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 09:56; TTM through 30 Sep 2026; TTM financials updated 06 Nov 2026 13:22.
Starts from TTM through 30 Sep 2026 financials in NOK and a share price of NOK 325.30. Growth begins at 6.7% a year (the valuation's blended assumption) and fades to 2.4% by year 10. Margins held at EBITDA n/a, net 46.0%, free cash flow -28.3% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.
Confidence: Earnings-based DCF agrees; trailing-twelve-month data.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -0.7% | NOK 321.33 | 4.9% |
| Base | 5.3% | NOK 354.65 | 5.9% |
| Bull | 11.3% | NOK 396.44 | 7.1% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| TTM through 30 Sep 2026 | – | NOK 88.45B | – | NOK 40.65B | -NOK 25.02B | 28.59 | -17.60 | 16.75 | 199.19 | 325.30 |
| Year 1 | 5.3% | NOK 93.11B | – | NOK 42.79B | -NOK 26.34B | 30.09 | -18.52 | 17.63 | 211.66 | 346.51 |
| Year 2 | 5.8% | NOK 98.46B | – | NOK 45.25B | -NOK 27.85B | 31.83 | -19.59 | 18.65 | 224.84 | 369.01 |
| Year 3 | 5.8% | NOK 104.14B | – | NOK 47.86B | -NOK 29.46B | 33.66 | -20.72 | 19.72 | 238.78 | 392.86 |
| Year 4 | 5.3% | NOK 109.65B | – | NOK 50.39B | -NOK 31.02B | 35.44 | -21.82 | 20.76 | 253.46 | 418.04 |
| Year 5 | 4.8% | NOK 114.92B | – | NOK 52.81B | -NOK 32.51B | 37.14 | -22.86 | 21.76 | 268.84 | 444.51 |
| Year 6 | 4.3% | NOK 119.89B | – | NOK 55.10B | -NOK 33.91B | 38.75 | -23.85 | 22.70 | 284.89 | 471.04 |
| Year 7 | 3.8% | NOK 124.49B | – | NOK 57.21B | -NOK 35.22B | 40.24 | -24.77 | 23.58 | 301.55 | 498.60 |
| Year 8 | 3.4% | NOK 128.68B | – | NOK 59.14B | -NOK 36.40B | 41.59 | -25.60 | 24.37 | 318.78 | 527.08 |
| Year 9 | 2.9% | NOK 132.39B | – | NOK 60.84B | -NOK 37.45B | 42.79 | -26.34 | 25.07 | 336.50 | 556.38 |
| Year 10 | 2.4% | NOK 135.57B | – | NOK 62.30B | -NOK 38.35B | 43.82 | -26.97 | 25.67 | 354.65 | 586.39 |
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.