Company Valuation: Balder

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 121,561 55,992 82,534 91,392 81,158 57,682 - -
Change - -53.94% 47.4% 10.73% -11.2% -28.93% - -
Enterprise Value (EV) 1 236,463 182,220 209,336 223,800 213,956 198,178 198,030 196,227
Change - -22.94% 14.88% 6.91% -4.4% -7.37% -0.07% -0.91%
P/E 6.57x 5.34x -12.2x 27.2x 11.6x 10.1x 8.65x 8.23x
PBR 1.57x 0.62x 1x 1.03x 0.86x 0.59x 0.55x 0.51x
PEG - -0.1x 0x -0x 0x -0.6x 0.5x 1.63x
Capitalization / Revenue 13.6x 5.32x 6.91x 7.1x 5.91x 4.04x 3.89x 3.78x
EV / Revenue 26.4x 17.3x 17.5x 17.4x 15.6x 13.9x 13.3x 12.9x
EV / EBITDA 39.9x 26.9x 24.3x 26.2x 23.4x 20.9x 19.9x 19x
EV / EBIT 36.5x 27x 24.3x 26.6x 23.6x 18.7x 17.8x 17.2x
EV / FCF -8.34x -23.2x -155x 117x 150x 74.1x 71.8x 69.5x
FCF Yield -12% -4.32% -0.65% 0.85% 0.67% 1.35% 1.39% 1.44%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 16.54 9.09 -5.85 2.82 5.86 4.86 5.701 5.988
Distribution rate - - - - - - - -
Net sales 1 8,956 10,521 11,944 12,876 13,721 14,289 14,835 15,264
EBITDA 1 5,927 6,777 8,624 8,533 9,154 9,489 9,974 10,313
EBIT 1 6,480 6,760 8,608 8,425 9,063 10,598 11,098 11,401
Net income 1 18,508 10,175 -6,746 3,304 7,621 5,623 5,624 5,779
Net Debt 1 114,902 126,228 126,802 132,408 132,798 140,497 140,348 138,546
Reference price 2 108.63 48.52 71.52 76.80 68.20 49.29 49.29 49.29
Nbr of stocks (in thousands) 1,119,000 1,154,000 1,154,000 1,190,000 1,190,000 1,170,250 - -
Announcement Date 11/02/22 10/02/23 09/02/24 07/02/25 06/02/26 - - -
1SEK in Million2SEK
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.97x4.54x12.2x3.62% 39.78B
5.75x0.77x1.62x8.61% 27.96B
17.85x3.95x15.88x1.37% 27.69B
7.79x1.41x7.78x4.54% 26.03B
13.72x3.07x14.71x2.55% 25.46B
8.17x0.91x3.3x2.73% 20.9B
10.25x2.01x8.28x4.1% 20.6B
13.01x6.39x16.79x1.67% 18.75B
38.15x13.96x35.15x3.11% 18.41B
Average 14.30x 4.11x 12.86x 3.59% 25.06B
Weighted average by Cap. 13.70x 3.83x 12.19x 3.71%

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

-40%: Exceptional extension
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