Company Valuation: Afry AB

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 28,869 19,355 15,821 17,407 16,988 11,495 - -
Change - -32.96% -18.26% 10.02% -2.41% -32.33% - -
Enterprise Value (EV) 1 32,434 19,355 22,663 23,542 22,309 16,860 16,295 15,722
Change - -40.33% 17.09% 3.88% -5.24% -24.42% -3.35% -3.52%
P/E 25.6x 19.9x 14.4x 14.2x 21.2x 11x 8.56x 7.97x
PBR 2.63x - 1.27x 1.33x 1.34x 0.86x 0.82x 0.78x
PEG - -1.4x 1.1x 1.2x -0.6x 0.4x 0.3x 1.08x
Capitalization / Revenue 1.44x 0.82x 0.59x 0.64x 0.66x 0.46x 0.44x 0.42x
EV / Revenue 1.61x 0.82x 0.84x 0.87x 0.87x 0.67x 0.62x 0.58x
EV / EBITDA 13.7x 7.96x 8.34x 8.28x 10.1x 6.78x 5.75x 5.36x
EV / EBIT 21.3x 13.4x 12.7x 12.1x 16.1x 10.2x 8.16x 7.43x
EV / FCF 22.4x - 13.8x 12.5x 10.5x 11.9x 10.5x 9.11x
FCF Yield 4.46% - 7.27% 8.02% 9.56% 8.42% 9.51% 11%
Dividend per Share 2 5.5 - 5.5 6 6 6.332 7.403 8.206
Rate of return 2.16% - 3.94% 3.9% 4% 6.24% 7.29% 8.08%
EPS 2 9.973 8.603 9.71 10.85 7.07 9.206 11.86 12.74
Distribution rate 55.1% - 56.6% 55.3% 84.9% 68.8% 62.4% 64.4%
Net sales 1 20,104 23,552 26,978 27,160 25,758 25,248 26,352 27,205
EBITDA 1 2,359 2,430 2,718 2,842 2,219 2,487 2,833 2,933
EBIT 1 1,523 1,444 1,779 1,941 1,387 1,648 1,997 2,117
Net income 1 1,129 974 1,100 1,229 800 1,042 1,343 1,442
Net Debt 1 3,565 - 6,842 6,135 5,321 5,365 4,800 4,227
Reference price 2 255.00 170.90 139.70 153.70 150.00 101.50 101.50 101.50
Nbr of stocks (in thousands) 113,212 113,252 113,252 113,252 113,252 113,252 - -
Announcement Date 2/4/22 2/10/23 2/2/24 2/7/25 2/5/26 - - -
1SEK in Million2SEK
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.05x0.67x6.79x6.23% 1.2B
36.53x6.66x23.65x0.94% 80.23B
37.99x1.27x13.61x0.98% 16.89B
20.32x2.07x10.22x3.62% 14.28B
25.44x2.84x12.16x2.93% 12.16B
24.2x3.39x13.08x2.37% 7.88B
15.09x0.64x9.1x1.42% 6.86B
9.96x1.18x6.27x2.11% 5.94B
20.9x2.25x10.63x-.--% 5.39B
18.89x0.41x9.42x3.94% 5.35B
Average 22.04x 2.14x 11.49x 2.45% 15.62B
Weighted average by Cap. 30.43x 4.31x 17.54x 1.59%

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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