Methodology

This site is a systematic screen of every company on the main lists of Nasdaq Stockholm, Oslo Børs, Nasdaq Copenhagen and Nasdaq Helsinki. It is not individual investment advice.

How to read the yields

Each yield is a cash or profit measure divided by what an owner pays for it. Unlevered yields are measured before financing and divided by enterprise value (EV): what you would pay for the whole business, debt included. The levered yield is measured after interest and lease payments and divided by market cap: what you pay for the shares. All flows are TTM (trailing twelve months: last annual report + year to date − previous year to date) once the latest interim report reconciles to the annual report; until then they are the last fiscal year. Each company row shows which.

The cash flow lines, as shown in each company's bridge from EBITDA to free cash flow:

EV = market cap + borrowings + lease liabilities − cash + pensions and debt-like provisions after tax + minorities + preferred equity − associates − non-operating assets. Market cap = shares outstanding (issued − treasury, from the company's reports) × latest close. The tax rate is the statutory rate of the home country (SE 20.6 %, NO 22 %, DK 22 %, FI 20 %).

Reported figures are tagged with their sign as a concept ("interest paid" is usually a positive number), so the direction of each cash flow line is read from the company's own calculation tree in the ESEF filing, not assumed.

1. Data rule

Every fundamental figure comes from the company's own official reports. Each stored figure carries its document, its period and an exact locator: the ESEF fact id and concept, or the PDF page with the row label exactly as printed. A figure without a source cannot be stored; the database schema enforces this. Only figures with status verified are displayed.

2. Verification

Every figure gets a status: verified, disputed or failed. Only verified figures are shown. Everything else appears in the daily exception report with the reason.

Mechanical checks (code):

• The balance sheet balances at every reported date.
• The company's own calculation linkbase holds: every subtotal equals the sum of its components. This is checked when all components are reported.
• The cash flow statement reconciles: opening cash + change (+ FX) = closing cash. Cash in disposal groups and the alternative cash concept are handled; the basis used is recorded.
• Comparatives equal the figures in the prior year's report. Differences are shown as restatements or sign flips (warnings); the newer report's figure is used.
• The reorganised (McKinsey) balance sheet adds back exactly to reported total assets and to total equity and liabilities. This catches double counting and omissions; it is blocking.
• TTM figures reconcile to the annual report: the full-year column of a Q4 report must equal the annual report.
• Period-over-period outliers on key lines are flagged and sent to the skeptic.
• Every quote attributed to a note must occur verbatim in that note and contain the printed number. Every PDF figure must occur on the cited page.

Dual extraction. Every figure read by an LLM is extracted by two independent claude -p runs that cannot see each other. This covers PDF figures, note splits, adjustments and share counts. The results must match exactly. On a mismatch a third independent run decides by agreeing with one of the two; otherwise the figure is disputed.

Reviewer agents. Separate claude -p runs with their own role prompts:

• McKinsey reviewer: checks every classification and adjustment behind NOPLAT, invested capital and EV against the methodology and the cited note.
• Sector reviewer: checks panel assignment and sector-specific rules.
• Skeptic: reviews outliers and has veto power.

An objection must cite document and fact/page. Objections without a valid citation are discarded and logged. An open objection makes the figure disputed until the owner resolves it. The owner's corrections are stored as reference cases and given to the reviewers as binding precedent.

3. Panels

Panels are never mixed on one scale.

1. Operating companies: all metrics below.
2. Banks and insurers: return on equity, price to book, CET1 (or solvency ratio), dividend yield. No EV metrics.
3. Real estate: income from property management; implied yield = NOI / (market cap + net debt + minorities − development projects and building rights at book); loan to value; interest coverage.
4. Investment companies: NAV discount and look-through.

Assignment follows the exchanges' ICB classification: banks and insurance go to panel 2, real estate supersectors to panel 3, closed-end investments to panel 4. Reviewed overrides apply to companies reporting NAV (investment companies) and to licensed credit institutions classed as financial services. Each override has a written reason.

4. Reorganising the statements (Koller, Goedhart, Wessels — Valuation)

Every balance sheet line is classified into a McKinsey category: operating working capital, operating fixed assets, goodwill, acquired intangibles, other intangibles, right-of-use assets, operating provisions and deferred taxes, cash, non-operating assets, debt, leases, pensions, debt-like provisions, minorities, preferred equity, or equity.

• Standard IFRS concepts with an unambiguous treatment are classified by rule.
• Company extensions anchored to a standard concept inherit its rule.
• Ambiguous lines are classified from the notes: provisions, deferred taxes, other financial assets and liabilities, intangibles, and cash (which is checked for restricted cash).
• Where a note shows that a line mixes categories, the printed amounts are carved out ("splits"). Nothing is ever allocated or pro-rated by assumption.

