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; Fiscal year 2025; Annual financials downloaded 04 Nov 2026 15:22.
Starts from Fiscal year 2025 financials in SEK and a share price of SEK 509.50. Growth begins at 3.0% a year (capped from 7.2% because the latest annual revenue declined) and fades to 2.7% by year 10. Margins held at EBITDA 20.4%, net 5.2%, free cash flow 10.5% 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; annual data only; 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 | 2.2% | SEK 3.23B | 0.1% |
| Base | 8.2% | SEK 4.57B | 3.6% |
| Bull | 14.2% | SEK 6.37B | 7.1% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal year 2025 | – | SEK 30.43B | SEK 6.21B | SEK 1.58B | SEK 3.20B | 23.21 | 47.00 | 14.00 | n/a | 509.50 |
| Year 1 | 8.2% | SEK 32.93B | SEK 6.72B | SEK 1.71B | SEK 3.47B | 25.12 | 50.86 | 15.15 | n/a | 552.66 |
| Year 2 | 5.6% | SEK 34.77B | SEK 7.10B | SEK 1.81B | SEK 3.66B | 26.52 | 53.70 | 16.00 | n/a | 584.95 |
| Year 3 | 2.9% | SEK 35.78B | SEK 7.30B | SEK 1.86B | SEK 3.77B | 27.30 | 55.27 | 16.47 | n/a | 603.56 |
| Year 4 | 2.9% | SEK 36.82B | SEK 7.52B | SEK 1.91B | SEK 3.88B | 28.09 | 56.88 | 16.94 | n/a | 622.55 |
| Year 5 | 2.9% | SEK 37.88B | SEK 7.73B | SEK 1.97B | SEK 3.99B | 28.90 | 58.51 | 17.43 | n/a | 641.93 |
| Year 6 | 2.8% | SEK 38.95B | SEK 7.95B | SEK 2.03B | SEK 4.10B | 29.72 | 60.16 | 17.92 | n/a | 660.11 |
| Year 7 | 2.8% | SEK 40.04B | SEK 8.17B | SEK 2.08B | SEK 4.22B | 30.55 | 61.85 | 18.42 | n/a | 678.60 |
| Year 8 | 2.8% | SEK 41.15B | SEK 8.40B | SEK 2.14B | SEK 4.33B | 31.39 | 63.56 | 18.93 | n/a | 697.37 |
| Year 9 | 2.7% | SEK 42.27B | SEK 8.63B | SEK 2.20B | SEK 4.45B | 32.25 | 65.30 | 19.45 | n/a | 716.43 |
| Year 10 | 2.7% | SEK 43.42B | SEK 8.86B | SEK 2.26B | SEK 4.57B | 33.12 | 67.06 | 19.98 | n/a | 735.78 |
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.