Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 8.3x - 10.3x | 9.3x |
| Fair Value | kr395.46 - kr487.29 | kr439.71 |
| Upside | 40.8% - 73.5% | 56.6% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 6,541 | 7,041 | 7,641 | 8,189 | 11,760 | 12,813 | 13,261 | 13,527 | 13,797 | 14,073 | 14,355 |
| % Growth | 7.6% | 7.7% | 8.5% | 7.2% | 43.6% | 9.0% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 885 | 1,289 | 1,449 | 1,561 | 2,705 | 2,945 | 3,048 | 3,109 | 3,171 | 3,235 | 3,299 |
| % of Revenue | 13.5% | 18.3% | 19.0% | 19.1% | 23.0% | 23.0% | 23.0% | 23.0% | 23.0% | 23.0% | 23.0% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (DKK in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 1,289 | 1,449 | 1,561 | 2,705 | 2,945 | 3,048 | 3,109 | 3,171 | 3,235 | 3,299 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (353) | (364) | (347) | (270) | (298) | (308) | (315) | (321) | (327) | (334) | |
| EBIT | 937 | 1,085 | 1,214 | 2,435 | 2,647 | 2,740 | 2,794 | 2,850 | 2,907 | 2,965 | |
| Pro forma Taxes | (234) | (271) | (304) | (609) | (662) | (685) | (699) | (713) | (727) | (741) | |
| NOPAT | 591 | 702 | 814 | 911 | 1,826 | 1,985 | 2,055 | 2,096 | 2,138 | 2,180 | 2,224 |
| Capital Expenditures | (74) | (157) | (169) | (188) | (270) | (294) | (250) | (256) | (261) | (256) | (257) |
| NWC Investment | (90) | (97) | (116) | (106) | (692) | (204) | (87) | (51) | (52) | (53) | (55) |
| (+) D&A | 96 | 353 | 364 | 347 | 270 | 298 | 308 | 315 | 321 | 327 | 334 |
| Free Cash Flow | 524 | 802 | 893 | 964 | 1,135 | 1,785 | 2,026 | 2,104 | 2,146 | 2,199 | 2,246 |
| % Growth | 53% | 11% | 8% | 18% | 57% | 13% | 4% | 2% | 2% | 2% | |