Volati Valuation

Q: What is the Fair Price of VOLO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

VOLO (SEK90.8) is trading below our estimate of [[fair value]] (SEK254.26)

Is VOLO undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of VOLO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: VOLO (SEK90.8) is trading below our estimate of fair value (SEK254.26)

Significantly Below Fair Value: VOLO is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for VOLO?

Key metric: As VOLO is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for VOLO. This is calculated by dividing VOLO's market cap by their current earnings.
What is VOLO's PE Ratio?
PE Ratio	35.9x
Earnings	SEK 201.00m
Market Cap	SEK 7.03b

VOLO key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.3x
Enterprise Value/EBITDA	12.5x
PEG Ratio	0.9x

Price to Earnings Ratio vs Peers

How does VOLO's PE Ratio compare to its peers?

The above table shows the PE ratio for VOLO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	42.8x
NOLA B Nolato	24.8x	18.7%	SEK 14.2b
IDUN B Idun Industrier	88.9x	16.7%	SEK 3.3b
KARNEL B Karnell Group	39.4x	n/a	SEK 2.3b
HAKI B HAKI Safety	18.3x	35.7%	SEK 716.6m
VOLO Volati	35.9x	38.0%	SEK 7.0b

Price-To-Earnings vs Peers: VOLO is good value based on its Price-To-Earnings Ratio (35.9x) compared to the peer average (42.8x).

Price to Earnings Ratio vs Industry

How does VOLO's PE Ratio compare vs other companies in the European Industrials Industry?

3 Companies	Price / Earnings	Estimated Growth	Market Cap

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: VOLO is expensive based on its Price-To-Earnings Ratio (35.9x) compared to the European Industrials industry average (16.8x).

Price to Earnings Ratio vs Fair Ratio

What is VOLO's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

VOLO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	35.9x
Fair PE Ratio	33.8x

Price-To-Earnings vs Fair Ratio: VOLO is expensive based on its Price-To-Earnings Ratio (35.9x) compared to the estimated Fair Price-To-Earnings Ratio (33.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst VOLO forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	SEK 90.80	SEK 137.00 +50.9%	17.5%	SEK 161.00	SEK 113.00	n/a	2
Nov ’25	SEK 100.60	SEK 138.00 +37.2%	16.7%	SEK 161.00	SEK 115.00	n/a	2
Oct ’25	SEK 110.20	SEK 138.00 +25.2%	16.7%	SEK 161.00	SEK 115.00	n/a	2
Sep ’25	SEK 114.80	SEK 138.00 +20.2%	16.7%	SEK 161.00	SEK 115.00	n/a	2
Aug ’25	SEK 116.60	SEK 138.00 +18.4%	16.7%	SEK 161.00	SEK 115.00	n/a	2
Jul ’25	SEK 102.60	SEK 133.50 +30.1%	16.1%	SEK 155.00	SEK 112.00	n/a	2
Jun ’25	SEK 116.00	SEK 133.50 +15.1%	16.1%	SEK 155.00	SEK 112.00	n/a	2
May ’25	SEK 102.60	SEK 133.50 +30.1%	16.1%	SEK 155.00	SEK 112.00	n/a	2
Feb ’24	SEK 104.00	SEK 121.50 +16.8%	7.0%	SEK 130.00	SEK 113.00	SEK 116.00	2

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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