Company Valuation: Veidekke ASA

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 17,705 13,043 13,779 19,221 24,156 28,382 - -
Change - -26.33% 5.64% 39.49% 25.68% 17.5% - -
Enterprise Value (EV) 1 13,996 10,207 11,003 19,221 21,836 23,890 23,810 23,764
Change - -27.07% 7.8% 74.68% 13.61% 9.41% -0.34% -0.19%
P/E 18.6x 12x 12.9x 15.3x 15.5x 16.8x 16.4x 15.8x
PBR 6.24x 4.36x - 5.81x 6.55x 7.58x 7.31x 7.07x
PEG - 0.9x -5.22x 0.9x 0.7x 1.99x 7.18x 4.11x
Capitalization / Revenue 0.47x 0.34x 0.32x 0.46x 0.56x 0.61x 0.58x 0.56x
EV / Revenue 0.37x 0.26x 0.26x 0.46x 0.51x 0.51x 0.49x 0.47x
EV / EBITDA 6.13x 4.17x 4.48x 7.09x 6.99x 7.33x 7.23x 7.02x
EV / EBIT 10.3x 6.77x 7.81x 12x 10.8x 11x 10.9x 10.5x
EV / FCF 8.13x 10.4x 12x 10.1x 6.64x 7.31x 9.77x 9.72x
FCF Yield 12.3% 9.6% 8.36% 9.93% 15.1% 13.7% 10.2% 10.3%
Dividend per Share 2 7 7.75 7.9 9 11.25 11.75 12.25 12.75
Rate of return 5.29% 8.01% 7.73% 6.33% 6.3% 5.61% 5.85% 6.09%
EPS 2 7.1 8.1 7.9 9.3 11.5 12.47 12.76 13.24
Distribution rate 98.6% 95.7% 100% 96.8% 97.8% 94.2% 96% 96.3%
Net sales 1 37,592 38,658 43,146 41,403 43,143 46,602 48,744 50,496
EBITDA 1 2,282 2,446 2,454 2,712 3,126 3,260 3,294 3,385
EBIT 1 1,364 1,508 1,409 1,605 2,021 2,174 2,186 2,261
Net income 1 1,100 1,226 1,069 1,261 1,553 1,683 1,722 1,788
Net Debt 1 -3,709 -2,836 -2,776 - -2,320 -4,492 -4,572 -4,618
Reference price 2 132.40 96.80 102.20 142.20 178.60 209.50 209.50 209.50
Nbr of stocks (in thousands) 133,726 134,746 134,825 135,166 135,251 135,475 - -
Announcement Date 2/9/22 2/8/23 2/8/24 2/13/25 2/12/26 - - -
1NOK in Million2NOK
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
16.8x0.51x7.33x5.61% 3.04B
53.36x2.44x23.34x0.07% 91.92B
12.55x1.07x5.87x4.66% 73.3B
26.81x2.06x20.21x1.14% 57.84B
32x4.01x21.78x0.21% 54.61B
51.64x4.16x26.42x1.72% 41.87B
28.9x0.71x11.78x2.14% 36.27B
23.77x0.49x7.67x2.48% 32.7B
22.45x1.53x14.11x0.21% 32.43B
5.21x0.32x5.81x5.32% 26.8B
Average 27.35x 1.73x 14.43x 2.36% 45.08B
Weighted average by Cap. 31.12x 2.03x 16.31x 1.83%

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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  4. Valuation Veidekke ASA