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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -2.4x - -2.6x | -2.5x |
| Selected Fwd EBIT Multiple | 1.6x - 1.7x | 1.7x |
| Fair Value | kr0.55 - kr0.61 | kr0.58 |
| Upside | 12.0% - 23.5% | 17.8% |
| Benchmarks | Ticker | Full Ticker |
| Smart Eye AB (publ) | SEYE | OM:SEYE |
| Thunderful Group AB | THUNDR | OM:THUNDR |
| JonDeTech Sensors AB (publ) | JDT | NGM:JDT |
| OurLiving AB | OURLIV | NGM:OURLIV |
| Mantex AB (publ) | MANTEX | OM:MANTEX |
| Raytelligence AB (publ) | RAYTL | NGM:RAYTL |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SEYE | THUNDR | JDT | OURLIV | MANTEX | RAYTL | ||
| OM:SEYE | OM:THUNDR | NGM:JDT | NGM:OURLIV | OM:MANTEX | NGM:RAYTL | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 11.5% | -53.8% | -26.5% | 65.0% | -54.2% | 95.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -116.9% | -17.2% | -347.2% | -183.7% | -3945.6% | -6022.4% | |
| Prior Fiscal Year | -93.6% | -20.1% | -254.6% | -107.1% | -240.2% | -6276.1% | |
| Latest Fiscal Year | -70.5% | -313.3% | -464.9% | -91.4% | -949.9% | -437.7% | |
| Latest Twelve Months | -70.5% | -313.3% | -451.1% | -91.4% | -949.9% | -437.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.16x | 0.13x | 5.36x | 2.72x | 5.04x | 10.99x | |
| EV / LTM EBITDA | -22.2x | -0.6x | -1.7x | -4.9x | -0.5x | -2.6x | |
| EV / LTM EBIT | -7.3x | 0.0x | -1.2x | -3.0x | -0.5x | -2.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -7.3x | -1.2x | 0.0x | ||||
| Historical EV / LTM EBIT | -13.4x | -2.5x | -0.1x | ||||
| Selected EV / LTM EBIT | -2.4x | -2.5x | -2.6x | ||||
| (x) LTM EBIT | (3) | (3) | (3) | ||||
| (=) Implied Enterprise Value | 8 | 8 | 9 | ||||
| (-) Non-shareholder Claims * | 0 | 0 | 0 | ||||
| (=) Equity Value | 8 | 9 | 9 | ||||
| (/) Shares Outstanding | 18.0 | 18.0 | 18.0 | ||||
| Implied Value Range | 0.46 | 0.48 | 0.51 | ||||
| FX Rate: SEK/SEK | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.46 | 0.48 | 0.51 | 0.49 | |||
| Upside / (Downside) | -6.1% | -1.3% | 3.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SEYE | THUNDR | JDT | OURLIV | MANTEX | RAYTL | |
| Enterprise Value | 1,832 | 39 | 44 | 23 | (7) | 9 | |
| (+) Cash & Short Term Investments | 22 | 31 | 4 | 0 | 6 | 0 | |
| (+) Investments & Other | 0 | 3 | 0 | 0 | 21 | 0 | |
| (-) Debt | (50) | (24) | (6) | (4) | (2) | (0) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,805 | 49 | 41 | 20 | 18 | 9 | |
| (/) Shares Outstanding | 37.0 | 70.3 | 26.6 | 102.8 | 1.8 | 18.0 | |
| Implied Stock Price | 48.78 | 0.70 | 1.56 | 0.19 | 9.90 | 0.49 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 48.78 | 0.70 | 1.56 | 0.19 | 9.90 | 0.49 | |
| Trading Currency | SEK | SEK | SEK | SEK | SEK | SEK | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |