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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 4.8x - 6.8x | 5.8x |
| Fair Value | kr362.87 - kr479.69 | kr420.09 |
| Upside | 33.1% - 76.0% | 54.1% |
| Select Revenue and EBITDA Forecast | ||||||
| (DKK in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 20,187 | 19,151 | 19,973 | 20,551 | 21,666 | 24,049 |
| % Growth | -16.3% | -5.1% | 4.3% | 2.9% | 5.4% | 11.0% |
| EBITDA | 2,070 | 2,517 | 2,961 | 3,140 | 3,527 | 4,516 |
| % of Revenue | 10.3% | 13.1% | 14.8% | 15.3% | 16.3% | 18.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (DKK in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 2,517 | 2,961 | 3,140 | 3,527 | 4,516 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (523) | (542) | (520) | (773) | (1,600) | |
| EBIT | 1,994 | 2,419 | 2,620 | 2,754 | 2,916 | |
| Pro forma Taxes | (658) | (798) | (865) | (909) | (962) | |
| NOPAT | 1,146 | 1,336 | 1,621 | 1,755 | 1,845 | 1,954 |
| Capital Expenditures | (384) | (486) | (529) | (545) | (363) | (423) |
| NWC Investment | 114 | 30 | (24) | (17) | (32) | (69) |
| (+) D&A | 360 | 523 | 542 | 520 | 773 | 1,600 |
| Free Cash Flow | 1,235 | 1,403 | 1,610 | 1,714 | 2,223 | 3,062 |
| % Growth | 14% | 15% | 6% | 30% | 38% | |