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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.8% - 10.8% | 11.3% |
| Terminal EBITDA Multiple | 7.3x - 9.3x | 8.3x |
| Fair Value | €17.95 - €22.25 | €20.06 |
| Upside | -29.7% - -12.9% | -21.5% |
| 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 | 1,192 | 1,354 | 1,490 | 1,757 | 2,060 | 2,318 |
| % Growth | 16.6% | 13.6% | 10.0% | 17.9% | 17.2% | 12.5% |
| EBITDA | 286 | 617 | 669 | 801 | 930 | 1,104 |
| % of Revenue | 24.0% | 45.5% | 44.9% | 45.6% | 45.1% | 47.6% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (SEK in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 617 | 669 | 801 | 930 | 1,104 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (296) | (273) | (295) | (321) | (361) | |
| EBIT | 321 | 396 | 506 | 609 | 743 | |
| Pro forma Taxes | (77) | (95) | (121) | (146) | (178) | |
| NOPAT | 191 | 244 | 301 | 385 | 463 | 565 |
| Capital Expenditures | (13) | (27) | (40) | (311) | (321) | (361) |
| NWC Investment | 13 | 13 | 11 | 21 | 24 | 20 |
| (+) D&A | 35 | 296 | 273 | 295 | 321 | 361 |
| Free Cash Flow | 226 | 525 | 545 | 389 | 487 | 585 |
| % Growth | 133% | 4% | -29% | 25% | 20% | |