Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Perpetuity Growth Rate | 4.0% - 5.0% | 4.5% |
| Fair Value | €17.66 - €24.52 | €20.45 |
| Upside | -7.3% - 28.7% | 7.4% |
| 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 | 122,878 | 120,105 | 125,750 | 132,619 | 137,635 | 142,651 | 145,504 | 148,414 | 151,382 | 154,410 | 157,498 | |
| % Growth | -2.9% | -2.3% | 4.7% | 5.5% | 3.8% | 3.6% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 24,497 | 28,243 | 29,918 | 31,661 | 32,937 | 34,564 | 35,255 | 35,960 | 36,680 | 37,413 | 38,161 | |
| % of Revenue | 19.9% | 23.5% | 23.8% | 23.9% | 23.9% | 24.2% | 24.2% | 24.2% | 24.2% | 24.2% | 24.2% | |
| 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 | Terminal | |
| EBITDA | 28,243 | 29,918 | 31,661 | 32,937 | 34,564 | 35,255 | 35,960 | 36,680 | 37,413 | 38,161 | 38,161 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (6,483) | (6,914) | (7,176) | (7,579) | (8,209) | (8,373) | (8,541) | (8,711) | (8,886) | (9,063) | (5,674) | |
| EBIT | 21,760 | 23,004 | 24,485 | 25,358 | 26,355 | 26,882 | 27,420 | 27,968 | 28,527 | 29,098 | 32,488 | |
| Pro forma Taxes | (5,222) | (5,521) | (5,876) | (6,086) | (6,325) | (6,452) | (6,581) | (6,712) | (6,847) | (6,984) | (7,797) | |
| NOPAT | 14,521 | 16,538 | 17,483 | 18,608 | 19,272 | 20,030 | 20,430 | 20,839 | 21,256 | 21,681 | 22,115 | 24,691 |
| Capital Expenditures | (3,565) | (4,920) | (5,075) | (5,140) | (6,063) | (6,300) | (5,834) | (5,951) | (6,028) | (5,938) | (5,972) | (5,972) |
| NWC Investment | 1,061 | 811 | (1,651) | (2,010) | (1,467) | (1,467) | (835) | (851) | (868) | (886) | (903) | (2,073) |
| (+) D&A | 5,390 | 6,483 | 6,914 | 7,176 | 7,579 | 8,209 | 8,373 | 8,541 | 8,711 | 8,886 | 9,063 | 5,674 |
| Free Cash Flow | 17,407 | 18,912 | 17,671 | 18,636 | 19,321 | 20,471 | 22,135 | 22,578 | 23,071 | 23,743 | 24,302 | 22,319 |
| % Growth | 9% | -7% | 5% | 4% | 6% | 8% | 2% | 2% | 3% | 2% | -8% | |