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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 8.1x - 10.1x | 9.1x |
| Fair Value | kr489.40 - kr625.71 | kr556.20 |
| Upside | -7.7% - 18.1% | 4.9% |
| 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 | 26,077 | 31,541 | 34,190 | 36,550 | 38,413 | 40,592 |
| % Growth | -6.5% | 21.0% | 8.4% | 6.9% | 5.1% | 5.7% |
| EBITDA | 6,351 | 9,698 | 11,494 | 13,497 | 10,579 | 11,108 |
| % of Revenue | 24.4% | 30.7% | 33.6% | 36.9% | 27.5% | 27.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (NOK in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 9,698 | 11,494 | 13,497 | 10,579 | 11,108 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,800) | (1,812) | (2,418) | (334) | (494) | |
| EBIT | 7,898 | 9,682 | 11,079 | 10,245 | 10,614 | |
| Pro forma Taxes | (1,817) | (2,227) | (2,548) | (2,356) | (2,441) | |
| NOPAT | 3,912 | 6,081 | 7,455 | 8,531 | 7,889 | 8,173 |
| Capital Expenditures | (1,790) | (1,900) | (1,660) | (1,645) | (2,412) | (2,509) |
| NWC Investment | 621 | (1,869) | (906) | (807) | (637) | (745) |
| (+) D&A | 1,271 | 1,800 | 1,812 | 2,418 | 334 | 494 |
| Free Cash Flow | 4,013 | 4,112 | 6,701 | 8,496 | 5,173 | 5,412 |
| % Growth | 2% | 63% | 27% | -39% | 5% | |