Company Valuation: NOTE AB

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2023 2024 2025 2026 2027 2028
Market Cap 1 6,603 4,304 4,290 5,190 4,965 - -
Change - - -0.34% 20.99% -4.35% - -
Enterprise Value (EV) 1 6,603 4,304 4,509 5,720 6,303 6,089 5,787
Change - - 4.75% 26.87% 10.19% -3.39% -4.96%
P/E 34.4x 13.5x 17.2x 18.4x 17.2x 12.7x 11.3x
PBR - - 2.57x 3.15x 2.52x 2.13x 1.83x
PEG - - -0.8x 1.2x 8.54x 0.4x 0.9x
Capitalization / Revenue - - 1.1x 1.36x 1.07x 0.94x 0.87x
EV / Revenue - - 1.16x 1.5x 1.36x 1.15x 1.01x
EV / EBITDA - - 9.51x 11.3x 10.4x 8.27x 7.25x
EV / EBIT - - 12.8x 15x 14.4x 11.1x 9.66x
EV / FCF - - - 15.8x 31.9x 19.9x 14.3x
FCF Yield - - - 6.34% 3.14% 5.03% 7.01%
Dividend per Share 2 - - - - 2.69 1.75 1.96
Rate of return - - - - 1.55% 1.01% 1.13%
EPS 2 6.72 11.04 8.61 9.89 10.09 13.69 15.42
Distribution rate - - - - 26.7% 12.8% 12.7%
Net sales 1 - - 3,901 3,814 4,634 5,306 5,705
EBITDA 1 - - 474 504 607.6 736.5 798.6
EBIT 1 - - 352 381 437.6 550.8 598.9
Net income 1 194 320 248 281 288 390.7 440.1
Net Debt 1 - - 219 530 1,339 1,125 822.7
Reference price 2 231.00 148.50 148.00 181.80 173.90 173.90 173.90
Nbr of stocks (in thousands) 28,584 28,984 28,984 28,549 28,549 - -
Announcement Date 1/28/22 3/22/24 1/27/25 1/26/26 - - -
1SEK in Million2SEK
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.24x1.36x10.37x1.55% 503M
68.95x11.03x55.35x1.18% 236B
48.24x8.67x15.53x-.--% 96.3B
42.24x9.02x31.35x1.3% 55.05B
49.66x - - 0.19% 53.35B
47.85x8.48x30.5x1.01% 50.56B
47.02x8.11x32.64x0.84% 39.08B
34.17x8.23x26.26x0.55% 35.46B
921.98x58.68x1302.45x - 33.12B
26.05x6.85x20.59x1.46% 32.36B
Average 130.34x 13.38x 169.45x 0.9% 63.2B
Weighted average by Cap. 99.31x 12.34x 110.36x 0.85%

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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