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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal Revenue Multiple | 2.2x - 2.4x | 2.3x |
| Fair Value | $27.86 - $31.56 | $29.68 |
| Upside | -30.9% - -21.8% | -26.4% |
| 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 | 34,170 | 36,516 | 37,705 | 38,830 | 45,417 | 46,779 |
| % Growth | -0.3% | 6.9% | 3.3% | 3.0% | 17.0% | 3.0% |
| EBITDA | 6,963 | 8,234 | 8,950 | 9,253 | 7,267 | 7,485 |
| % of Revenue | 20.4% | 22.5% | 23.7% | 23.8% | 16.0% | 16.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (SEK in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 8,234 | 8,950 | 9,253 | 7,267 | 7,485 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,110) | (2,259) | (2,335) | (2,731) | (2,813) | |
| EBIT | 6,124 | 6,691 | 6,918 | 4,536 | 4,672 | |
| Pro forma Taxes | (1,592) | (1,740) | (1,799) | (1,179) | (1,215) | |
| NOPAT | 4,043 | 4,532 | 4,952 | 5,119 | 3,357 | 3,457 |
| Capital Expenditures | (1,747) | (1,735) | (1,574) | (1,486) | (1,680) | (1,731) |
| NWC Investment | 21 | (420) | (213) | (201) | (1,179) | (244) |
| (+) D&A | 1,499 | 2,110 | 2,259 | 2,335 | 2,731 | 2,813 |
| Free Cash Flow | 3,816 | 4,486 | 5,423 | 5,767 | 3,229 | 4,296 |
| % Growth | 18% | 21% | 6% | -44% | 33% | |