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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.9x - 11.0x | 10.4x |
| Selected Fwd EBITDA Multiple | 5.7x - 6.3x | 6.0x |
| Fair Value | kr58.17 - kr66.48 | kr62.33 |
| Upside | 26.2% - 44.2% | 35.2% |
| Benchmarks | Ticker | Full Ticker |
| Byggmax Group AB (publ) | BMAX | OM:BMAX |
| RVRC Holding AB (publ) | RVRC | OM:RVRC |
| H & M Hennes & Mauritz AB (publ) | HM B | OM:HMB |
| Bilia AB (publ) | BILI A | OM:BILIA |
| Bokusgruppen AB (publ) | BOKUS | OM:BOKUS |
| Synsam AB (publ) | SYNSAM | OM:SYNSAM |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BMAX | RVRC | HM B | BILI A | BOKUS | SYNSAM | ||
| OM:BMAX | OM:RVRC | OM:HMB | OM:BILIA | OM:BOKUS | OM:SYNSAM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 1.1% | 46.4% | -2.8% | 2.8% | NM- | 12.7% | |
| 3Y CAGR | -26.8% | 18.8% | -0.3% | -9.1% | -6.4% | 9.7% | |
| Latest Twelve Months | 36.3% | 4.0% | -0.1% | -9.7% | 4.1% | 12.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.3% | 23.1% | 9.1% | 6.7% | 5.7% | 17.6% | |
| Prior Fiscal Year | 5.6% | 19.9% | 8.8% | 5.8% | 6.6% | 17.5% | |
| Latest Fiscal Year | 6.7% | 21.2% | 10.2% | 5.3% | 5.3% | 18.0% | |
| Latest Twelve Months | 7.2% | 20.4% | 9.7% | 5.3% | 5.4% | 18.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.89x | 2.60x | 1.21x | 0.48x | 0.61x | 1.50x | |
| EV / LTM EBITDA | 12.4x | 12.8x | 12.4x | 9.1x | 11.2x | 8.3x | |
| EV / LTM EBIT | 24.0x | 12.8x | 17.2x | 15.2x | 15.9x | 11.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.1x | 12.4x | 12.8x | ||||
| Historical EV / LTM EBITDA | 8.3x | 9.6x | 21.9x | ||||
| Selected EV / LTM EBITDA | 9.9x | 10.4x | 11.0x | ||||
| (x) LTM EBITDA | 1,160 | 1,160 | 1,160 | ||||
| (=) Implied Enterprise Value | 11,500 | 12,106 | 12,711 | ||||
| (-) Non-shareholder Claims * | (2,994) | (2,994) | (2,994) | ||||
| (=) Equity Value | 8,506 | 9,112 | 9,717 | ||||
| (/) Shares Outstanding | 144.5 | 144.5 | 144.5 | ||||
| Implied Value Range | 58.86 | 63.05 | 67.24 | ||||
| FX Rate: SEK/SEK | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 58.86 | 63.05 | 67.24 | 46.10 | |||
| Upside / (Downside) | 27.7% | 36.8% | 45.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BMAX | RVRC | HM B | BILI A | BOKUS | SYNSAM | |
| Enterprise Value | 5,371 | 5,002 | 284,973 | 19,125 | 1,228 | 9,656 | |
| (+) Cash & Short Term Investments | 14 | 280 | 16,578 | 359 | 1 | 420 | |
| (+) Investments & Other | 31 | 0 | 2,922 | 788 | 0 | 0 | |
| (-) Debt | (2,596) | (11) | (77,540) | (8,953) | (389) | (3,414) | |
| (-) Other Liabilities | 0 | 0 | (58) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,820 | 5,271 | 226,875 | 11,319 | 840 | 6,662 | |
| (/) Shares Outstanding | 58.6 | 108.1 | 1,604.5 | 92.6 | 16.2 | 144.5 | |
| Implied Stock Price | 48.10 | 48.76 | 141.40 | 122.30 | 52.00 | 46.10 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 48.10 | 48.76 | 141.40 | 122.30 | 52.00 | 46.10 | |
| 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 | |