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 25,728 - -
Change - -23.51% -6.47% 4.13% 28.93% -17.96% - -
Enterprise Value (EV) 1 30,488 23,666 22,345 23,493 30,662 24,777 24,458 24,092
Change - -22.38% -5.58% 5.14% 30.52% -19.19% -1.29% -1.5%
P/E 32.2x 32.4x 25.2x 25.5x 32x 24.2x 20.6x 18.6x
PBR 10.3x 8.8x 8.49x 8.48x 11.2x 8.83x 8.14x 7.32x
PEG - -1.4x 1.3x 9.13x 11.78x 2.87x 1.2x 1.7x
Capitalization / Revenue 3.11x 2.29x 2.13x 2.19x 2.79x 2.19x 2.06x 1.94x
EV / Revenue 2.9x 2.17x 2.04x 2.12x 2.73x 2.11x 1.96x 1.82x
EV / EBITDA 19.6x 17.7x 14.7x 15.2x 18.2x 13.8x 12.3x 11.1x
EV / EBIT 23.3x 22x 17.9x 18x 22.4x 16.9x 14.8x 13.2x
EV / FCF 23.1x 80.5x 36.3x 32.3x 37.4x 21.4x 18.2x 16.5x
FCF Yield 4.32% 1.24% 2.75% 3.09% 2.67% 4.66% 5.5% 6.07%
Dividend per Share 2 1.75 1.75 1.75 1.8 1.8 1.866 2.027 2.172
Rate of return 2.78% 3.62% 3.88% 3.83% 2.97% 3.76% 4.08% 4.37%
EPS 2 1.96 1.49 1.79 1.84 1.89 2.05 2.407 2.673
Distribution rate 89.3% 117% 97.8% 97.8% 95.2% 91.1% 84.2% 81.2%
Net sales 1 10,514 10,907 10,952 11,098 11,245 11,768 12,477 13,241
EBITDA 1 1,554 1,336 1,518 1,541 1,689 1,797 1,991 2,176
EBIT 1 1,310 1,077 1,248 1,303 1,369 1,467 1,652 1,819
Net income 1 1,014 774.5 925.8 951.3 980.1 1,062 1,258 1,389
Net Debt 1 -2,164 -1,309 -1,013 -831.2 -699.8 -951.1 -1,270 -1,636
Reference price 2 63.04 48.30 45.16 47.00 60.56 49.64 49.64 49.64
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.($)
24.22x2.11x13.79x3.76% 29.86B
24.62x2.04x12.59x2.79% 32.53B
17.28x2.19x13.06x2.5% 26.3B
22.27x2.42x13.69x1.56% 13.16B
22.92x - - - 2.42B
28.31x1.9x17.92x2.33% 2.24B
14.48x - - 5.38% 2B
21.8x1.86x10.56x2.14% 1.51B
20.48x2.18x10.45x2.03% 1.46B
Average 21.82x 2.10x 13.15x 2.81% 12.39B
Weighted average by Cap. 22.27x 2.14x 13.23x 2.86%

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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