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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 5.3x - 5.9x | 5.6x |
| Selected Fwd Revenue Multiple | 3.7x - 4.1x | 3.9x |
| Fair Value | kr2.85 - kr3.20 | kr3.03 |
| Upside | -38.3% - -30.5% | -34.4% |
| 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 Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 4C | DIVIO B | FREJA | ONEF | VERT B | CLAV | |||
| OM:4C | OM:DIVIOB | OM:FREJA | OM:ONEF | OM:VERTB | OM:CLAV | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 13.9% | 14.2% | 8.7% | 59.0% | 41.0% | 9.3% | ||
| 3Y CAGR | 9.5% | 16.3% | 25.0% | 41.3% | 52.6% | 14.0% | ||
| Latest Twelve Months | 27.4% | 22.7% | 20.6% | 24.4% | 71.9% | 19.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 4.4% | -62.1% | -104.2% | -58.7% | 7.0% | -32.2% | ||
| Prior Fiscal Year | -1.7% | -52.8% | -62.2% | -71.8% | 6.5% | -19.5% | ||
| Latest Fiscal Year | -2.1% | -47.9% | -37.5% | -47.2% | 13.9% | -6.8% | ||
| Latest Twelve Months | 10.6% | -30.9% | -21.1% | -39.4% | 5.4% | -6.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.90x | 1.14x | 5.08x | 3.77x | 3.82x | 8.22x | ||
| EV / LTM EBIT | 18.0x | -3.7x | -24.1x | -9.6x | 71.2x | -119.3x | ||
| Price / LTM Sales | 1.64x | 1.27x | 5.17x | 4.01x | 3.54x | 7.38x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.14x | 3.77x | 5.08x | |||||
| Historical EV / LTM Revenue | 2.79x | 4.16x | 4.60x | |||||
| Selected EV / LTM Revenue | 5.33x | 5.61x | 5.89x | |||||
| (x) LTM Revenue | 201 | 201 | 201 | |||||
| (=) Implied Enterprise Value | 1,072 | 1,128 | 1,185 | |||||
| (-) Non-shareholder Claims * | (170) | (170) | (170) | |||||
| (=) Equity Value | 902 | 958 | 1,015 | |||||
| (/) Shares Outstanding | 309.5 | 309.5 | 309.5 | |||||
| Implied Value Range | 2.91 | 3.10 | 3.28 | |||||
| FX Rate: SEK/SEK | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 2.91 | 3.10 | 3.28 | 4.61 | ||||
| Upside / (Downside) | -36.8% | -32.8% | -28.9% | |||||
| 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 | |