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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Terminal Revenue Multiple | 1.0x - 1.2x | 1.1x |
| Fair Value | $6.90 - $7.98 | $7.43 |
| Upside | 30.3% - 50.5% | 40.2% |
| 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 | 48,352 | 49,260 | 51,833 | 53,140 | 64,381 | 66,436 |
| % Growth | -9.2% | 1.9% | 5.2% | 2.5% | 21.2% | 3.2% |
| EBITDA | 6,234 | 6,708 | 7,521 | 7,875 | 10,577 | 10,823 |
| % of Revenue | 12.9% | 13.6% | 14.5% | 14.8% | 16.4% | 16.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (SEK in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 6,708 | 7,521 | 7,875 | 10,577 | 10,823 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,932) | (2,951) | (3,059) | (3,003) | (2,981) | |
| EBIT | 3,776 | 4,570 | 4,817 | 7,574 | 7,842 | |
| Pro forma Taxes | (868) | (1,051) | (1,108) | (1,742) | (1,804) | |
| NOPAT | 2,460 | 2,908 | 3,519 | 3,709 | 5,832 | 6,038 |
| Capital Expenditures | (2,603) | (2,322) | (2,333) | (2,375) | (3,188) | (3,185) |
| NWC Investment | 1,250 | (231) | (655) | (333) | (2,862) | (523) |
| (+) D&A | 3,039 | 2,932 | 2,951 | 3,059 | 3,003 | 2,981 |
| Free Cash Flow | 4,146 | 3,286 | 3,481 | 4,060 | 2,785 | 5,311 |
| % Growth | -21% | 6% | 17% | -31% | 91% | |