.18x14.66x-.--% 90.13B
44.19x9.43x32.77x1.25% 57.45B
46.83x - - 0.21% 49.62B
47.05x8.25x29.7x1.01% 48.9B
47.66x8.21x33.08x0.82% 39.53B
34.17x8.2x27.17x0.54% 36.06B
25.94x6.81x20.48x1.46% 32.11B
40.46x4.46x21.72x1.16% 30.53B
Average 41.31x 7.25x 26.86x 0.93% 60.65B
Weighted average by Cap. 50.76x 8.90x 35.54x 0.9%

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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