Company Valuation: Kone Oyj

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 32,652 24,975 23,358 24,324 31,362 26,267 - -
Change - -23.51% -6.47% 4.13% 28.93% -16.25% - -
Enterprise Value (EV) 1 30,488 23,666 22,345 23,493 30,662 25,294 24,975 24,611
Change - -22.38% -5.58% 5.14% 30.52% -17.51% -1.26% -1.46%
P/E 32.2x 32.4x 25.2x 25.5x 32x 24.7x 21x 19x
PBR 10.3x 8.8x 8.49x 8.48x 11.2x 8.97x 8.27x 7.42x
PEG - -1.4x 1.3x 9.13x 11.78x 2.94x 1.2x 1.7x
Capitalization / Revenue 3.11x 2.29x 2.13x 2.19x 2.79x 2.23x 2.1x 1.98x
EV / Revenue 2.9x 2.17x 2.04x 2.12x 2.73x 2.15x 2x 1.86x
EV / EBITDA 19.6x 17.7x 14.7x 15.2x 18.2x 14x 12.5x 11.3x
EV / EBIT 23.3x 22x 17.9x 18x 22.4x 17.2x 15.1x 13.6x
EV / FCF 23.1x 80.5x 36.3x 32.3x 37.4x 21.8x 18.6x 16.9x
FCF Yield 4.32% 1.24% 2.75% 3.09% 2.67% 4.6% 5.38% 5.93%
Dividend per Share 2 1.75 1.75 1.75 1.8 1.8 1.867 2.027 2.172
Rate of return 2.78% 3.62% 3.88% 3.83% 2.97% 3.68% 4% 4.29%
EPS 2 1.96 1.49 1.79 1.84 1.89 2.049 2.409 2.673
Distribution rate 89.3% 117% 97.8% 97.8% 95.2% 91.1% 84.1% 81.3%
Net sales 1 10,514 10,907 10,952 11,098 11,245 11,774 12,490 13,253
EBITDA 1 1,554 1,336 1,518 1,541 1,689 1,803 1,998 2,181
EBIT 1 1,310 1,077 1,248 1,303 1,369 1,472 1,655 1,816
Net income 1 1,014 774.5 925.8 951.3 980.1 1,066 1,263 1,391
Net Debt 1 -2,164 -1,309 -1,013 -831.2 -699.8 -972.6 -1,292 -1,656
Reference price 2 63.04 48.30 45.16 47.00 60.56 50.68 50.68 50.68
Nbr of stocks (in thousands) 517,962 517,089 517,237 517,528 517,859 518,284 - -
Announcement Date 2/2/22 1/26/23 1/26/24 1/30/25 2/6/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
24.86x2.16x14.1x3.67% 29.7B
25.28x4.6x21.45x1.2% 179B
140.76x20.64x94.86x-.--% 85.16B
128.46x2.99x31.88x-.--% 38.49B
25.36x2.12x13.09x2.71% 33.05B
16x2.06x12.21x2.68% 24.38B
58.35x4.92x36.89x0.53% 23.15B
33.28x3.66x21.71x0.37% 19.26B
44.3x3.26x30.65x0.5% 15.29B
87.29x9.48x69.15x0.6% 15.11B
Average 58.39x 5.59x 34.60x 1.22% 46.28B
Weighted average by Cap. 59.24x 7.04x 36.91x 1.11%

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