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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Perpetuity Growth Rate | 4.8% - 5.8% | 5.3% |
| Fair Value | kr24.21 - kr32.96 | kr27.72 |
| Upside | -28.8% - -3.0% | -18.5% |
| 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 | 62 | 70 | 75 | 78 | 80 | 81 | |
| % Growth | 22.0% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | |
| EBITDA | 14 | 18 | 20 | 21 | 21 | 21 | |
| % of Revenue | 23.1% | 25.3% | 26.3% | 26.3% | 26.3% | 26.3% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (SEK in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 18 | 20 | 21 | 21 | 21 | 21 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1) | (1) | (1) | (1) | (1) | (1) | |
| EBIT | 17 | 19 | 19 | 20 | 20 | 21 | |
| Pro forma Taxes | (3) | (4) | (4) | (4) | (4) | (4) | |
| NOPAT | 11 | 13 | 15 | 16 | 16 | 16 | 17 |
| Capital Expenditures | (0) | (1) | (1) | (1) | (1) | (1) | (1) |
| NWC Investment | (4) | (3) | (2) | (1) | (1) | (1) | (2) |
| (+) D&A | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Free Cash Flow | 8 | 11 | 14 | 15 | 16 | 16 | 15 |
| % Growth | 47% | 23% | 11% | 5% | 2% | -7% | |