Company Valuation: AB Volvo

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 427,626 387,546 534,513 546,897 601,921 686,988 - -
Change - -9.37% 37.92% 2.32% 10.06% 14.13% - -
Enterprise Value (EV) 1 377,226 326,246 467,813 479,697 553,521 629,652 617,253 606,358
Change - -13.51% 43.39% 2.54% 15.39% 13.75% -1.97% -1.77%
P/E 13x 11.7x 10.7x 10.8x 17.5x 16.3x 13.4x 12.4x
PBR 3.02x 2.36x 2.99x 2.82x 3.37x 3.51x 3.22x 2.99x
PEG - -62.87x 0.2x 9.45x -0.6x 0.7x 0.6x 1.46x
Capitalization / Revenue 1.15x 0.82x 0.97x 1.04x 1.26x 1.38x 1.27x 1.2x
EV / Revenue 1.01x 0.69x 0.85x 0.91x 1.16x 1.26x 1.14x 1.06x
EV / EBITDA 6.31x 4.58x 4.73x 5.43x 7.41x 8.13x 6.85x 6.26x
EV / EBIT 9.2x 6.46x 6.03x 7.3x 10.8x 10.9x 9.14x 8.23x
EV / FCF 24.3x 25.5x 42x 16.8x 27.5x 18.4x 15x 13.7x
FCF Yield 4.12% 3.92% 2.38% 5.95% 3.64% 5.45% 6.66% 7.32%
Dividend per Share 2 13 14 18 18.5 13 15.53 18.37 19.68
Rate of return 6.2% 7.43% 6.88% 6.89% 4.39% 4.6% 5.44% 5.83%
EPS 2 16.12 16.09 24.5 24.78 16.94 20.67 25.12 27.26
Distribution rate 80.6% 87% 73.5% 74.7% 76.7% 75.2% 73.1% 72.2%
Net sales 1 372,216 473,479 552,764 526,816 479,183 498,508 542,739 571,183
EBITDA 1 59,735 71,196 98,865 88,266 74,704 77,488 90,133 96,847
EBIT 1 41,015 50,467 77,638 65,718 51,218 57,741 67,566 73,680
Net income 1 32,787 32,722 49,825 50,389 34,456 42,157 52,093 56,494
Net Debt 1 -50,400 -61,300 -66,700 -67,200 -48,400 -57,337 -69,735 -80,630
Reference price 2 209.65 188.48 261.70 268.60 295.90 337.80 337.80 337.80
Nbr of stocks (in thousands) 2,033,452 2,033,452 2,033,452 2,033,452 2,033,452 2,033,452 - -
Announcement Date 1/28/22 1/26/23 1/26/24 1/29/25 1/28/26 - - -
1SEK in Million2SEK
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.15x1.24x7.97x4.66% 69.25B
10.46x0.4x4.38x5.51% 13.63B
11.63x0.34x6.81x5.65% 3.58B
11.23x0.43x2.84x2.38% 2.94B
10.65x0.41x4.24x3.69% 2.05B
12.09x0.3x3.52x4.9% 2.05B
Average 12.03x 0.52x 4.96x 4.46% 15.58B
Weighted average by Cap. 14.78x 1.02x 7.06x 4.74%

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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