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 16:19.
Starts from TTM through 30 Sep 2026 financials in NOK and a share price of NOK 272.00. Growth begins at 7.4% a year (the valuation's blended assumption) and fades to 2.4% by year 10. Margins held at EBITDA n/a, net 16.1%, free cash flow 15.2% 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; profit and cash flow steady for 3 years.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -1.2% | NOK 11.06 | 1.0% |
| Base | 4.8% | NOK 15.59 | 4.5% |
| Bull | 10.8% | NOK 21.67 | 8.0% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| TTM through 30 Sep 2026 | – | NOK 45.01B | – | NOK 7.24B | NOK 6.84B | 14.48 | 13.68 | 10.00 | 50.13 | 272.00 |
| Year 1 | 4.8% | NOK 47.16B | – | NOK 7.59B | NOK 6.92B | 15.18 | 13.85 | 10.48 | 54.83 | 264.58 |
| Year 2 | 5.8% | NOK 49.90B | – | NOK 8.03B | NOK 7.07B | 16.06 | 14.14 | 11.09 | 59.80 | 258.41 |
| Year 3 | 6.3% | NOK 53.06B | – | NOK 8.54B | NOK 7.24B | 17.07 | 14.49 | 11.79 | 65.09 | 251.79 |
| Year 4 | 5.8% | NOK 56.11B | – | NOK 9.03B | NOK 7.37B | 18.06 | 14.75 | 12.47 | 70.68 | 242.03 |
| Year 5 | 5.2% | NOK 59.03B | – | NOK 9.50B | NOK 7.45B | 19.00 | 14.91 | 13.12 | 76.56 | 229.08 |
| Year 6 | 4.6% | NOK 61.77B | – | NOK 9.94B | NOK 7.80B | 19.88 | 15.60 | 13.72 | 82.72 | 239.71 |
| Year 7 | 4.1% | NOK 64.29B | – | NOK 10.34B | NOK 8.12B | 20.69 | 16.24 | 14.28 | 89.12 | 249.49 |
| Year 8 | 3.5% | NOK 66.55B | – | NOK 10.71B | NOK 8.40B | 21.42 | 16.81 | 14.79 | 95.75 | 258.27 |
| Year 9 | 3.0% | NOK 68.52B | – | NOK 11.03B | NOK 8.65B | 22.05 | 17.31 | 15.22 | 102.58 | 265.92 |
| Year 10 | 2.4% | NOK 70.17B | – | NOK 11.29B | NOK 8.86B | 22.58 | 17.72 | 15.59 | 109.57 | 272.30 |
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.