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 31 Aug 2026; TTM financials updated 06 Nov 2026 13:18.
Starts from TTM through 31 Aug 2026 financials in SEK and a share price of SEK 177.90. Growth begins at 3.0% a year (capped from 3.7% because the latest annual revenue declined) and fades to 3.0% by year 10. Margins held at EBITDA 18.0%, net 6.0%, free cash flow 12.3% of revenue. Bear and bull move starting growth by 4.3 points and long-run growth by 1 point.
Confidence: Earnings-based DCF disagrees strongly; trailing-twelve-month data; profit and cash flow steady for 3 years; value is more than 1.5x the Earnings-based DCF value; free cash flow is more than 2x earnings, so the cash-flow value may be overstated.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -0.9% | SEK 28.14B | 0.4% |
| Base | 3.4% | SEK 36.58B | 3.1% |
| Bull | 7.7% | SEK 47.19B | 5.7% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| TTM through 31 Aug 2026 | – | SEK 220.84B | SEK 39.73B | SEK 13.20B | SEK 27.05B | 8.27 | 16.95 | 6.80 | 24.74 | 177.90 |
| Year 1 | 3.4% | SEK 228.40B | SEK 41.09B | SEK 13.17B | SEK 27.98B | 8.25 | 17.53 | 6.79 | 26.20 | 178.22 |
| Year 2 | 3.2% | SEK 235.73B | SEK 42.41B | SEK 13.10B | SEK 28.88B | 8.21 | 18.09 | 6.75 | 27.66 | 177.94 |
| Year 3 | 3.0% | SEK 242.80B | SEK 43.68B | SEK 12.99B | SEK 29.74B | 8.14 | 18.63 | 6.70 | 29.10 | 177.05 |
| Year 4 | 3.0% | SEK 250.09B | SEK 44.99B | SEK 12.86B | SEK 30.64B | 8.06 | 19.19 | 6.63 | 30.53 | 175.90 |
| Year 5 | 3.0% | SEK 257.59B | SEK 46.34B | SEK 12.71B | SEK 31.56B | 7.96 | 19.77 | 6.55 | 31.94 | 174.47 |
| Year 6 | 3.0% | SEK 265.32B | SEK 47.74B | SEK 13.09B | SEK 32.50B | 8.20 | 20.36 | 6.75 | 33.39 | 179.70 |
| Year 7 | 3.0% | SEK 273.28B | SEK 49.17B | SEK 13.49B | SEK 33.48B | 8.45 | 20.97 | 6.95 | 34.89 | 185.10 |
| Year 8 | 3.0% | SEK 281.47B | SEK 50.64B | SEK 13.89B | SEK 34.48B | 8.70 | 21.60 | 7.16 | 36.43 | 190.65 |
| Year 9 | 3.0% | SEK 289.92B | SEK 52.16B | SEK 14.31B | SEK 35.52B | 8.96 | 22.25 | 7.37 | 38.02 | 196.37 |
| Year 10 | 3.0% | SEK 298.62B | SEK 53.73B | SEK 14.74B | SEK 36.58B | 9.23 | 22.92 | 7.59 | 39.66 | 202.26 |
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.