Company Valuation: SEB S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 7,548 4,308 6,222 4,759 2,701 3,125 - -
Change - -42.93% 44.44% -23.51% -43.25% 15.69% - -
Enterprise Value (EV) 1 9,072 6,281 7,991 6,685 5,043 5,353 5,226 4,963
Change - -30.77% 27.23% -16.34% -24.57% 6.14% -2.36% -5.03%
P/E 16.4x 13.7x 16.2x 20.7x 11.1x 16.2x 7.79x 6.54x
PBR 2.52x 1.37x - 1.46x 0.83x 0.95x 0.9x 0.83x
PEG - -0.4x 0.7x -0.5x 2.13x -0.8x 0x 0.3x
Capitalization / Revenue 0.94x 0.54x 0.78x 0.58x 0.33x 0.38x 0.36x 0.35x
EV / Revenue 1.13x 0.79x 1x 0.81x 0.62x 0.64x 0.61x 0.55x
EV / EBITDA 8.71x 7.19x 8.11x 6.42x 5.9x 5.61x 5.02x 4.34x
EV / EBIT 11.7x 10.4x 11.4x 8.7x 8.65x 8.35x 7.04x 5.97x
EV / FCF 29.6x -314x 9.93x 21.2x -293x 13.3x 15.3x 10.8x
FCF Yield 3.37% -0.32% 10.1% 4.73% -0.34% 7.51% 6.53% 9.29%
Dividend per Share 2 2.45 2.45 2.62 2.8 2.8 2.832 2.918 3.203
Rate of return 1.79% 3.13% 2.32% 3.2% 5.68% 4.97% 5.12% 5.62%
EPS 2 8.36 5.71 6.97 4.23 4.45 3.511 7.311 8.712
Distribution rate 29.3% 42.9% 37.6% 66.2% 62.9% 80.7% 39.9% 36.8%
Net sales 1 8,059 7,960 8,006 8,266 8,169 8,318 8,628 8,964
EBITDA 1 1,041 874 985 1,042 854 954 1,041 1,143
EBIT 1 773.9 602.7 701.8 768.8 582.9 641.2 741.9 830.8
Net income 1 453.8 316.2 386.2 232 244.6 188.8 394.7 452.9
Net Debt 1 1,524 1,973 1,769 1,926 2,342 2,228 2,102 1,839
Reference price 2 136.90 78.25 113.00 87.50 49.30 56.95 56.95 56.95
Nbr of stocks (in thousands) 55,135 55,050 55,061 54,393 54,784 54,868 - -
Announcement Date 2/24/22 2/22/23 2/21/24 2/27/25 2/25/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.18x0.64x5.6x4.99% 3.62B
14.07x1.36x11.01x5.21% 104B
10.22x0.54x5.4x5.61% 27.69B
27.86x3.07x16.88x1.15% 23.85B
49.05x3.8x33.35x0.67% 11.75B
16.08x1.24x7.29x2.59% 6.85B
14.96x1.26x11.1x5.89% 4.64B
29.79x2.3x14.28x1.34% 3.3B
13.35x0.63x4.76x3.06% 3.11B
10.86x0.95x6.57x4.82% 2.56B
Average 20.24x 1.58x 11.62x 3.53% 19.11B
Weighted average by Cap. 17.74x 1.58x 11.97x 4.29%

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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