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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Perpetuity Growth Rate | 0.2% - 1.3% | 0.8% |
| Fair Value | $3.40 - $4.86 | $4.03 |
| Upside | -3.0% - 39.0% | 15.2% |
| 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 | 89,127 | 90,359 | 91,503 | 92,950 | 96,289 | 93,510 | |
| % Growth | 0.6% | 1.4% | 1.3% | 1.6% | 3.6% | -2.9% | |
| EBITDA | 26,948 | 33,176 | 34,005 | 34,796 | 35,725 | 37,858 | |
| % of Revenue | 30.2% | 36.7% | 37.2% | 37.4% | 37.1% | 40.5% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (SEK in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 33,176 | 34,005 | 34,796 | 35,725 | 37,858 | 37,858 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (18,768) | (18,881) | (18,654) | (19,676) | (22,029) | (15,452) | |
| EBIT | 14,408 | 15,123 | 16,142 | 16,049 | 15,829 | 22,406 | |
| Pro forma Taxes | (2,017) | (2,117) | (2,260) | (2,247) | (2,216) | (3,137) | |
| NOPAT | 9,787 | 12,391 | 13,006 | 13,882 | 13,802 | 13,613 | 19,269 |
| Capital Expenditures | (13,889) | (14,669) | (14,040) | (13,921) | (15,407) | (16,265) | (16,265) |
| NWC Investment | 31 | 67 | 62 | 79 | 182 | (151) | 38 |
| (+) D&A | 15,568 | 18,768 | 18,881 | 18,654 | 19,676 | 22,029 | 15,452 |
| Free Cash Flow | 11,497 | 16,557 | 17,910 | 18,694 | 18,253 | 19,225 | 18,494 |
| % Growth | 44% | 8% | 4% | -2% | 5% | -4% | |