Company Valuation: Axfood AB

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 54,451 61,699 58,907 50,484 62,660 53,647 - -
Change - 13.31% -4.52% -14.3% 24.12% -14.38% - -
Enterprise Value (EV) 1 62,091 70,681 68,246 65,345 77,258 68,348 67,695 67,335
Change - 13.83% -3.44% -4.25% 18.23% -11.53% -0.96% -0.53%
P/E 25.4x 26x 25.1x 23.1x 26.9x 21.5x 19.2x 18.2x
PBR 11x 9.34x 8.61x 7.19x 8.35x 6.96x 6.27x 5.67x
PEG - 3.55x -22.99x -3.3x 4x 3.02x 1.6x 3.27x
Capitalization / Revenue 0.94x 0.84x 0.73x 0.6x 0.7x 0.59x 0.57x 0.55x
EV / Revenue 1.07x 0.96x 0.84x 0.78x 0.87x 0.75x 0.71x 0.69x
EV / EBITDA 12.2x 12.4x 10.8x 9.8x 10.1x 8.61x 8.02x 7.72x
EV / EBIT 23.1x 21.9x 18.9x 19x 20.9x 17.9x 16.3x 15.5x
EV / FCF 22.5x 21.2x 17.7x 16.7x 15.4x 17.5x 13.7x 14x
FCF Yield 4.45% 4.72% 5.66% 6% 6.5% 5.71% 7.28% 7.13%
Dividend per Share 2 7.75 8.15 8.5 8.75 9 9.479 9.993 10.39
Rate of return 2.98% 2.85% 3.11% 3.74% 3.1% 3.81% 4.02% 4.18%
EPS 2 10.24 10.99 10.87 10.11 10.79 11.56 12.92 13.63
Distribution rate 75.7% 74.2% 78.2% 86.5% 83.4% 82% 77.4% 76.2%
Net sales 1 57,891 73,474 81,111 84,057 89,152 91,170 94,776 98,105
EBITDA 1 5,103 5,716 6,345 6,665 7,649 7,940 8,437 8,718
EBIT 1 2,690 3,229 3,602 3,433 3,688 3,811 4,142 4,338
Net income 1 2,150 2,360 2,357 2,192 2,339 2,533 2,831 2,986
Net Debt 1 7,640 8,982 9,339 14,861 14,598 14,701 14,048 13,687
Reference price 2 260.40 285.90 273.00 234.00 290.20 248.50 248.50 248.50
Nbr of stocks (in thousands) 209,105 215,805 215,778 215,745 215,922 215,884 - -
Announcement Date 03/02/22 01/02/23 01/02/24 30/01/25 29/01/26 - - -
1SEK in Million2SEK
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.01x0.87x5.88x6.29% 37.25B
16.87x0.6x6.8x2.88% 27.98B
68.02x3.01x39.44x-.--% 25.27B
26.87x0.84x8.91x3.58% 22.39B
28.49x1.17x14.97x0.43% 22.45B
11.89x0.25x4.49x6.19% 13.66B
16.74x0.39x5.71x3.66% 13.03B
20.74x0.8x8.75x2.75% 10.41B
19.4x0.94x9.29x4.19% 10.22B
Average 25.45x 0.99x 11.58x 3.33% 20.3B
Weighted average by Cap. 27.22x 1.08x 12.39x 3.33%

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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