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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 3.1x - 5.1x | 4.1x |
| Fair Value | €2.43 - €3.88 | €3.14 |
| Upside | -52.9% - -24.9% | -39.2% |
| 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 | 388 | 515 | 582 | 655 | 906 | 1,044 |
| % Growth | -1.6% | 32.8% | 13.0% | 12.5% | 38.3% | 15.2% |
| EBITDA | -3 | 48 | 72 | 95 | 165 | 193 |
| % of Revenue | -0.8% | 9.3% | 12.4% | 14.5% | 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 | 48 | 72 | 95 | 165 | 193 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (26) | (24) | (33) | (22) | (26) | |
| EBIT | 22 | 48 | 62 | 143 | 167 | |
| Pro forma Taxes | (5) | (10) | (13) | (30) | (35) | |
| NOPAT | (23) | 17 | 38 | 49 | 113 | 132 |
| Capital Expenditures | (2) | (3) | (3) | (4) | (36) | (39) |
| NWC Investment | 2 | (31) | (17) | (18) | (62) | (34) |
| (+) D&A | 27 | 26 | 24 | 33 | 22 | 26 |
| Free Cash Flow | 3 | 9 | 42 | 60 | 37 | 85 |
| % Growth | 224% | 376% | 42% | -38% | 130% | |