Financials ERICSSON

Equities

ERIC B

SE0000108656

Communications & Networking

Market Closed - Nasdaq Stockholm 11:29:42 2024-04-26 am EDT 5-day change 1st Jan Change
57.4 SEK +0.03% Intraday chart for ERICSSON +1.95% -9.05%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 270,861 326,988 332,382 204,141 210,346 191,438 - -
Enterprise Value (EV) 1 236,365 306,716 297,231 189,986 212,445 187,514 174,189 158,129
P/E ratio 122 x 18.6 x 14.7 x 10.8 x -7.95 x 14.2 x 10.6 x 9.44 x
Yield 1.84% 2.05% 2.51% 4.11% 4.28% 4.72% 5.11% 5.38%
Capitalization / Revenue 1.19 x 1.41 x 1.43 x 0.75 x 0.8 x 0.76 x 0.73 x 0.71 x
EV / Revenue 1.04 x 1.32 x 1.28 x 0.7 x 0.81 x 0.75 x 0.66 x 0.58 x
EV / EBITDA 7.58 x 8.12 x 7.2 x 5 x 7.06 x 6.02 x 4.8 x 4.09 x
EV / FCF 31 x 20.3 x 8.37 x 7.13 x 54.8 x 8.85 x 6.76 x 5.44 x
FCF Yield 3.23% 4.92% 11.9% 14% 1.83% 11.3% 14.8% 18.4%
Price to Book 3.27 x 3.75 x 3.06 x 1.51 x 2.16 x 1.81 x 1.65 x 1.5 x
Nbr of stocks (in thousands) 3,308,683 3,328,108 3,329,738 3,330,142 3,330,142 3,331,967 - -
Reference price 2 81.56 97.64 99.79 60.90 63.11 57.40 57.40 57.40
Announcement Date 1/24/20 1/29/21 1/25/22 1/20/23 1/23/24 - - -
1SEK in Million2SEK
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 227,216 232,390 232,314 271,546 263,351 250,252 262,611 270,434
EBITDA 1 31,189 37,788 41,298 37,962 30,084 31,162 36,308 38,673
EBIT 1 22,100 29,100 32,300 27,419 18,093 22,810 27,224 29,745
Operating Margin 9.73% 12.52% 13.9% 10.1% 6.87% 9.11% 10.37% 11%
Earnings before Tax (EBT) 1 8,762 27,212 29,250 24,609 -23,319 18,457 23,908 28,021
Net income 1 2,223 17,483 23,000 18,724 -26,446 14,655 17,995 20,289
Net margin 0.98% 7.52% 9.9% 6.9% -10.04% 5.86% 6.85% 7.5%
EPS 2 0.6700 5.260 6.810 5.620 -7.940 4.056 5.402 6.082
Free Cash Flow 1 7,633 15,096 35,517 26,635 3,880 21,181 25,766 29,046
FCF margin 3.36% 6.5% 15.29% 9.81% 1.47% 8.46% 9.81% 10.74%
FCF Conversion (EBITDA) 24.47% 39.95% 86% 70.16% 12.9% 67.97% 70.96% 75.11%
FCF Conversion (Net income) 343.36% 86.35% 154.42% 142.25% - 144.53% 143.19% 143.16%
Dividend per Share 2 1.500 2.000 2.500 2.500 2.700 2.708 2.935 3.085
Announcement Date 1/24/20 1/29/21 1/25/22 1/20/23 1/23/24 - - -
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 71,332 55,061 62,465 68,040 85,980 62,553 64,444 64,473 71,881 53,325 58,559 63,086 76,202 56,913 62,744
EBITDA 1 14,876 6,931 9,581 9,834 11,616 7,118 5,634 6,881 10,451 6,712 5,536 8,306 11,972 6,534 7,702
EBIT 1 12,300 4,800 7,400 7,200 8,081 4,000 2,821 3,900 7,368 4,305 2,929 5,977 9,903 4,146 4,706
Operating Margin 17.24% 8.72% 11.85% 10.58% 9.4% 6.39% 4.38% 6.05% 10.25% 8.07% 5% 9.48% 13% 7.28% 7.5%
Earnings before Tax (EBT) 1 10,916 4,101 6,549 7,115 7,379 2,129 -731 -29,627 4,910 3,629 1,544 4,979 9,004 3,975 4,047
Net income 1 10,100 2,940 4,504 5,214 6,066 1,600 -686 -30,670 3,394 2,613 1,325 3,653 6,587 2,841 2,988
Net margin 14.16% 5.34% 7.21% 7.66% 7.06% 2.56% -1.06% -47.57% 4.72% 4.9% 2.26% 5.79% 8.64% 4.99% 4.76%
EPS 2 3.020 0.8800 1.350 1.560 1.820 0.4500 -0.2100 -9.210 1.020 0.7700 0.3734 1.098 1.960 0.8400 0.8850
Dividend per Share 2 1.500 1.250 1.250 - 1.250 - - - 1.350 - 1.388 - 1.187 - 0.6750
Announcement Date 1/25/22 4/14/22 7/14/22 10/20/22 1/20/23 4/18/23 7/14/23 10/11/23 1/23/24 4/16/24 - - - - -
1SEK in Million2SEK
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - 2,099 - - -
Net Cash position 1 34,496 20,272 35,151 14,155 - 3,924 17,249 33,309
Leverage (Debt/EBITDA) - - - - 0.0698 x - - -
Free Cash Flow 1 7,633 15,096 35,517 26,635 3,880 21,181 25,766 29,046
ROE (net income / shareholders' equity) 16.4% 20.7% 23.2% 15.4% 10.4% 14.4% 17.2% 17.3%
ROA (Net income/ Total Assets) 0.82% 6.38% 7.86% 7.41% -8.18% 4.35% 5.72% 6.65%
Assets 1 272,560 273,957 292,472 252,783 323,287 336,607 314,509 304,998
Book Value Per Share 2 24.90 26.00 32.60 40.40 29.30 31.70 34.80 38.30
Cash Flow per Share 2 5.080 8.700 11.70 9.260 2.160 7.730 9.080 10.30
Capex 1 5,118 4,239 3,548 4,228 3,297 4,640 4,722 5,507
Capex / Sales 2.25% 1.82% 1.53% 1.56% 1.25% 1.85% 1.8% 2.04%
Announcement Date 1/24/20 1/29/21 1/25/22 1/20/23 1/23/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
20
Last Close Price
57.38 SEK
Average target price
64.26 SEK
Spread / Average Target
+12.00%
Consensus