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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal EBITDA Multiple | 15.3x - 17.3x | 16.3x |
| Fair Value | kr378.89 - kr430.33 | kr404.13 |
| Upside | -4.7% - 8.3% | 1.7% |
| Select Revenue and EBITDA Forecast | ||||||
| (SEK in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 7,057 | 7,462 | 7,812 | 8,380 | 8,674 | 8,847 |
| % Growth | 23.7% | 5.7% | 4.7% | 7.3% | 3.5% | 2.0% |
| EBITDA | 2,143 | 2,344 | 2,493 | 2,649 | 2,742 | 2,796 |
| % of Revenue | 30.4% | 31.4% | 31.9% | 31.6% | 31.6% | 31.6% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (SEK in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 2,344 | 2,493 | 2,649 | 2,742 | 2,796 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (260) | (259) | (265) | (274) | (280) | |
| EBIT | 2,085 | 2,234 | 2,384 | 2,467 | 2,517 | |
| Pro forma Taxes | (417) | (447) | (477) | (493) | (503) | |
| NOPAT | 1,611 | 1,668 | 1,787 | 1,907 | 1,974 | 2,013 |
| Capital Expenditures | (126) | (208) | (231) | (252) | (260) | (266) |
| NWC Investment | (164) | (49) | (43) | (69) | (36) | (21) |
| (+) D&A | 129 | 260 | 259 | 265 | 274 | 280 |
| Free Cash Flow | 1,450 | 1,670 | 1,772 | 1,852 | 1,952 | 2,006 |
| % Growth | 15% | 6% | 4% | 5% | 3% | |