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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Perpetuity Growth Rate | 2.8% - 3.8% | 3.3% |
| Fair Value | kr904.12 - kr1,263 | kr1,049 |
| Upside | -38.2% - -13.7% | -28.3% |
| Select Revenue and EBITDA Forecast | |||||||
| (NOK in millions) | Input Projections | ||||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| Revenue | 48,872 | 57,359 | 66,523 | 73,640 | 82,900 | 91,729 | |
| % Growth | 20.3% | 17.4% | 16.0% | 10.7% | 12.6% | 10.7% | |
| EBITDA | 7,257 | 9,605 | 11,101 | 12,280 | 15,216 | 17,392 | |
| % of Revenue | 14.8% | 16.7% | 16.7% | 16.7% | 18.4% | 19.0% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (NOK in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 9,605 | 11,101 | 12,280 | 15,216 | 17,392 | 17,392 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,666) | (1,765) | (2,140) | (2,798) | (3,061) | (4,259) | |
| EBIT | 7,940 | 9,337 | 10,140 | 12,418 | 14,332 | 13,133 | |
| Pro forma Taxes | (1,667) | (1,961) | (2,129) | (2,608) | (3,010) | (2,758) | |
| NOPAT | 5,158 | 6,272 | 7,376 | 8,011 | 9,810 | 11,322 | 10,375 |
| Capital Expenditures | (1,738) | (2,779) | (3,118) | (3,204) | (4,113) | (4,483) | (4,483) |
| NWC Investment | 578 | 594 | 642 | 498 | 648 | 618 | 209 |
| (+) D&A | 728 | 1,666 | 1,765 | 2,140 | 2,798 | 3,061 | 4,259 |
| Free Cash Flow | 4,726 | 5,753 | 6,664 | 7,445 | 9,143 | 10,518 | 10,360 |
| % Growth | 22% | 16% | 12% | 23% | 15% | -2% | |