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; Fiscal year 2025; Annual financials downloaded 06 Nov 2026 13:21.
Starts from Fiscal year 2025 financials in NOK and a share price of NOK 160.80. Growth begins at 3.0% a year (capped from 4.2% because the latest annual revenue declined) and fades to 2.7% by year 10. Margins held at EBITDA 37.7%, net 19.4%, free cash flow 28.6% 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 2x the price; 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 | -4.6% | NOK 10.83B | -2.6% |
| Base | 1.4% | NOK 15.39B | 0.9% |
| Bull | 7.4% | NOK 21.56B | 4.3% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal year 2025 | – | NOK 49.37B | NOK 18.63B | NOK 9.59B | NOK 14.12B | 22.68 | 33.40 | 0.54 | 73.38 | 160.80 |
| Year 1 | 1.4% | NOK 50.07B | NOK 18.09B | NOK 8.89B | NOK 13.87B | 21.03 | 32.80 | 0.50 | 93.90 | 162.67 |
| Year 2 | 2.2% | NOK 51.16B | NOK 17.66B | NOK 8.23B | NOK 13.71B | 19.47 | 32.43 | 0.46 | 112.91 | 163.20 |
| Year 3 | 2.9% | NOK 52.67B | NOK 17.32B | NOK 7.59B | NOK 13.64B | 17.96 | 32.25 | 0.43 | 130.43 | 162.17 |
| Year 4 | 2.9% | NOK 54.19B | NOK 16.95B | NOK 6.91B | NOK 13.54B | 16.33 | 32.03 | 0.39 | 146.38 | 158.10 |
| Year 5 | 2.9% | NOK 55.75B | NOK 16.53B | NOK 6.17B | NOK 13.43B | 14.60 | 31.75 | 0.35 | 160.63 | 150.76 |
| Year 6 | 2.8% | NOK 57.33B | NOK 17.00B | NOK 6.35B | NOK 13.81B | 15.01 | 32.65 | 0.36 | 175.28 | 155.03 |
| Year 7 | 2.8% | NOK 58.93B | NOK 17.48B | NOK 6.52B | NOK 14.19B | 15.43 | 33.57 | 0.37 | 190.35 | 159.37 |
| Year 8 | 2.8% | NOK 60.56B | NOK 17.96B | NOK 6.71B | NOK 14.59B | 15.86 | 34.50 | 0.38 | 205.83 | 163.78 |
| Year 9 | 2.7% | NOK 62.22B | NOK 18.45B | NOK 6.89B | NOK 14.98B | 16.29 | 35.44 | 0.39 | 221.74 | 168.26 |
| Year 10 | 2.7% | NOK 63.90B | NOK 18.95B | NOK 7.07B | NOK 15.39B | 16.73 | 36.40 | 0.40 | 238.07 | 172.80 |
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.