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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 1.3x - 3.3x | 2.3x |
| Fair Value | kr7.56 - kr25.33 | kr16.26 |
| Upside | -56.9% - 44.3% | -7.4% |
| 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 | 252 | 238 | 349 | 431 | 503 | 618 |
| % Growth | 96.3% | -5.6% | 46.6% | 23.5% | 16.7% | 22.9% |
| EBITDA | -19 | -9 | 25 | 48 | 65 | 84 |
| % of Revenue | -7.6% | -3.8% | 7.2% | 11.1% | 12.9% | 13.6% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (SEK in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | (9) | 25 | 48 | 65 | 84 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (7) | (7) | (8) | (9) | (10) | |
| EBIT | (16) | 18 | 40 | 56 | 74 | |
| Pro forma Taxes | 0 | (2) | (4) | (6) | (8) | |
| NOPAT | (18) | (16) | 16 | 36 | 50 | 66 |
| Capital Expenditures | (21) | (2) | (3) | (3) | (17) | (19) |
| NWC Investment | (64) | 7 | (57) | (42) | (37) | (59) |
| (+) D&A | 2 | 7 | 7 | 8 | 9 | 10 |
| Free Cash Flow | (101) | (4) | (37) | (1) | 5 | (2) |
| % Growth | NM | NM | NM | NM | NM | |