Company Valuation: Nordnet AB

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 43,400 37,681 42,948 59,141 67,357 90,856 - -
Change - -13.18% 13.98% 37.7% 13.89% 34.89% - -
Enterprise Value (EV) 1 39,150 33,954 38,755 55,356 62,682 88,755 87,169 85,415
Change - -13.27% 14.14% 42.83% 13.24% 41.59% -1.79% -2.01%
P/E 22.4x 23.8x 17.4x 21.6x 22.9x 25.2x 22.5x 20.1x
PBR 7.25x 6.24x 5.55x 7.44x 8.02x 9.93x 8.85x 7.82x
PEG - -1.3x 0.3x 2.1x 2.56x 1.1x 1.8x 1.7x
Capitalization / Revenue 12x 11.1x 9.44x 11.5x 12.5x 14.3x 12.9x 11.8x
EV / Revenue 10.8x 10x 8.52x 10.7x 11.6x 13.9x 12.4x 11.1x
EV / EBITDA 14.8x 15x 11.3x 14.6x 15.8x 18.6x 15.8x 13.9x
EV / EBIT 15.7x 16.2x 11.9x 15.8x 16.8x 19.4x 17.2x 15.2x
EV / FCF - - - 9.46x 5.11x 131x 21.3x 18.6x
FCF Yield - - - 10.6% 19.6% 0.76% 4.7% 5.38%
Dividend per Share 2 5.56 4.6 7.2 8.1 8.6 10.08 11.42 12.67
Rate of return 3.2% 3.05% 4.21% 3.45% 3.18% 2.76% 3.12% 3.47%
EPS 2 7.75 6.33 9.83 10.85 11.82 14.5 16.27 18.15
Distribution rate 71.7% 72.7% 73.2% 74.7% 72.8% 69.5% 70.2% 69.8%
Net sales 1 3,628 3,382 4,550 5,152 5,384 6,366 7,029 7,720
EBITDA 1 2,650 2,263 3,430 3,790 3,962 4,775 5,514 6,138
EBIT 1 2,488 2,091 3,251 3,506 3,736 4,566 5,064 5,626
Net income 1 1,985 1,652 2,579 2,814 3,015 3,613 4,034 4,481
Net Debt 1 -4,250 -3,726 -4,193 -3,785 -4,675 -2,101 -3,687 -5,441
Reference price 2 173.60 150.95 171.00 234.80 270.20 365.60 365.60 365.60
Nbr of stocks (in thousands) 250,000 249,625 251,159 251,877 249,287 248,512 - -
Announcement Date 2/3/22 A 1/31/23 A 1/30/24 A 1/28/25 A 1/28/26 A - - -
1SEK in Million2SEK
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
25.23x13.95x18.6x2.75% 9.35B
14.1x - - 1.77% 947B
13.3x - - 1.91% 436B
6.11x - - 5.07% 388B
12.7x - - 4.07% 354B
5.89x - - 5.18% 308B
18.64x - - 2.29% 292B
6.14x - - 5.09% 269B
12x - - 2.18% 264B
15.47x - - 2.56% 261B
Average 12.96x 13.95x 18.60x 3.29% 352.86B
Weighted average by Cap. 12.01x 13.95x 18.60x 3.07%

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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