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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 4.8x - 6.8x | 5.8x |
| Fair Value | €5.16 - €7.60 | €6.34 |
| Upside | 41.3% - 107.9% | 73.3% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 631 | 735 | 864 | 1,037 | 1,167 | 1,254 | 1,298 | 1,324 | 1,350 | 1,377 | 1,405 |
| % Growth | 1.2% | 16.4% | 17.6% | 20.0% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 54 | 96 | 125 | 160 | 209 | 237 | 246 | 251 | 256 | 261 | 266 |
| % of Revenue | 8.6% | 13.1% | 14.5% | 15.4% | 17.9% | 18.9% | 18.9% | 18.9% | 18.9% | 18.9% | 18.9% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (SEK in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 96 | 125 | 160 | 209 | 237 | 246 | 251 | 256 | 261 | 266 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (52) | (52) | (52) | (59) | (63) | (65) | (66) | (68) | (69) | (70) | |
| EBIT | 44 | 73 | 108 | 151 | 175 | 181 | 184 | 188 | 192 | 196 | |
| Pro forma Taxes | (14) | (23) | (33) | (47) | (54) | (56) | (57) | (58) | (59) | (61) | |
| NOPAT | 16 | 30 | 50 | 75 | 104 | 120 | 125 | 127 | 130 | 132 | 135 |
| Capital Expenditures | (62) | (70) | (55) | (55) | (62) | (67) | (61) | (62) | (63) | (62) | (63) |
| NWC Investment | (3) | (40) | (49) | (66) | (50) | (34) | (17) | (10) | (10) | (10) | (11) |
| (+) D&A | 31 | 52 | 52 | 52 | 59 | 63 | 65 | 66 | 68 | 69 | 70 |
| Free Cash Flow | (18) | (27) | (2) | 5 | 51 | 83 | 112 | 121 | 124 | 129 | 132 |
| % Growth | NM | NM | NM | 867% | 63% | 34% | 8% | 2% | 4% | 3% | |