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 62,749 - -
Change - -53.94% 47.4% 10.73% -11.2% -22.68% - -
Enterprise Value (EV) 1 236,463 182,220 209,336 223,800 213,956 203,245 203,097 201,294
Change - -22.94% 14.88% 6.91% -4.4% -5.01% -0.07% -0.89%
P/E 6.57x 5.34x -12.2x 27.2x 11.6x 11x 9.41x 8.95x
PBR 1.57x 0.62x 1x 1.03x 0.86x 0.64x 0.6x 0.56x
PEG - -0.1x 0x -0x 0x -0.6x 0.5x 1.78x
Capitalization / Revenue 13.6x 5.32x 6.91x 7.1x 5.91x 4.39x 4.23x 4.11x
EV / Revenue 26.4x 17.3x 17.5x 17.4x 15.6x 14.2x 13.7x 13.2x
EV / EBITDA 39.9x 26.9x 24.3x 26.2x 23.4x 20.9x 19.9x 19.1x
EV / EBIT 36.5x 27x 24.3x 26.6x 23.6x 19.2x 18.3x 17.7x
EV / FCF -8.34x -23.2x -155x 117x 150x 76x 73.7x 71.3x
FCF Yield -12% -4.32% -0.65% 0.85% 0.67% 1.32% 1.36% 1.4%
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 9,725 10,201 10,533
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 53.62 53.62 53.62
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
11.03x14.22x20.9x-.--% 6.53B
15.35x4.89x13.14x3.3% 43.71B
18.19x3.99x16.05x1.35% 28.84B
8.21x1.5x7.93x4.36% 27.33B
5.51x0.67x1.4x9.07% 26.52B
14.34x3.09x14.81x2.51% 26.38B
10.67x2.16x9.19x3.93% 21.47B
7.9x0.88x3.19x2.83% 20.22B
13.51x6.49x17.07x1.61% 19.89B
16.86x9.52x17.92x4.86% 18.24B
Average 12.16x 4.74x 12.16x 3.38% 23.91B
Weighted average by Cap. 12.47x 3.88x 11.49x 3.64%

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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