Company Valuation: Volvo

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 427,626 387,546 534,513 546,897 601,921 709,851 - -
Change - -9.37% 37.92% 2.32% 10.06% 17.93% - -
Enterprise Value (EV) 1 377,226 326,246 467,813 479,697 553,521 652,571 640,344 629,769
Change - -13.51% 43.39% 2.54% 15.39% 17.89% -1.87% -1.65%
P/E 13x 11.7x 10.7x 10.8x 17.5x 17x 14x 12.9x
PBR 3.02x 2.36x 2.99x 2.82x 3.37x 3.64x 3.35x 3.12x
PEG - -62.87x 0.2x 9.45x -0.6x 0.8x 0.7x 1.53x
Capitalization / Revenue 1.15x 0.82x 0.97x 1.04x 1.26x 1.43x 1.31x 1.25x
EV / Revenue 1.01x 0.69x 0.85x 0.91x 1.16x 1.31x 1.19x 1.11x
EV / EBITDA 6.31x 4.58x 4.73x 5.43x 7.41x 8.47x 7.15x 6.54x
EV / EBIT 9.2x 6.46x 6.03x 7.3x 10.8x 11.3x 9.47x 8.55x
EV / FCF 24.3x 25.5x 42x 16.8x 27.5x 19x 15.6x 14.3x
FCF Yield 4.12% 3.92% 2.38% 5.95% 3.64% 5.25% 6.41% 7%
Dividend per Share 2 13 14 18 18.5 13 15.49 18.29 19.51
Rate of return 6.2% 7.43% 6.88% 6.89% 4.39% 4.44% 5.24% 5.59%
EPS 2 16.12 16.09 24.5 24.78 16.94 20.59 24.95 27.05
Distribution rate 80.6% 87% 73.5% 74.7% 76.7% 75.3% 73.3% 72.1%
Net sales 1 372,216 473,479 552,764 526,816 479,183 496,511 540,010 568,267
EBITDA 1 59,735 71,196 98,865 88,266 74,704 77,075 89,598 96,292
EBIT 1 41,015 50,467 77,638 65,718 51,218 57,816 67,591 73,671
Net income 1 32,787 32,722 49,825 50,389 34,456 41,857 51,684 56,002
Net Debt 1 -50,400 -61,300 -66,700 -67,200 -48,400 -57,280 -69,507 -80,082
Reference price 2 209.65 188.48 261.70 268.60 295.90 349.00 349.00 349.00
Nbr of stocks (in thousands) 2,033,452 2,033,452 2,033,452 2,033,452 2,033,452 2,033,452 - -
Announcement Date 1/28/22 1/26/23 1/26/24 1/29/25 1/28/26 - - -
1SEK in Million2SEK
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
16.93x1.31x8.45x4.45% 74.08B
11.3x0.46x5.15x5.2% 14.53B
12.45x0.36x7.34x5.28% 3.82B
11.95x0.46x3.03x2.23% 3.16B
12.93x0.34x4.02x4.58% 2.19B
11.29x0.45x4.63x3.48% 2.17B
Average 12.81x 0.57x 5.44x 4.2% 16.66B
Weighted average by Cap. 15.57x 1.09x 7.58x 4.5%

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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