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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.1x - 13.4x | 12.8x |
| Selected Fwd EBIT Multiple | 10.6x - 11.7x | 11.2x |
| Fair Value | kr89.85 - kr111.77 | kr100.81 |
| Upside | 2.7% - 27.7% | 15.2% |
| Benchmarks | Ticker | Full Ticker |
| Cedergrenska AB (publ) | CEDER | OM:CEDER |
| HomeMaid AB (publ) | HOME B | XSAT:HOMEB |
| Tellusgruppen AB (publ) | TELLUS | OM:TELLUS |
| eEducation Albert AB (publ) | ALBERT | OM:ALBERT |
| Trainimal AB (publ) | TRML | NGM:TRML |
| AcadeMedia AB (publ) | ACAD | OM:ACAD |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CEDER | HOME B | TELLUS | ALBERT | TRML | ACAD | ||
| OM:CEDER | XSAT:HOMEB | OM:TELLUS | OM:ALBERT | NGM:TRML | OM:ACAD | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -0.8% | 40.7% | NM- | NM- | NM- | 19.0% | |
| 3Y CAGR | -14.6% | 19.2% | NM- | NM- | NM- | 8.5% | |
| Latest Twelve Months | 330.3% | 84.5% | 109.4% | 2.8% | 73.7% | 22.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.7% | 6.4% | -1.6% | -69.5% | -17.5% | 8.6% | |
| Prior Fiscal Year | 0.1% | 5.0% | -2.9% | -54.6% | -7.3% | 8.5% | |
| Latest Fiscal Year | 2.3% | 7.3% | -2.9% | -63.3% | -2.1% | 8.7% | |
| Latest Twelve Months | 3.2% | 7.9% | 0.4% | -59.4% | -2.1% | 9.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.47x | 1.42x | 0.16x | 0.15x | 0.21x | 1.09x | |
| EV / LTM EBITDA | 5.5x | 16.0x | 2.6x | -0.4x | 1.6x | 9.8x | |
| EV / LTM EBIT | 14.9x | 18.1x | 38.6x | -0.3x | -10.2x | 11.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -10.2x | 14.9x | 38.6x | ||||
| Historical EV / LTM EBIT | 10.9x | 12.9x | 19.4x | ||||
| Selected EV / LTM EBIT | 12.1x | 12.8x | 13.4x | ||||
| (x) LTM EBIT | 1,723 | 1,723 | 1,723 | ||||
| (=) Implied Enterprise Value | 20,930 | 22,032 | 23,134 | ||||
| (-) Non-shareholder Claims * | (11,714) | (11,714) | (11,714) | ||||
| (=) Equity Value | 9,216 | 10,318 | 11,420 | ||||
| (/) Shares Outstanding | 99.0 | 99.0 | 99.0 | ||||
| Implied Value Range | 93.08 | 104.21 | 115.34 | ||||
| FX Rate: SEK/SEK | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 93.08 | 104.21 | 115.34 | 87.50 | |||
| Upside / (Downside) | 6.4% | 19.1% | 31.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CEDER | HOME B | TELLUS | ALBERT | TRML | ACAD | |
| Enterprise Value | 493 | 730 | 74 | 28 | 3 | 20,378 | |
| (+) Cash & Short Term Investments | 42 | 35 | 20 | 55 | 1 | 1,001 | |
| (+) Investments & Other | 0 | 0 | 12 | 0 | 0 | 0 | |
| (-) Debt | 0 | (71) | (19) | (8) | 0 | (12,715) | |
| (-) Other Liabilities | (1) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 534 | 694 | 87 | 75 | 4 | 8,664 | |
| (/) Shares Outstanding | 14.0 | 19.0 | 17.8 | 25.1 | 2.3 | 99.0 | |
| Implied Stock Price | 38.00 | 36.60 | 4.92 | 3.00 | 1.55 | 87.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 38.00 | 36.60 | 4.92 | 3.00 | 1.55 | 87.50 | |
| 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 | |