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 55,676 - -
Change - 13.31% -4.52% -14.3% 24.12% -11.15% - -
Enterprise Value (EV) 1 62,091 70,681 68,246 65,345 77,258 70,377 69,724 69,364
Change - 13.83% -3.44% -4.25% 18.23% -8.91% -0.93% -0.52%
P/E 25.4x 26x 25.1x 23.1x 26.9x 22.3x 20x 18.9x
PBR 11x 9.34x 8.61x 7.19x 8.35x 7.22x 6.51x 5.88x
PEG - 3.55x -22.99x -3.3x 4x 3.13x 1.7x 3.4x
Capitalization / Revenue 0.94x 0.84x 0.73x 0.6x 0.7x 0.61x 0.59x 0.57x
EV / Revenue 1.07x 0.96x 0.84x 0.78x 0.87x 0.77x 0.74x 0.71x
EV / EBITDA 12.2x 12.4x 10.8x 9.8x 10.1x 8.86x 8.26x 7.96x
EV / EBIT 23.1x 21.9x 18.9x 19x 20.9x 18.5x 16.8x 16x
EV / FCF 22.5x 21.2x 17.7x 16.7x 15.4x 18x 14.2x 14.4x
FCF Yield 4.45% 4.72% 5.66% 6% 6.5% 5.54% 7.06% 6.92%
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% 3.68% 3.87% 4.03%
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 2 260.40 285.90 273.00 234.00 290.20 257.90 257.90 257.90
Nbr of stocks (in thousands) 209,105 215,805 215,778 215,745 215,922 215,884 - -
Announcement Date 2/3/22 2/1/23 2/1/24 1/30/25 1/29/26 - - -
1SEK in Million2SEK
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
20.42x0.88x5.91x6.19% 37.34B
16.59x0.59x6.72x2.93% 27.07B
70.51x3.11x40.8x-.--% 26.11B
26.15x0.83x8.72x3.68% 21.58B
28.01x1.15x14.71x0.44% 22.08B
11.43x0.24x4.39x6.49% 13.03B
16.67x0.39x5.69x3.68% 12.87B
21.31x0.82x8.94x2.67% 10.61B
19.47x0.94x9.3x4.17% 10.16B
Average 25.62x 0.99x 11.69x 3.36% 20.09B
Weighted average by Cap. 27.77x 1.10x 12.72x 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