ALFA LAVAL AB |
Real-time Estimate
Other stock markets
|
5-day change | 1st Jan Change | ||
| 471.8 SEK | +0.38% |
|
-0.90% | +16.98% |
| Apr. 25 | ALFA LAVAL : Off to a solid start, but we reiterate caution amid lofty valuations |  |
| Apr. 25 | Alfa Laval AB Approves Dividend, Payable on May 3, 2024 | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 98,950 | 94,923 | 151,398 | 124,453 | 166,736 | 194,263 | - | - |
| Enterprise Value (EV) 1 | 105,378 | 98,941 | 156,286 | 136,401 | 176,347 | 200,593 | 196,946 | 191,486 |
| P/E ratio | 18 x | 26.7 x | 32 x | 27.6 x | 26.3 x | 25.3 x | 22.8 x | 20.9 x |
| Yield | - | 2.43% | 1.65% | 1.99% | 1.86% | 1.77% | 1.87% | 1.98% |
| Capitalization / Revenue | 2.13 x | 2.29 x | 3.7 x | 2.39 x | 2.62 x | 2.8 x | 2.66 x | 2.55 x |
| EV / Revenue | 2.27 x | 2.39 x | 3.82 x | 2.62 x | 2.77 x | 2.89 x | 2.7 x | 2.52 x |
| EV / EBITDA | 11.6 x | 11.8 x | 18.8 x | 14.1 x | 15 x | 15.1 x | 13.8 x | 12.7 x |
| EV / FCF | 27.1 x | 15.2 x | 38.7 x | 94.9 x | 26.2 x | 28.7 x | 25.2 x | 21.8 x |
| FCF Yield | 3.69% | 6.56% | 2.58% | 1.05% | 3.82% | 3.48% | 3.98% | 4.59% |
| Price to Book | 3.59 x | 3.28 x | 4.75 x | 3.52 x | 4.5 x | 4.61 x | 4.19 x | 3.68 x |
| Nbr of stocks (in thousands) | 419,456 | 419,456 | 415,473 | 413,326 | 413,326 | 413,326 | - | - |
| Reference price 2 | 235.9 | 226.3 | 364.4 | 301.1 | 403.4 | 470.0 | 470.0 | 470.0 |
| Announcement Date | 2/4/20 | 2/3/21 | 2/2/22 | 2/2/23 | 2/6/24 | - | - | - |
1SEK in Million2SEK
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 46,517 | 41,468 | 40,911 | 52,135 | 63,598 | 69,491 | 72,989 | 76,092 |
| EBITDA 1 | 9,062 | 8,365 | 8,305 | 9,678 | 11,780 | 13,309 | 14,263 | 15,111 |
| EBIT 1 | 7,198 | 5,580 | 6,126 | 6,519 | 10,221 | 11,443 | 12,392 | 13,075 |
| Operating Margin | 15.47% | 13.46% | 14.97% | 12.5% | 16.07% | 16.47% | 16.98% | 17.18% |
| Earnings before Tax (EBT) 1 | 7,221 | 4,977 | 6,142 | 6,179 | 8,650 | 10,413 | 11,713 | 12,752 |
| Net income 1 | 5,486 | 3,553 | 4,759 | 4,503 | 6,330 | 7,712 | 8,569 | 9,402 |
| Net margin | 11.79% | 8.57% | 11.63% | 8.64% | 9.95% | 11.1% | 11.74% | 12.36% |
| EPS 2 | 13.08 | 8.470 | 11.38 | 10.89 | 15.31 | 18.57 | 20.59 | 22.47 |
| Free Cash Flow 1 | 3,886 | 6,491 | 4,035 | 1,438 | 6,729 | 6,991 | 7,829 | 8,780 |
| FCF margin | 8.35% | 15.65% | 9.86% | 2.76% | 10.58% | 10.06% | 10.73% | 11.54% |
| FCF Conversion (EBITDA) | 42.88% | 77.6% | 48.59% | 14.86% | 57.12% | 52.53% | 54.89% | 58.1% |
| FCF Conversion (Net income) | 70.83% | 182.69% | 84.79% | 31.93% | 106.3% | 90.65% | 91.37% | 93.39% |
| Dividend per Share 2 | - | 5.500 | 6.000 | 6.000 | 7.500 | 8.316 | 8.790 | 9.325 |
| Announcement Date | 2/4/20 | 2/3/21 | 2/2/22 | 2/2/23 | 2/6/24 | - | - | - |
1SEK in Million2SEK
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 11,692 | 10,615 | 11,852 | 13,184 | 16,484 | 14,111 | 15,880 | 15,768 | 17,839 | 14,906 | 17,572 | 17,573 | 19,713 | 18,353 | 19,907 |
