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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 5.7x - 7.7x | 6.7x |
| Fair Value | €4.88 - €6.62 | €5.73 |
| Upside | -17.2% - 12.4% | -2.7% |
| 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 | 391 | 462 | 544 | 676 | 906 | 1,044 |
| % Growth | -2.2% | 18.3% | 17.6% | 24.3% | 34.1% | 15.2% |
| EBITDA | 44 | 45 | 71 | 97 | 165 | 193 |
| % of Revenue | 11.2% | 9.6% | 13.0% | 14.4% | 18.2% | 18.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (SEK in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 45 | 71 | 97 | 165 | 193 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (21) | (33) | (31) | (22) | (26) | |
| EBIT | 24 | 38 | 67 | 143 | 167 | |
| Pro forma Taxes | (4) | (7) | (12) | (26) | (30) | |
| NOPAT | (5) | 20 | 31 | 55 | 117 | 137 |
| Capital Expenditures | #NUM! | (3) | (4) | (6) | (36) | (39) |
| NWC Investment | 2 | (17) | (19) | (31) | (54) | (32) |
| (+) D&A | 50 | 21 | 33 | 31 | 22 | 26 |
| Free Cash Flow | #NUM! | 20 | 41 | 48 | 50 | 92 |
| % Growth | NM | 101% | 19% | 2% | 85% | |