Leases (IFRS 16). One treatment for all companies.

• Primary basis: lease liabilities are debt; right-of-use assets are in invested capital; lease interest is outside EBITA.
• Ex-lease basis (where requested): EV excludes lease liabilities, and EBITDAaL = EBITDA − lease principal − lease interest.

Operating taxes. Statutory rate of the issuer's home country × EBITA. The reported tax line is not used. This removes the tax shield on interest and the tax on non-operating items.

Sector regimes such as Norwegian petroleum tax are handled by the sector rules (§ 7).

Adjustments to operating profit. These are read from the notes and from the report's alternative performance measure pages. Each one is shown on the company page with the printed amount, the adjustment, the source note or page, and the status.

• Non-recurring items as identified by the company.
• Disposal gains and losses.
• Impairments.
• Fair value changes in operating profit.
• Amortisation of acquired intangibles (EBITA).
• Share of associates booked above EBIT.
• Interest component of pension cost booked in operating profit.

Pensions (including Swedish PRI/FPG): the deficit is a debt equivalent, after tax.

Debt-like provisions (restructuring, environmental, decommissioning, legal): debt equivalents, after tax.

5. Definitions (operating companies)

• Market cap = Σ over ordinary classes of (issued − treasury shares) × price.
• EV = market cap + debt + lease liabilities − freely available cash + minorities (book) + pension deficit after tax + debt-like provisions after tax + preferred equity − associates − other non-operating assets.
• Restricted, pledged and trapped cash is not deducted.
• Other non-operating assets: financial investments, net assets held for sale, and deferred tax assets on tax losses.
• EBITA = operating profit + amortisation of acquired intangibles + the adjustments above.
• EBITDA = EBITA + depreciation of PP&E and right-of-use assets + amortisation of other intangibles (excluding impairments).
• NOPLAT = EBITA × (1 − statutory rate).
• Invested capital = operating working capital + operating fixed assets + right-of-use assets + other intangibles − operating provisions − net operating deferred tax liabilities − other operating liabilities. It is shown with and without goodwill and acquired intangibles.
• ROIC = NOPLAT / average of opening and closing invested capital.
• EBITDA yield = EBITDA / EV.
• NOPLAT yield = NOPLAT / EV.
• Unlevered FCF before capex = operating cash flow + net interest paid in operating cash flow − t × all net interest paid (see How to read the yields).
• Unlevered FCF after capex = the above − capex (PP&E + intangibles − disposals).
• Both are divided by EV.
• Ex-lease variants deduct lease principal and divide by EV ex leases.
• Levered FCF yield = (operating cash flow − capex − lease payments − interest paid outside operating cash flow) / market cap.
• Debt / EV, including and excluding lease liabilities.
• Net debt / EBITDA.

Fundamentals are the latest fiscal year until interim reports are loaded. Then they are trailing twelve months: last annual + year to date − previous year to date.

6. Signals (screen, not advice)

• Cost of capital = the country's 10-year government yield + equity risk premium (setting, currently 5 %).
• SE: Riksbank, daily.
• NO: Norges Bank, daily.
• DK and FI: ECB long-term interest rates from the national central banks, monthly.
• Score (only when every input is verified):
• 40 %: yields (NOPLAT, unlevered FCF after capex, EBITDA) as a percentile of ICB-supersector peers. All rated operating companies are used when a sector has fewer than 5.
• 30 %: NOPLAT yield minus cost of capital.
• 20 %: ROIC minus cost of capital.
• Leverage penalty: net debt/EBITDA above 3x and debt/EV above 50 %.
• Rating bands: strong buy candidate ≥ 0.45 > buy candidate ≥ 0.2 > neutral ≥ −0.2 > sell candidate ≥ −0.45 > strong sell candidate. The reasons are shown with each rating.

Inflation expectations (stored with source and date; shown with macro data):

7. Sector rules

• Industrials with captive finance arms (e.g. Volvo, Sandvik's financing): the financial services segment's net debt and income are treated separately.
• Upstream petroleum (Norwegian shelf): operating taxes use the special petroleum tax rate on the Norwegian shelf income share, from the tax note.
• Real estate: fair value changes are excluded from income from property management; development projects and building rights at book value are excluded from the implied-yield EV.
• Banks and insurers: no EV metrics; equity-based measures and regulatory capital from the Pillar 3 / solvency disclosures.
• Investment companies: reported NAV and the look-through share of listed holdings at market prices.

These rules are applied and checked by the sector reviewer. The list grows with the owner's reference cases.