Company Valuation: B2 Impact ASA

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,217 3,043 2,709 3,707 6,744 9,735 - -
Change - -27.84% -10.98% 36.85% 81.9% 44.36% - -
Enterprise Value (EV) 1 13,284 12,085 11,744 12,993 16,628 20,387 21,227 21,153
Change - -9.03% -2.82% 10.64% 27.97% 22.61% 4.12% -0.35%
P/E 7.45x 9.59x 7.82x 13.4x 11x 11.6x 10.3x 9.92x
PBR 0.85x 0.6x 0.51x 0.66x 1.18x 1.71x 1.67x 1.64x
PEG - -0.2x 0.5x -0.7x 0x 0.3x 0.8x 2.53x
Capitalization / Revenue 1.39x 0.99x 0.72x 1.01x 1.79x 2.42x 2.31x 2.21x
EV / Revenue 4.38x 3.92x 3.11x 3.53x 4.42x 5.08x 5.03x 4.8x
EV / EBITDA 9.52x 8.53x 6.97x 8.17x 9.06x 10.3x 9.95x 9.42x
EV / EBIT 10.2x 9.06x 7.44x 8.66x 9.59x 10.8x 10.3x 9.78x
EV / FCF 5.77x 9.73x 5.46x 6.9x 13.4x 65.7x 19.9x 16.6x
FCF Yield 17.3% 10.3% 18.3% 14.5% 7.46% 1.52% 5.01% 6.03%
Dividend per Share 2 0.42 0.2 0.7 1.5 1.9 2.283 2.47 2.573
Rate of return 4.05% 2.54% 9.52% 14.9% 10.4% 8.7% 9.41% 9.8%
EPS 2 1.39 0.82 0.94 0.75 1.66 2.253 2.547 2.647
Distribution rate 30.2% 24.4% 74.5% 200% 114% 101% 97% 97.2%
Net sales 1 3,036 3,085 3,775 3,683 3,759 4,015 4,216 4,403
EBITDA 1 1,396 1,417 1,684 1,591 1,835 1,979 2,133 2,245
EBIT 1 1,308 1,334 1,578 1,500 1,734 1,896 2,052 2,164
Net income 1 573 326 363 277 621 842.1 951.1 989.2
Net Debt 1 9,067 9,042 9,035 9,286 9,884 10,652 11,492 11,418
Reference price 2 10.36 7.86 7.35 10.06 18.24 26.25 26.25 26.25
Nbr of stocks (in thousands) 407,086 387,181 368,595 368,532 369,727 370,870 - -
Announcement Date 10/2/22 15/2/23 15/2/24 13/2/25 12/2/26 - - -
1NOK in Million2NOK
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
11.72x5.09x10.33x8.65% 1.05B
12.45x4.23x46.61x3.83% 12.51B
5.65x - - 5.27% 11.66B
12.08x - - 4.08% 11.45B
5.01x - - 6.31% 8.95B
20.5x15.27x36.76x1.15% 8.42B
14.9x - - 2.71% 7.44B
9.7x8.7x19.94x5.04% 6.31B
Average 11.50x 8.32x 28.41x 4.63% 8.47B
Weighted average by Cap. 11.24x 8.55x 36.38x 4.18%

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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