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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 9.2x - 11.2x | 10.2x |
| Fair Value | kr2.67 - kr3.30 | kr2.97 |
| Upside | -42.1% - -28.5% | -35.5% |
| 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 | 192 | 235 | 277 | 316 | 340 | 352 | 359 | 366 | 373 | 381 | 388 |
| % Growth | 19.3% | 22.6% | 17.9% | 14.1% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | -13 | 47 | 73 | 96 | 123 | 135 | 138 | 140 | 143 | 146 | 149 |
| % of Revenue | -6.7% | 20.0% | 26.4% | 30.4% | 36.2% | 38.4% | 38.4% | 38.4% | 38.4% | 38.4% | 38.4% |
| 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 | 47 | 73 | 96 | 123 | 135 | 138 | 140 | 143 | 146 | 149 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (44) | (47) | (47) | (51) | (52) | (53) | (54) | (55) | (57) | (58) | |
| EBIT | 3 | 26 | 49 | 72 | 83 | 84 | 86 | 88 | 90 | 91 | |
| Pro forma Taxes | (0) | (3) | (5) | (8) | (9) | (9) | (9) | (10) | (10) | (10) | |
| NOPAT | (12) | 3 | 23 | 44 | 65 | 74 | 75 | 77 | 78 | 80 | 81 |
| Capital Expenditures | (1) | (41) | (41) | (41) | (48) | (53) | (47) | (48) | (49) | (48) | (49) |
| NWC Investment | 13 | 18 | 18 | 16 | 10 | 5 | 3 | 3 | 3 | 3 | 3 |
| (+) D&A | 0 | 44 | 47 | 47 | 51 | 52 | 53 | 54 | 55 | 57 | 58 |
| Free Cash Flow | 1 | 24 | 47 | 66 | 77 | 78 | 84 | 86 | 87 | 91 | 94 |
| % Growth | 2537% | 96% | 41% | 17% | 1% | 8% | 2% | 2% | 4% | 3% | |