13 Comments
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Pranjal's avatar

The rate rate will increase from 2026. That reduces the cash flows by another 10%.

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Wolf of Harcourt Street's avatar

Sorry don’t understand the comment, can you clarify?

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Wayne Wang's avatar

Thank you for sharing your wonderful work! I am curious how did you account the 2% shares dilution in the DCF model?

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Wolf of Harcourt Street's avatar

Thanks for the feedback. The shares outstanding at the end of 2024 have been increased by 2%.

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Niurn's avatar

Why ? They are pursuing buybacks quite agressively.

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Wolf of Harcourt Street's avatar

You can’t net buybacks and dilution. Dilution happens regardless of buybacks. The buybacks happen from the FCF generated in the calculation which is available to shareholders.

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MB's avatar

Incredibly useful article - thank you.

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Wolf of Harcourt Street's avatar

Thank you for the feedback 👍

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DK's avatar

Is EVO.ST the most liquid one?

Do you buy on Stockholm directly or OTC?

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Wolf of Harcourt Street's avatar

Yes I buy EVO.ST directly as Stockholm is the primary exchange.

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DK's avatar

Thank you.

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Marcin's avatar

Dziękuję! :)

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Wolf of Harcourt Street's avatar

My pleasure 👍

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