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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 6.4x - 8.4x | 7.4x |
| Fair Value | kr307.82 - kr404.67 | kr355.27 |
| Upside | 9.6% - 44.1% | 26.5% |
| 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 | 6,541 | 7,041 | 7,641 | 8,189 | 11,760 | 12,813 |
| % Growth | 7.6% | 7.7% | 8.5% | 7.2% | 43.6% | 9.0% |
| EBITDA | 885 | 1,289 | 1,449 | 1,561 | 2,705 | 2,945 |
| % of Revenue | 13.5% | 18.3% | 19.0% | 19.1% | 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 | |
| EBITDA | 1,289 | 1,449 | 1,561 | 2,705 | 2,945 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (353) | (364) | (347) | (270) | (298) | |
| EBIT | 937 | 1,085 | 1,214 | 2,435 | 2,647 | |
| Pro forma Taxes | (234) | (271) | (304) | (609) | (662) | |
| NOPAT | 591 | 702 | 814 | 911 | 1,826 | 1,985 |
| Capital Expenditures | (74) | (157) | (169) | (188) | (270) | (294) |
| NWC Investment | (90) | (97) | (116) | (106) | (692) | (204) |
| (+) D&A | 96 | 353 | 364 | 347 | 270 | 298 |
| Free Cash Flow | 524 | 802 | 893 | 964 | 1,135 | 1,785 |
| % Growth | 53% | 11% | 8% | 18% | 57% | |