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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 22,8x - 25,2x | 24,0x |
| Selected Fwd EBITDA Multiple | 14,8x - 16,4x | 15,6x |
| Fair Value | kr345,40 - kr381,05 | kr363,22 |
| Upside | -31,6% - -24,5% | -28,0% |
| Benchmarks | Ticker | Full Ticker |
| MilDef Group AB (publ) | MILDEF | OM:MILDEF |
| RTX Corporation | 5UR | DB:5UR |
| Kongsberg Gruppen ASA | KOGO | OM:KOGO |
| Dassault Aviation société anonyme | AM | ENXTPA:AM |
| General Dynamics Corporation | GDX | DB:GDX |
| Saab AB (publ) | SAABBS | BATS-CHIXE:SAABBS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MILDEF | 5UR | KOGO | AM | GDX | SAABBS | ||
| OM:MILDEF | DB:5UR | OM:KOGO | ENXTPA:AM | DB:GDX | BATS-CHIXE:SAABBS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 43.0% | 8.7% | 33.8% | -6.2% | 1.0% | 14.0% | |
| 3Y CAGR | 204.0% | 4.7% | 26.8% | -0.5% | 2.4% | 21.0% | |
| Latest Twelve Months | 72.9% | 51.2% | 29.5% | 32.9% | 18.4% | 26.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 10.2% | 15.1% | 13.0% | 10.1% | 12.7% | 9.4% | |
| Prior Fiscal Year | 10.7% | 14.1% | 13.1% | 10.3% | 10.8% | 10.8% | |
| Latest Fiscal Year | 15.2% | 15.9% | 14.8% | 10.6% | 11.9% | 10.5% | |
| Latest Twelve Months | 13.0% | 16.8% | 15.1% | 10.5% | 12.1% | 11.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.86x | 2.97x | 4.68x | 1.29x | 1.86x | 3.81x | |
| EV / LTM EBITDA | 45.2x | 17.6x | 31.0x | 12.3x | 15.4x | 34.3x | |
| EV / LTM EBIT | 77.0x | 25.5x | 34.5x | 15.9x | 18.1x | 42.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 12.3x | 17.6x | 45.2x | ||||
| Historical EV / LTM EBITDA | 9.6x | 13.9x | 18.6x | ||||
| Selected EV / LTM EBITDA | 22.8x | 24.0x | 25.2x | ||||
| (x) LTM EBITDA | 7,770 | 7,770 | 7,770 | ||||
| (=) Implied Enterprise Value | 177,257 | 186,586 | 195,915 | ||||
| (-) Non-shareholder Claims * | 3,615 | 3,615 | 3,615 | ||||
| (=) Equity Value | 180,872 | 190,201 | 199,530 | ||||
| (/) Shares Outstanding | 536.6 | 536.6 | 536.6 | ||||
| Implied Value Range | 337.04 | 354.43 | 371.81 | ||||
| FX Rate: SEK/SEK | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 337.04 | 354.43 | 371.81 | 504.65 | |||
| Upside / (Downside) | -33.2% | -29.8% | -26.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MILDEF | 5UR | KOGO | AM | GDX | SAABBS | |
| Enterprise Value | 8,151 | 248,215 | 603,210 | 8,702 | 93,763 | 267,201 | |
| (+) Cash & Short Term Investments | 200 | 4,782 | 14,385 | 9,572 | 1,523 | 7,934 | |
| (+) Investments & Other | 0 | 0 | 4,584 | 2,940 | 0 | 5,911 | |
| (-) Debt | (718) | (43,595) | (5,313) | (204) | (10,619) | (9,904) | |
| (-) Other Liabilities | 0 | (1,849) | (635) | 0 | 0 | (326) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,633 | 207,553 | 616,231 | 21,010 | 84,667 | 270,816 | |
| (/) Shares Outstanding | 47.1 | 1,338.5 | 2,058.9 | 78.2 | 268.6 | 536.6 | |
| Implied Stock Price | 162.00 | 155.06 | 299.30 | 268.60 | 315.23 | 504.65 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.16 | 1.00 | 1.00 | 1.16 | 1.00 | |
| Implied Stock Price (Trading Cur) | 162.00 | 133.18 | 299.30 | 268.60 | 270.75 | 504.65 | |
| Trading Currency | SEK | EUR | NOK | EUR | EUR | SEK | |
| FX Rate to Reporting Currency | 1.00 | 1.16 | 1.00 | 1.00 | 1.16 | 1.00 | |