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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -67.3x - -74.4x | -70.9x |
| Selected Fwd EBITDA Multiple | 12.7x - 14.0x | 13.4x |
| Fair Value | kr2.42 - kr2.73 | kr2.58 |
| Upside | -47.5% - -40.7% | -44.1% |
| Benchmarks | Ticker | Full Ticker |
| 4C Group AB (publ) | 4C | OM:4C |
| Divio Technologies AB (publ) | DIVIO B | OM:DIVIOB |
| Freja eID Group AB (publ) | FREJA | OM:FREJA |
| Oneflow AB (publ) | ONEF | OM:ONEF |
| Vertiseit AB (publ) | VERT B | OM:VERTB |
| Clavister Holding AB (publ.) | CLAV | OM:CLAV |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 4C | DIVIO B | FREJA | ONEF | VERT B | CLAV | ||
| OM:4C | OM:DIVIOB | OM:FREJA | OM:ONEF | OM:VERTB | OM:CLAV | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | 54.6% | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | 85.8% | NM- | |
| Latest Twelve Months | 165.3% | 60.3% | 59.3% | 21.5% | 9.4% | 45.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 5.8% | -51.5% | -101.0% | -57.2% | 10.9% | -32.4% | |
| Prior Fiscal Year | -1.3% | -30.7% | -61.0% | -70.7% | 8.4% | -19.4% | |
| Latest Fiscal Year | -1.7% | -27.8% | -36.9% | -46.3% | 15.9% | -6.7% | |
| Latest Twelve Months | 10.5% | -12.2% | -20.6% | -37.8% | 9.2% | -6.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.90x | 1.14x | 5.08x | 3.77x | 3.82x | 8.22x | |
| EV / LTM EBITDA | 18.2x | -9.4x | -24.7x | -10.0x | 41.4x | -122.1x | |
| EV / LTM EBIT | 18.0x | -3.7x | -24.1x | -9.6x | 71.2x | -119.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -24.7x | -9.4x | 41.4x | ||||
| Historical EV / LTM EBITDA | -18.3x | -9.5x | -6.7x | ||||
| Selected EV / LTM EBITDA | -67.3x | -70.9x | -74.4x | ||||
| (x) LTM EBITDA | (14) | (14) | (14) | ||||
| (=) Implied Enterprise Value | 911 | 959 | 1,007 | ||||
| (-) Non-shareholder Claims * | (170) | (170) | (170) | ||||
| (=) Equity Value | 741 | 789 | 837 | ||||
| (/) Shares Outstanding | 309.5 | 309.5 | 309.5 | ||||
| Implied Value Range | 2.39 | 2.55 | 2.70 | ||||
| FX Rate: SEK/SEK | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.39 | 2.55 | 2.70 | 4.61 | |||
| Upside / (Downside) | -48.1% | -44.7% | -41.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 4C | DIVIO B | FREJA | ONEF | VERT B | CLAV | |
| Enterprise Value | 708 | 41 | 296 | 716 | 2,319 | 1,597 | |
| (+) Cash & Short Term Investments | 21 | 4 | 24 | 67 | 38 | 64 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 1 | 0 | |
| (-) Debt | (118) | 0 | (19) | (20) | (213) | (234) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 610 | 45 | 300 | 764 | 2,146 | 1,427 | |
| (/) Shares Outstanding | 38.3 | 333.8 | 26.5 | 28.4 | 30.1 | 309.5 | |
| Implied Stock Price | 15.95 | 0.14 | 11.35 | 26.90 | 71.20 | 4.61 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 15.95 | 0.14 | 11.35 | 26.90 | 71.20 | 4.61 | |
| 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 | |