Stock SAVE NORDNET AB
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Financials Nordnet AB

Equities

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SE0015192067

Banks

Market Closed - Nasdaq Stockholm
Other stock markets
 11:29:34 2024-05-10 am EDT 		5-day change 1st Jan Change
205.8 SEK +3.52% Intraday chart for Nordnet AB +3.26% +20.35%
May. 06 The market resurrects the Fed Put Our Logo
Apr. 29 Nordnet AB Approves to Re-Elect Deloitte AB as Auditor CI

Valuation

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 32,275 43,400 37,681 42,948 51,689 - -
Enterprise Value (EV) 1 29,175 39,150 33,954 38,755 43,837 45,124 46,833
P/E ratio 28.4 x 22.4 x 23.8 x 17.4 x 19.7 x 19.5 x 17.4 x
Yield 1.17% 3.2% 3.05% 4.21% 3.59% 3.65% 3.98%
Capitalization / Revenue 12 x 12 x 11.1 x 9.44 x 10.7 x 10.6 x 9.79 x
EV / Revenue 10.9 x 10.8 x 10 x 8.52 x 9.04 x 9.27 x 8.87 x
EV / EBITDA 17.8 x 14.8 x 15 x 11.3 x 12.6 x 13 x 12.7 x
EV / FCF - - - - 17.4 x 18.2 x 17.5 x
FCF Yield - - - - 5.74% 5.48% 5.7%
Price to Book 7.66 x 7.25 x 6.24 x 5.55 x 6.67 x 6.12 x 5.39 x
Nbr of stocks (in thousands) 250,000 250,000 249,625 251,159 251,159 - -
Reference price 2 129.1 173.6 151.0 171.0 205.8 205.8 205.8
Announcement Date 2/4/21 2/3/22 1/31/23 1/30/24 - - -
1SEK in Million2SEK
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 - 2,679 3,628 3,382 4,550 4,849 4,868 5,278
EBITDA 1 - 1,643 2,650 2,263 3,430 3,485 3,473 3,699
EBIT 1 - 1,485 2,488 2,091 3,251 3,332 3,301 3,621
Operating Margin - 55.45% 68.56% 61.81% 71.44% 68.72% 67.81% 68.6%
Earnings before Tax (EBT) 1 - 1,447 2,451 2,034 3,160 3,266 3,252 3,648
Net income 1 339.5 1,173 1,985 1,652 2,579 2,631 2,638 2,959
Net margin - 43.78% 54.7% 48.86% 56.67% 54.25% 54.19% 56.06%
EPS 2 - 4.550 7.750 6.330 9.830 10.44 10.58 11.82
Free Cash Flow 1 - - - - - 2,515 2,475 2,669
FCF margin - - - - - 51.86% 50.84% 50.57%
FCF Conversion (EBITDA) - - - - - 72.16% 71.27% 72.16%
FCF Conversion (Net income) - - - - - 95.6% 93.83% 90.21%
Dividend per Share 2 - 1.510 5.560 4.600 7.200 7.386 7.508 8.192
Announcement Date 3/20/20 2/4/21 2/3/22 1/31/23 1/30/24 - - -
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 1 889.9 886.8 727.8 811.9 951.9 1,134 1,071 1,156 1,190 1,263 1,198 1,209 1,220 1,201 1,199
EBITDA 1 - - - - - - - - 901.6 - 881.3 868.9 878.7 - -
EBIT 1 590.5 623 322.5 504.8 636.7 814 750.4 831.3 854.9 910.1 836.4 819.6 841.6 789 -
Operating Margin 66.36% 70.25% 44.31% 62.18% 66.89% 71.77% 70.06% 71.94% 71.87% 72.04% 69.81% 67.77% 69.01% 65.7% -
Earnings before Tax (EBT) 1 578.1 613.4 310.5 487.8 622.5 794.2 729.4 806.7 830.1 884.5 810.6 817.3 812.9 - -
Net income 1 468.9 501.1 236.8 400.3 514.2 651.3 596.4 658.1 672.9 721 625.1 647.3 654.7 - -
Net margin 52.69% 56.51% 32.54% 49.3% 54.02% 57.42% 55.68% 56.95% 56.57% 57.07% 52.17% 53.52% 53.68% - -
EPS 2 1.820 1.940 0.8800 1.540 1.970 2.490 2.250 2.490 2.550 2.740 2.601 2.580 2.640 2.631 2.621
Dividend per Share 2 - - - - 4.600 - - - 7.200 - - - 5.111 - -
Announcement Date 2/3/22 4/28/22 7/22/22 10/28/22 1/31/23 4/25/23 7/25/23 10/24/23 1/30/24 4/23/24 - - - - -
1SEK in Million2SEK
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 - 3,100 4,250 3,727 4,193 7,851 6,564 4,856
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 - - - - - 2,515 2,475 2,669
ROE (net income / shareholders' equity) - 32.3% 38.7% 27.4% 37.5% 35.3% 33% 33.4%
ROA (Net income/ Total Assets) - 0.83% 0.99% 0.75% 1.2% 1.13% 1.02% 1.09%
Assets 1 - 141,802 200,272 219,718 214,579 233,557 258,698 270,622
Book Value Per Share 2 - 16.80 24.00 24.20 30.80 30.80 33.60 38.20
Cash Flow per Share 2 - - - - - 11.10 11.00 11.80
Capex 1 - 8.95 - - - 217 217 217
Capex / Sales - 0.33% - - - 4.48% 4.46% 4.11%
Announcement Date 3/20/20 2/4/21 2/3/22 1/31/23 1/30/24 - - -
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

Ratings for Nordnet AB

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
11
Last Close Price
205.8 SEK
Average target price
189.6 SEK
Spread / Average Target
-7.85%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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