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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal Revenue Multiple | 1.4x - 1.6x | 1.5x |
| Fair Value | kr166.72 - kr188.92 | kr177.64 |
| Upside | 17.3% - 32.9% | 25.0% |
| Select Revenue and EBITDA Forecast | ||||||
| (SEK in millions) | Input Projections | |||||
| Fiscal Years Ending | Nov-24 | Nov-25 | Nov-26 | Nov-27 | Nov-28 | Nov-29 |
| Revenue | 234,478 | 229,785 | 233,531 | 238,756 | 239,587 | 244,239 |
| % Growth | -0.7% | -2.0% | 1.6% | 2.2% | 0.3% | 1.9% |
| EBITDA | 23,849 | 38,380 | 40,773 | 41,685 | 40,998 | 41,905 |
| % of Revenue | 10.2% | 16.7% | 17.5% | 17.5% | 17.1% | 17.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (SEK in millions) | Nov-25 | Nov-26 | Nov-27 | Nov-28 | Nov-29 | |
| EBITDA | 38,380 | 40,773 | 41,685 | 40,998 | 41,905 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (22,154) | (22,580) | (22,395) | (20,862) | (17,032) | |
| EBIT | 16,226 | 18,193 | 19,290 | 20,136 | 24,873 | |
| Pro forma Taxes | (5,030) | (5,640) | (5,980) | (6,242) | (7,710) | |
| NOPAT | 11,995 | 11,196 | 12,553 | 13,310 | 13,894 | 17,162 |
| Capital Expenditures | (10,060) | (11,377) | (11,588) | (11,852) | (11,500) | (11,500) |
| NWC Investment | 12 | 37 | (30) | (41) | (7) | (37) |
| (+) D&A | 6,465 | 22,154 | 22,580 | 22,395 | 20,862 | 17,032 |
| Free Cash Flow | 8,412 | 22,010 | 23,516 | 23,812 | 23,249 | 22,657 |
| % Growth | 162% | 7% | 1% | -2% | -3% | |