Financials Ericsson LIQUIDNET SYSTEMS

Equities

ERI

SE0000108656

Communications & Networking

Delayed LIQUIDNET SYSTEMS Other stock markets 03:47:06 2018-09-27 am EDT			5-day change	1st Jan Change
78.8 ^SEK	+0.14%		-.--%	-.--%

Jul. 12	European shares hit over 1-month high on earnings, Fed rate-cut hopes	RE
Jul. 12	European Equities Close Higher in Friday Trading; Unilever to Cut 3,200 European Jobs	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	270,861	326,988	332,382	204,141	210,346	236,225	-	-
Enterprise Value (EV) ¹	236,365	306,716	297,231	189,986	212,445	217,363	219,693	204,103
P/E ratio	122 x	18.6 x	14.7 x	10.8 x	-7.95 x	16.6 x	13.4 x	11.8 x
Yield	1.84%	2.05%	2.51%	4.11%	4.28%	3.75%	4.13%	4.35%
Capitalization / Revenue	1.19 x	1.41 x	1.43 x	0.75 x	0.8 x	0.93 x	0.91 x	0.88 x
EV / Revenue	1.04 x	1.32 x	1.28 x	0.7 x	0.81 x	0.85 x	0.84 x	0.76 x
EV / EBITDA	7.58 x	8.12 x	7.2 x	5 x	7.06 x	6.77 x	6.15 x	5.35 x
EV / FCF	31 x	20.3 x	8.37 x	7.13 x	54.8 x	10.9 x	8.6 x	7.08 x
FCF Yield	3.23%	4.92%	11.9%	14%	1.83%	9.21%	11.6%	14.1%
Price to Book	3.27 x	3.75 x	3.06 x	1.51 x	2.16 x	2.26 x	2.06 x	1.88 x
Nbr of stocks (in thousands)	3,308,683	3,328,108	3,329,738	3,330,142	3,330,142	3,332,672	-	-
Reference price ²	81.56	97.64	99.79	60.90	63.11	70.88	70.88	70.88
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	254,268	260,792	268,327
EBITDA ¹	31,189	37,788	41,298	37,962	30,084	32,086	35,709	38,157
EBIT ¹	22,100	29,100	32,300	27,419	18,093	22,677	26,778	29,341
Operating Margin	9.73%	12.52%	13.9%	10.1%	6.87%	8.92%	10.27%	10.93%
Earnings before Tax (EBT) ¹	8,762	27,212	29,250	24,609	-23,319	17,718	22,270	25,977
Net income ¹	2,223	17,483	23,000	18,724	-26,446	14,387	17,654	19,898
Net margin	0.98%	7.52%	9.9%	6.9%	-10.04%	5.66%	6.77%	7.42%
EPS ²	0.6700	5.260	6.810	5.620	-7.940	4.270	5.298	5.986
Free Cash Flow ¹	7,633	15,096	35,517	26,635	3,880	20,027	25,539	28,834
FCF margin	3.36%	6.5%	15.29%	9.81%	1.47%	7.88%	9.79%	10.75%
FCF Conversion (EBITDA)	24.47%	39.95%	86%	70.16%	12.9%	62.42%	71.52%	75.57%
FCF Conversion (Net income)	343.36%	86.35%	154.42%	142.25%	-	139.2%	144.66%	144.91%
Dividend per Share ²	1.500	2.000	2.500	2.500	2.700	2.658	2.926	3.083
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	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	2025 Q3
Net sales ¹	55,061	62,465	68,040	85,980	62,553	64,444	64,473	71,881	53,325	59,848	61,861	76,416	56,263	60,897	61,570
EBITDA ¹	6,931	9,581	9,834	11,616	7,118	5,634	6,881	10,451	6,712	6,124	6,330	10,638	6,134	7,077	-
EBIT ¹	4,800	7,400	7,200	8,081	4,000	2,821	3,900	7,368	4,305	3,229	4,624	9,187	4,240	4,870	5,996
Operating Margin	8.72%	11.85%	10.58%	9.4%	6.39%	4.38%	6.05%	10.25%	8.07%	5.4%	7.47%	12.02%	7.54%	8%	9.74%
Earnings before Tax (EBT) ¹	4,101	6,549	7,115	7,379	2,129	-731	-29,627	4,910	3,629	-13,880	4,767	8,876	3,234	3,484	-
Net income ¹	2,940	4,504	5,214	6,066	1,600	-686	-30,670	3,394	2,613	-11,132	2,187	18,262	2,429	2,958	-
Net margin	5.34%	7.21%	7.66%	7.06%	2.56%	-1.06%	-47.57%	4.72%	4.9%	-18.6%	3.54%	23.9%	4.32%	4.86%	-
EPS ²	0.8800	1.350	1.560	1.820	0.4500	-0.2100	-9.210	1.020	0.7700	-3.340	0.6400	5.420	0.7933	0.8867	1.120
Dividend per Share ²	1.250	1.250	-	1.250	-	-	-	1.350	-	-	-	1.187	-	0.6750	-
Announcement Date	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	7/12/24	-	-	-	-	-

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	-	18,862	16,532	32,122
Leverage (Debt/EBITDA)	-	-	-	-	0.0698 x	-	-	-
Free Cash Flow ¹	7,633	15,096	35,517	26,635	3,880	20,027	25,539	28,834
ROE (net income / shareholders' equity)	16.4%	20.7%	23.2%	15.4%	10.4%	14.4%	16.9%	17.1%
ROA (Net income/ Total Assets)	0.82%	6.38%	7.86%	7.41%	-8.18%	4.23%	5.5%	6.59%
Assets ¹	272,560	273,957	292,472	252,783	323,287	340,077	321,244	302,066
Book Value Per Share ²	24.90	26.00	32.60	40.40	29.30	31.30	34.40	37.80
Cash Flow per Share ²	5.080	8.700	11.70	9.260	2.160	9.630	8.780	10.10
Capex ¹	5,118	4,239	3,548	4,228	3,297	4,690	4,701	4,948
Capex / Sales	2.25%	1.82%	1.53%	1.56%	1.25%	1.84%	1.8%	1.84%
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

Ratings for Ericsson

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

70.88 SEK

Average target price

65 SEK

Spread / Average Target

-8.30%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Communications & Networking

	1st Jan change	Capi.
CISCO SYSTEMS, INC.	-6.22%	191B
ARISTA NETWORKS, INC.	+53.60%	113B
FOXCONN INDUSTRIAL INTERNET CO., LTD.	+80.29%	74.71B
MOTOROLA SOLUTIONS, INC.	+24.62%	65.07B
GARMIN LTD.	+31.32%	32.42B
ZHONGJI INNOLIGHT CO., LTD.	+86.14%	22.74B
NOKIA OYJ	+20.23%	22.03B
ZTE CORPORATION	+8.08%	17.71B
JUNIPER NETWORKS, INC.	+25.95%	12.07B

Other Communications & Networking