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 09:57; TTM through 30 Sep 2026; TTM financials updated 06 Nov 2026 13:18.
Starts from TTM through 30 Sep 2026 financials in SEK and a share price of SEK 214.70. Growth begins at 3.0% a year (capped from 7.2% because the latest annual revenue declined) and fades to 2.4% by year 10. Margins held at EBITDA 27.0%, net 20.8%, free cash flow -153.4% 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 | 2.7% | SEK 161.25 | 3.1% |
| Base | 8.7% | SEK 172.56 | 3.8% |
| Bull | 14.7% | SEK 186.75 | 4.6% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| TTM through 30 Sep 2026 | – | SEK 149.18B | SEK 40.21B | SEK 30.97B | -SEK 228.80B | 15.73 | -116.20 | 11.50 | 119.18 | 214.70 |
| Year 1 | 8.7% | SEK 162.11B | SEK 43.70B | SEK 33.65B | -SEK 248.63B | 17.09 | -126.27 | 12.50 | 123.77 | 217.37 |
| Year 2 | 5.8% | SEK 171.51B | SEK 46.23B | SEK 35.60B | -SEK 263.06B | 18.08 | -133.60 | 13.22 | 128.63 | 220.08 |
| Year 3 | 2.9% | SEK 176.43B | SEK 47.56B | SEK 36.62B | -SEK 270.60B | 18.60 | -137.43 | 13.60 | 133.63 | 222.58 |
| Year 4 | 2.8% | SEK 181.37B | SEK 48.89B | SEK 37.65B | -SEK 278.18B | 19.12 | -141.28 | 13.98 | 138.77 | 224.85 |
| Year 5 | 2.7% | SEK 186.33B | SEK 50.23B | SEK 38.68B | -SEK 285.78B | 19.64 | -145.14 | 14.36 | 144.05 | 226.88 |
| Year 6 | 2.7% | SEK 191.30B | SEK 51.57B | SEK 39.71B | -SEK 293.40B | 20.17 | -149.01 | 14.75 | 149.47 | 235.42 |
| Year 7 | 2.6% | SEK 196.27B | SEK 52.91B | SEK 40.74B | -SEK 301.03B | 20.69 | -152.88 | 15.13 | 155.03 | 244.18 |
| Year 8 | 2.5% | SEK 201.24B | SEK 54.25B | SEK 41.78B | -SEK 308.66B | 21.22 | -156.76 | 15.51 | 160.73 | 253.16 |
| Year 9 | 2.5% | SEK 206.21B | SEK 55.59B | SEK 42.81B | -SEK 316.27B | 21.74 | -160.62 | 15.90 | 166.58 | 262.37 |
| Year 10 | 2.4% | SEK 211.16B | SEK 56.92B | SEK 43.83B | -SEK 323.86B | 22.26 | -164.48 | 16.28 | 172.56 | 271.79 |
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.