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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Perpetuity Growth Rate | 4.3% - 5.3% | 4.8% |
| Fair Value | €33.75 - €53.03 | €41.12 |
| Upside | -7.2% - 45.8% | 13.0% |
| 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 | 66,954 | 71,476 | 73,309 | 75,254 | 77,244 | 88,458 | |
| % Growth | 5.3% | 6.8% | 2.6% | 2.7% | 2.6% | 14.5% | |
| EBITDA | 12,203 | 14,523 | 14,754 | 15,619 | 14,637 | 15,653 | |
| % of Revenue | 18.2% | 20.3% | 20.1% | 20.8% | 18.9% | 17.7% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (SEK in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 14,523 | 14,754 | 15,619 | 14,637 | 15,653 | 15,653 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,411) | (2,073) | (2,198) | (649) | (4,097) | (2,311) | |
| EBIT | 12,112 | 12,681 | 13,422 | 13,988 | 11,556 | 13,342 | |
| Pro forma Taxes | (3,028) | (3,170) | (3,355) | (3,497) | (2,889) | (3,336) | |
| NOPAT | 7,861 | 9,084 | 9,511 | 10,066 | 10,491 | 8,667 | 10,007 |
| Capital Expenditures | (3,336) | (2,750) | (2,750) | (2,750) | (2,458) | (2,433) | (2,433) |
| NWC Investment | (348) | (469) | (190) | (202) | (206) | (1,162) | (436) |
| (+) D&A | 1,722 | 2,411 | 2,073 | 2,198 | 649 | 4,097 | 2,311 |
| Free Cash Flow | 5,899 | 8,277 | 8,643 | 9,312 | 8,475 | 9,169 | 9,449 |
| % Growth | 40% | 4% | 8% | -9% | 8% | 3% | |