| EBITDA 1 | 2,302 | 2,174 | 2,252 | 2,416 | 2,836 | 2,730 | 2,762 | 3,017 | 3,271 | 2,854 | 3,349 | 3,426 | 3,840 | 4,093 | 4,093 |
| EBIT 1 | 1,787 | 1,275 | 1,744 | 1,686 | 1,814 | 2,146 | 2,378 | 2,626 | 2,830 | 2,199 | 2,886 | 2,918 | 3,345 | 3,312 | 3,563 |
| Operating Margin | 15.28% | 12.01% | 14.71% | 12.79% | 11% | 15.21% | 14.97% | 16.65% | 15.86% | 14.75% | 16.42% | 16.61% | 16.97% | 18.05% | 17.9% |
| Earnings before Tax (EBT) 1 | 1,861 | 1,260 | 1,576 | 1,581 | 1,762 | 2,048 | 2,003 | 2,345 | 2,254 | 2,250 | 2,597 | 2,632 | 3,080 | 2,870 | 3,093 |
| Net income 1 | 1,462 | 932 | 1,137 | 1,207 | 1,239 | 1,515 | 1,502 | 1,770 | 1,554 | 1,693 | 1,891 | 1,926 | 2,199 | 2,137 | 2,305 |
| Net margin | 12.5% | 8.78% | 9.59% | 9.16% | 7.52% | 10.74% | 9.46% | 11.23% | 8.71% | 11.36% | 10.76% | 10.96% | 11.16% | 11.65% | 11.58% |
| EPS 2 | 3.510 | 2.220 | 2.750 | 2.920 | 3.000 | 3.640 | 3.630 | 4.290 | 3.770 | 4.070 | 4.551 | 4.607 | 5.338 | 5.106 | 5.575 |
| Dividend per Share 2 | 6.000 | 6.000 | - | - | - | - | - | - | - | - | 1.750 | 1.750 | 1.750 | 2.188 | 2.188 |
| Announcement Date | 2/2/22 | 4/26/22 | 7/20/22 | 10/25/22 | 2/2/23 | 4/25/23 | 7/20/23 | 10/25/23 | 2/6/24 | 4/25/24 | - | - | - | - | - |
1SEK in Million2SEK
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 6,428 | 4,018 | 4,888 | 11,948 | 9,611 | 6,330 | 2,682 | - |
| Net Cash position 1 | - | - | - | - | - | - | - | 2,777 |
| Leverage (Debt/EBITDA) | 0.7093 x | 0.4803 x | 0.5886 x | 1.235 x | 0.8159 x | 0.4756 x | 0.1881 x | - |
| Free Cash Flow 1 | 3,886 | 6,491 | 4,035 | 1,438 | 6,729 | 6,991 | 7,829 | 8,780 |
| ROE (net income / shareholders' equity) | 21.3% | 12.7% | 15.8% | 14.9% | 17.5% | 20.6% | 19.9% | 19.1% |
| ROA (Net income/ Total Assets) | 8.96% | 5.67% | 7.84% | 6.96% | 7.74% | 9.58% | 10.1% | 10.1% |
| Assets 1 | 61,234 | 62,628 | 60,694 | 64,661 | 81,768 | 80,513 | 84,668 | 93,474 |
| Book Value Per Share 2 | 65.80 | 68.90 | 76.80 | 85.60 | 89.60 | 102.0 | 112.0 | 128.0 |
| Cash Flow per Share 2 | 12.50 | 18.40 | 12.60 | 7.960 | 22.20 | 23.80 | 24.50 | 27.50 |
| Capex 1 | 1,337 | 1,232 | 1,229 | 1,853 | 2,440 | 2,167 | 2,783 | 2,597 |
| Capex / Sales | 2.87% | 2.97% | 3% | 3.55% | 3.84% | 3.12% | 3.81% | 3.41% |
| Announcement Date | 2/4/20 | 2/3/21 | 2/2/22 | 2/2/23 | 2/6/24 | - | - | - |
1SEK in Million2SEK
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
A-
Sell
Buy
Mean consensus
HOLD
Number of Analysts
18
Last Close Price
470
SEK
Average target price
418.9
SEK
Spread / Average Target
-10.86%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +16.71% | 17.98B | |
| +13.14% | 84.57B | |
| +16.38% | 68.92B | |
| +12.13% | 34.99B | |
| +19.98% | 33.27B | |
| +12.78% | 28.93B | |
| +3.33% | 26.78B | |
| +1.01% | 25.51B | |
| +17.79% | 24.82B | |
| +16.37% | 24.6B |
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