Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.
Price updated 06 Nov 2026 14:47; TTM through 30 Sep 2026; TTM financials updated 06 Nov 2026 12:43.
Starts from TTM through 30 Sep 2026 financials in NOK and a share price of NOK 314.00. Growth begins at 2.9% a year (the valuation's blended assumption) and fades to 2.5% by year 10. Margins held at EBITDA 86.9%, net 16.4%, free cash flow 12.6% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.
Confidence: Earnings-based DCF disagrees strongly; trailing-twelve-month data; cyclical business: current cash flow is a poor guide to the cycle.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -11.5% | NOK 18.03B | 1.6% |
| Base | -5.5% | NOK 25.81B | 5.3% |
| Bull | 0.5% | NOK 36.39B | 9.0% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| TTM through 30 Sep 2026 | – | NOK 121.62B | NOK 105.75B | NOK 19.95B | NOK 15.36B | 31.60 | 24.33 | 2.62 | 181.89 | 314.00 |
| Year 1 | -5.5% | NOK 114.92B | NOK 98.44B | NOK 17.85B | NOK 15.85B | 28.28 | 25.11 | 2.34 | 207.83 | 271.65 |
| Year 2 | -1.3% | NOK 113.39B | NOK 95.67B | NOK 16.63B | NOK 16.96B | 26.35 | 26.88 | 2.18 | 232.00 | 244.35 |
| Year 3 | 2.8% | NOK 116.58B | NOK 96.86B | NOK 16.09B | NOK 18.80B | 25.49 | 29.78 | 2.11 | 255.38 | 227.93 |
| Year 4 | 2.8% | NOK 119.81B | NOK 98.00B | NOK 15.49B | NOK 20.72B | 24.54 | 32.82 | 2.03 | 277.89 | 211.39 |
| Year 5 | 2.7% | NOK 123.07B | NOK 99.08B | NOK 14.85B | NOK 22.72B | 23.52 | 35.99 | 1.95 | 299.46 | 194.79 |
| Year 6 | 2.7% | NOK 126.36B | NOK 101.73B | NOK 15.24B | NOK 23.33B | 24.15 | 36.95 | 2.00 | 321.62 | 200.01 |
| Year 7 | 2.6% | NOK 129.69B | NOK 104.41B | NOK 15.64B | NOK 23.94B | 24.79 | 37.93 | 2.05 | 344.35 | 205.27 |
| Year 8 | 2.6% | NOK 133.05B | NOK 107.12B | NOK 16.05B | NOK 24.56B | 25.43 | 38.91 | 2.10 | 367.67 | 210.59 |
| Year 9 | 2.5% | NOK 136.44B | NOK 109.84B | NOK 16.46B | NOK 25.18B | 26.07 | 39.90 | 2.16 | 391.59 | 215.94 |
| Year 10 | 2.5% | NOK 139.85B | NOK 112.59B | NOK 16.87B | NOK 25.81B | 26.73 | 40.90 | 2.21 | 416.10 | 221.34 |
EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.