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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -3.7x - -4.1x | -3.9x |
| Selected Fwd EBITDA Multiple | 4.9x - 5.4x | 5.1x |
| Fair Value | kr97.29 - kr109.55 | kr103.42 |
| Upside | -9.0% - 2.5% | -3.3% |
| Benchmarks | Ticker | Full Ticker |
| Modern Times Group MTG AB | MTG B | OM:MTGB |
| Stillfront Group AB (publ) | SF | OM:SF |
| Starbreeze AB (publ) | STAR B | OM:STARB |
| Enad Global 7 AB (publ) | EG7 | OM:EG7 |
| G5 Entertainment AB (publ) | G5EN | OM:G5EN |
| Embracer Group AB (publ) | EMBRAC B | OM:EMBRACB |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MTG B | SF | STAR B | EG7 | G5EN | EMBRAC B | ||
| OM:MTGB | OM:SF | OM:STARB | OM:EG7 | OM:G5EN | OM:EMBRACB | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 91.7% | 22.7% | NM- | 163.8% | 13.2% | NM- | |
| 3Y CAGR | 14.2% | -2.4% | 98.8% | 22.1% | -19.0% | NM- | |
| Latest Twelve Months | 3.0% | -2.7% | -48.3% | -4.7% | 0.7% | -175.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 18.8% | 23.8% | 15.6% | 15.0% | 11.5% | 12.1% | |
| Prior Fiscal Year | 24.6% | 19.7% | 33.6% | 21.9% | 9.1% | 16.0% | |
| Latest Fiscal Year | 24.5% | 20.1% | 59.3% | 22.6% | 10.6% | -9.6% | |
| Latest Twelve Months | 24.5% | 20.1% | 59.3% | 22.6% | 10.6% | -16.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.59x | 0.90x | 0.59x | 0.43x | 0.59x | 0.74x | |
| EV / LTM EBITDA | 6.5x | 4.5x | 1.0x | 1.9x | 5.5x | -4.5x | |
| EV / LTM EBIT | 10.6x | 9.1x | -0.6x | -5.9x | 5.7x | -2.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 1.0x | 4.5x | 6.5x | ||||
| Historical EV / LTM EBITDA | 6.0x | 24.3x | 43.6x | ||||
| Selected EV / LTM EBITDA | -3.7x | -3.9x | -4.1x | ||||
| (x) LTM EBITDA | (6,169) | (6,169) | (6,169) | ||||
| (=) Implied Enterprise Value | 22,868 | 24,071 | 25,275 | ||||
| (-) Non-shareholder Claims * | (4,335) | (4,335) | (4,335) | ||||
| (=) Equity Value | 18,533 | 19,736 | 20,940 | ||||
| (/) Shares Outstanding | 225.1 | 225.1 | 225.1 | ||||
| Implied Value Range | 82.33 | 87.68 | 93.03 | ||||
| FX Rate: SEK/SEK | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 82.33 | 87.68 | 93.03 | 106.92 | |||
| Upside / (Downside) | -23.0% | -18.0% | -13.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MTG B | SF | STAR B | EG7 | G5EN | EMBRAC B | |
| Enterprise Value | 9,331 | 6,408 | 96 | 779 | 665 | 28,402 | |
| (+) Cash & Short Term Investments | 3,543 | 957 | 192 | 322 | 276 | 3,041 | |
| (+) Investments & Other | 1,289 | 0 | 0 | 0 | 37 | 755 | |
| (-) Debt | (753) | (4,893) | (18) | (69) | (2) | (7,228) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (903) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 13,410 | 2,472 | 271 | 1,031 | 976 | 24,067 | |
| (/) Shares Outstanding | 117.8 | 502.3 | 1,476.8 | 88.6 | 7.8 | 225.1 | |
| Implied Stock Price | 113.80 | 4.92 | 0.18 | 11.64 | 125.20 | 106.92 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 113.80 | 4.92 | 0.18 | 11.64 | 125.20 | 106.92 | |
| Trading Currency | SEK | SEK | SEK | SEK | SEK | SEK | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |