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 86,929 - -
Change - -13.18% 13.98% 37.7% 13.89% 29.06% - -
Enterprise Value (EV) 1 39,150 33,954 38,755 55,356 62,682 84,828 83,242 81,488
Change - -13.27% 14.14% 42.83% 13.24% 35.33% -1.87% -2.11%
P/E 22.4x 23.8x 17.4x 21.6x 22.9x 24.1x 21.4x 19.2x
PBR 7.25x 6.24x 5.55x 7.44x 8.02x 9.46x 8.41x 7.43x
PEG - -1.3x 0.3x 2.1x 2.56x 1.1x 1.7x 1.6x
Capitalization / Revenue 12x 11.1x 9.44x 11.5x 12.5x 13.6x 12.3x 11.2x
EV / Revenue 10.8x 10x 8.52x 10.7x 11.6x 13.3x 11.8x 10.5x
EV / EBITDA 14.8x 15x 11.3x 14.6x 15.8x 17.8x 15.1x 13.3x
EV / EBIT 15.7x 16.2x 11.9x 15.8x 16.8x 18.6x 16.4x 14.5x
EV / FCF - - - 9.46x 5.11x 125x 20.3x 17.7x
FCF Yield - - - 10.6% 19.6% 0.8% 4.92% 5.64%
Dividend per Share 2 5.56 4.6 7.2 8.1 8.6 10.09 11.46 12.73
Rate of return 3.2% 3.05% 4.21% 3.45% 3.18% 2.88% 3.28% 3.64%
EPS 2 7.75 6.33 9.83 10.85 11.82 14.52 16.34 18.25
Distribution rate 71.7% 72.7% 73.2% 74.7% 72.8% 69.5% 70.1% 69.7%
Net sales 1 3,628 3,382 4,550 5,152 5,384 6,372 7,052 7,745
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 4,566 5,064 5,626
Net income 1 1,985 1,652 2,579 2,814 3,015 3,619 4,054 4,507
Net Debt 1 -4,250 -3,726 -4,193 -3,785 -4,675 -2,101 -3,687 -5,441
Reference price 2 173.60 150.95 171.00 234.80 270.20 349.80 349.80 349.80
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
24.09x13.31x17.77x2.88% 9.04B
14.09x - - 1.77% 947B
13.38x - - 1.9% 438B
6.38x - - 4.86% 415B
12.76x - - 4.09% 358B
6.25x - - 4.93% 332B
6.69x - - 4.72% 301B
17.85x - - 2.38% 288B
12.22x - - 2.14% 270B
14.77x - - 2.68% 261B
Average 12.85x 13.31x 17.77x 3.24% 361.82B
Weighted average by Cap. 11.89x 13.31x 17.77x 3.05%

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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