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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -2.8x - -3.1x | -3.0x |
| Selected Fwd EBITDA Multiple | 0.8x - 0.9x | 0.9x |
| Fair Value | kr0.65 - kr0.72 | kr0.68 |
| Upside | 22.7% - 35.3% | 29.0% |
| Benchmarks | Ticker | Full Ticker |
| Smart Eye AB (publ) | SEYE | OM:SEYE |
| Acconeer AB (publ) | ACCON | OM:ACCON |
| Frontwalker AB (publ) | FRWA B | NGM:FRWAB |
| Thunderful Group AB | THUNDR | OM:THUNDR |
| Gasporox AB (publ) | GPX | OM:GPX |
| Raytelligence AB (publ) | RAYTL | NGM:RAYTL |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SEYE | ACCON | FRWA B | THUNDR | GPX | RAYTL | ||
| OM:SEYE | OM:ACCON | NGM:FRWAB | OM:THUNDR | OM:GPX | NGM:RAYTL | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 49.6% | 41.1% | 36.9% | -198.3% | 297.7% | 66.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -84.9% | -274.9% | -20.2% | 6.7% | -15.2% | -4072.4% | |
| Prior Fiscal Year | -54.0% | -124.9% | 0.2% | 2.4% | 2.2% | -874.4% | |
| Latest Fiscal Year | -23.2% | -51.0% | -8.5% | -23.7% | 8.1% | -426.1% | |
| Latest Twelve Months | -23.2% | -51.0% | -10.4% | -23.7% | 8.1% | -426.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.94x | 5.90x | 0.64x | 0.15x | 1.68x | 10.75x | |
| EV / LTM EBITDA | -21.3x | -11.6x | -6.2x | -0.6x | 20.8x | -2.5x | |
| EV / LTM EBIT | -7.0x | -10.5x | -7.5x | 0.0x | -30.8x | -2.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -21.3x | -6.2x | 20.8x | ||||
| Historical EV / LTM EBITDA | -13.5x | -2.5x | -0.3x | ||||
| Selected EV / LTM EBITDA | -2.8x | -3.0x | -3.1x | ||||
| (x) LTM EBITDA | (3) | (3) | (3) | ||||
| (=) Implied Enterprise Value | 9 | 10 | 10 | ||||
| (-) Non-shareholder Claims * | 0 | 0 | 0 | ||||
| (=) Equity Value | 10 | 10 | 11 | ||||
| (/) Shares Outstanding | 18.0 | 18.0 | 18.0 | ||||
| Implied Value Range | 0.54 | 0.56 | 0.59 | ||||
| FX Rate: SEK/SEK | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.54 | 0.56 | 0.59 | 0.53 | |||
| Upside / (Downside) | 1.4% | 6.5% | 11.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SEYE | ACCON | FRWA B | THUNDR | GPX | RAYTL | |
| Enterprise Value | 1,753 | 302 | 40 | 42 | 67 | 9 | |
| (+) Cash & Short Term Investments | 22 | 54 | 1 | 31 | 7 | 0 | |
| (+) Investments & Other | 0 | 1 | 0 | 3 | 0 | 0 | |
| (-) Debt | (50) | 0 | (3) | (24) | (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 | 1,726 | 356 | 39 | 52 | 73 | 10 | |
| (/) Shares Outstanding | 37.0 | 67.6 | 124.9 | 70.3 | 9.4 | 18.0 | |
| Implied Stock Price | 46.65 | 5.27 | 0.31 | 0.75 | 7.76 | 0.53 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 46.65 | 5.27 | 0.31 | 0.75 | 7.76 | 0.53 | |
| 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 | |