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 5,107 - -
Change - - -0.34% 20.99% -1.6% - -
Enterprise Value (EV) 1 6,603 4,304 4,509 5,720 6,446 6,232 5,930
Change - - 4.75% 26.87% 12.69% -3.32% -4.85%
P/E 34.4x 13.5x 17.2x 18.4x 17.7x 13.1x 11.6x
PBR - - 2.57x 3.15x 2.59x 2.2x 1.88x
PEG - - -0.8x 1.2x 8.79x 0.4x 0.9x
Capitalization / Revenue - - 1.1x 1.36x 1.1x 0.96x 0.9x
EV / Revenue - - 1.16x 1.5x 1.39x 1.17x 1.04x
EV / EBITDA - - 9.51x 11.3x 10.6x 8.46x 7.43x
EV / EBIT - - 12.8x 15x 14.7x 11.3x 9.9x
EV / FCF - - - 15.8x 32.6x 20.4x 14.6x
FCF Yield - - - 6.34% 3.07% 4.91% 6.84%
Dividend per Share 2 - - - - 2.69 1.75 1.96
Rate of return - - - - 1.5% 0.98% 1.1%
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 2 231.00 148.50 148.00 181.80 178.90 178.90 178.90
Nbr of stocks (in thousands) 28,584 28,984 28,984 28,549 28,549 - -
Announcement Date 28/01/22 22/03/24 27/01/25 26/01/26 - - -
1SEK in Million2SEK
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.73x1.39x10.61x1.5% 529M
69.05x11.07x55.7x1.18% 238B
47.59x8.51x15.11x-.--% 93.89B
46.43x9.91x34.5x1.19% 60.84B
49.63x - - 0.19% 52.62B
49.18x8.63x31.08x0.97% 51.51B
47.53x8.26x33.02x0.85% 39.82B
34.74x8.34x27.62x0.53% 36.68B
26.38x6.89x20.88x1.61% 32.76B
41.84x4.61x22.46x1.12% 31.59B
Average 43.01x 7.51x 27.89x 0.92% 63.82B
Weighted average by Cap. 53.64x 9.37x 37.74x 0.87%

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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