Company Valuation: Nordnet AB

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 43,400 37,681 42,948 59,141 67,357 82,357 - -
Change - -13.18% 13.98% 37.7% 13.89% 22.27% - -
Enterprise Value (EV) 1 39,150 33,954 38,755 55,356 62,682 80,256 78,670 76,916
Change - -13.27% 14.14% 42.83% 13.24% 28.04% -1.98% -2.23%
P/E 22.4x 23.8x 17.4x 21.6x 22.9x 22.8x 20x 18x
PBR 7.25x 6.24x 5.55x 7.44x 8.02x 8.96x 7.96x 7.04x
PEG - -1.3x 0.3x 2.1x 2.56x 1x 1.5x 1.6x
Capitalization / Revenue 12x 11.1x 9.44x 11.5x 12.5x 12.9x 11.6x 10.6x
EV / Revenue 10.8x 10x 8.52x 10.7x 11.6x 12.6x 11.1x 9.87x
EV / EBITDA 14.8x 15x 11.3x 14.6x 15.8x 16.8x 14.3x 12.5x
EV / EBIT 15.7x 16.2x 11.9x 15.8x 16.8x 17.6x 15.4x 13.5x
EV / FCF - - - 9.46x 5.11x 119x 19.2x 16.7x
FCF Yield - - - 10.6% 19.6% 0.84% 5.21% 5.97%
Dividend per Share 2 5.56 4.6 7.2 8.1 8.6 10.21 11.59 12.88
Rate of return 3.2% 3.05% 4.21% 3.45% 3.18% 3.08% 3.5% 3.89%
EPS 2 7.75 6.33 9.83 10.85 11.82 14.55 16.54 18.44
Distribution rate 71.7% 72.7% 73.2% 74.7% 72.8% 70.2% 70.1% 69.8%
Net sales 1 3,628 3,382 4,550 5,152 5,384 6,365 7,094 7,794
EBITDA 1 2,650 2,263 3,430 3,790 3,962 4,775 5,514 6,138
EBIT 1 2,488 2,091 3,251 3,506 3,736 4,560 5,112 5,681
Net income 1 1,985 1,652 2,579 2,814 3,015 3,631 4,104 4,555
Net Debt 1 -4,250 -3,726 -4,193 -3,785 -4,675 -2,101 -3,687 -5,441
Reference price 2 173.60 150.95 171.00 234.80 270.20 331.40 331.40 331.40
Nbr of stocks (in thousands) 250,000 249,625 251,159 251,877 249,287 248,512 - -
Announcement Date 2/3/22 1/31/23 1/30/24 1/28/25 1/28/26 - - -
1SEK in Million2SEK
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.78x12.61x16.81x3.08% 8.31B
13.38x - - 1.89% 897B
6.25x - - 4.95% 408B
12.04x - - 2.13% 392B
12.28x - - 4.25% 344B
6.22x - - 4.95% 330B
6.8x - - 4.66% 298B
17.33x - - 2.43% 276B
14.47x - - 2.72% 257B
11.2x - - 2.33% 248B
Average 12.27x 12.61x 16.81x 3.34% 345.88B
Weighted average by Cap. 11.29x 12.61x 16.81x 3.18%

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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