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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 15.8% - 14.8% | 15.3% |
| Terminal EBITDA Multiple | 10.4x - 12.4x | 11.4x |
| Fair Value | kr1.99 - kr2.60 | kr2.29 |
| Upside | -22.4% - 1.3% | -11.0% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 2,406 | 2,406 | 2,406 | 2,406 | 2,406 | 2,406 | 2,406 | 2,406 | 2,406 | 2,406 | 2,406 |
| % Growth | -17.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 197 | 103 | 103 | 103 | 103 | 103 | 103 | 103 | 103 | 103 | 103 |
| % of Revenue | 8.2% | 4.3% | 4.3% | 4.3% | 4.3% | 4.3% | 4.3% | 4.3% | 4.3% | 4.3% | 4.3% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (SEK in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 103 | 103 | 103 | 103 | 103 | 103 | 103 | 103 | 103 | 103 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (202) | (202) | (202) | (202) | (202) | (202) | (202) | (202) | (202) | (202) | |
| EBIT | (99) | (99) | (99) | (99) | (99) | (99) | (99) | (99) | (99) | (99) | |
| Pro forma Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| NOPAT | (133) | (99) | (99) | (99) | (99) | (99) | (99) | (99) | (99) | (99) | (99) |
| Capital Expenditures | (76) | (66) | (79) | (79) | (79) | (79) | (79) | (79) | (79) | (79) | (79) |
| NWC Investment | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 347 | 202 | 202 | 202 | 202 | 202 | 202 | 202 | 202 | 202 | 202 |
| Free Cash Flow | 141 | 36 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 |
| % Growth | -74% | -35% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |