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 12:42.
Starts from TTM through 30 Sep 2026 financials in NOK and a share price of NOK 124.00. Growth begins at 11.6% a year (the valuation's blended assumption) and fades to 2.5% by year 10. Margins held at EBITDA 57.4%, net 6.5%, free cash flow 12.2% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.
Confidence: Earnings-based DCF is somewhat apart; trailing-twelve-month data; profit and cash flow steady for 3 years; value is more than 1.5x the Earnings-based DCF value; cyclical business: current cash flow is a poor guide to the cycle.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -0.7% | NOK 2.99B | 6.7% |
| Base | 5.4% | NOK 4.19B | 10.4% |
| Bull | 11.4% | NOK 5.80B | 14.0% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| TTM through 30 Sep 2026 | – | NOK 12.80B | NOK 7.35B | NOK 828.07M | NOK 1.56B | 4.21 | 7.94 | 0.62 | 91.67 | 124.00 |
| Year 1 | 5.4% | NOK 13.49B | NOK 7.81B | NOK 776.60M | NOK 1.80B | 3.95 | 9.18 | 0.58 | 95.04 | 114.33 |
| Year 2 | 8.0% | NOK 14.56B | NOK 8.50B | NOK 735.00M | NOK 2.12B | 3.74 | 10.78 | 0.55 | 98.23 | 106.34 |
| Year 3 | 9.6% | NOK 15.95B | NOK 9.40B | NOK 691.97M | NOK 2.51B | 3.52 | 12.76 | 0.52 | 101.24 | 98.37 |
| Year 4 | 8.5% | NOK 17.31B | NOK 10.29B | NOK 628.16M | NOK 2.92B | 3.20 | 14.88 | 0.47 | 103.96 | 87.71 |
| Year 5 | 7.5% | NOK 18.62B | NOK 11.16B | NOK 543.31M | NOK 3.36B | 2.76 | 17.12 | 0.41 | 106.32 | 74.48 |
| Year 6 | 6.5% | NOK 19.83B | NOK 11.88B | NOK 578.79M | NOK 3.58B | 2.95 | 18.24 | 0.43 | 108.83 | 79.35 |
| Year 7 | 5.5% | NOK 20.93B | NOK 12.54B | NOK 610.76M | NOK 3.78B | 3.11 | 19.25 | 0.46 | 111.49 | 83.73 |
| Year 8 | 4.5% | NOK 21.88B | NOK 13.11B | NOK 638.34M | NOK 3.95B | 3.25 | 20.11 | 0.48 | 114.26 | 87.51 |
| Year 9 | 3.5% | NOK 22.64B | NOK 13.57B | NOK 660.73M | NOK 4.09B | 3.36 | 20.82 | 0.49 | 117.12 | 90.58 |
| Year 10 | 2.5% | NOK 23.21B | NOK 13.91B | NOK 677.25M | NOK 4.19B | 3.45 | 21.34 | 0.51 | 120.06 | 92.85 |
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.