Projected Income Statement: Nordnet AB

Forecast Balance Sheet: Nordnet AB

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 -4,250 -3,727 -4,193 -3,785 -4,675 -2,101 -3,687 -5,441
Change - 12.31% -12.5% 9.73% -23.51% 55.06% -75.49% -47.57%
Announcement Date 3/2/22 31/1/23 30/1/24 28/1/25 28/1/26 - - -
1SEK in Million
Estimates

Cash Flow Forecast: Nordnet AB

Fiscal Period: December 2024 2025 2026 2027 2028
CAPEX 1 243.7 276 282 287 293
Change - 13.25% 2.17% 1.77% 2.09%
Free Cash Flow (FCF) 1 5,852 12,270 677 4,098 4,595
Change - 109.67% -94.48% 505.32% 12.13%
Announcement Date 28/1/25 28/1/26 - - -
1SEK in Million
Estimates

Forecast Financial Ratios: Nordnet AB

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 73.04% 66.91% 75.38% 73.57% 73.59% 76.76% 74.86% 76.01%
EBIT Margin (%) 68.56% 61.81% 71.44% 68.05% 69.39% 72.17% 71.82% 72.83%
EBT Margin (%) 67.56% 60.14% 69.45% 67.6% 69.21% 72.04% 72.42% 73.6%
Net margin (%) 54.7% 48.86% 56.67% 54.61% 56% 56.93% 57.69% 58.12%
FCF margin (%) - - - 113.59% 227.9% 10.69% 59.13% 60.36%
FCF / Net Income (%) - - - 207.99% 406.97% 18.78% 102.5% 103.85%

Profitability

        
ROA 0.99% 0.75% 1.2% 1.14% 1.04% 1.09% 1.07% 1.06%
ROE 38.7% 27.45% 37.5% 35.98% 36.96% 41.98% 41.77% 40.79%

Financial Health

        
Leverage (Debt/EBITDA) - - - - - - - -
Debt / Free cash flow - - - - - - - -

Capital Intensity

        
CAPEX / Current Assets (%) - - - 4.73% 5.13% 4.45% 4.14% 3.85%
CAPEX / EBITDA (%) - - - 6.43% 6.97% 5.8% 5.53% 5.06%
CAPEX / FCF (%) - - - 4.16% 2.25% 41.65% 7% 6.38%

Items per share

        
Cash flow per share 1 - - - 24.3 50.18 15.48 17.41 19.43
Change - - - - 106.49% -69.15% 12.47% 11.6%
Dividend per Share 1 5.56 4.6 7.2 8.1 8.6 9.977 11.22 12.45
Change - -17.27% 56.52% 12.5% 6.17% 16.01% 12.5% 10.94%
Book Value Per Share 1 23.96 24.2 30.82 31.54 33.69 36.78 41.28 46.69
Change - 1% 27.37% 2.33% 6.8% 9.19% 12.23% 13.09%
EPS 1 7.75 6.33 9.83 10.85 11.82 14.49 16.16 17.99
Change - -18.32% 55.29% 10.38% 8.94% 22.59% 11.5% 11.35%
Nbr of stocks (in thousands) 250,000 249,625 251,159 251,877 249,287 248,512 248,512 248,512
Announcement Date 3/2/22 31/1/23 30/1/24 28/1/25 28/1/26 - - -
1SEK
Estimates
2026 *2027 *
P/E 25.2x 22.6x
PBR 9.91x 8.83x
EV / Sales 14x 12.5x
Yield 2.74% 3.08%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
AA
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
364.60SEK
Average target price
363.43SEK
Spread / Average Target
-0.32%

Quarterly revenue - Rate of surprise