Síminn hf. – Valuation as of 1 Jan 2026

Valuation Summary

• The value per share as of 1 January 2026 is estimated at ISK 11.6.
• The valuation is based on a ten-year forecast using the residual income method, with a 10% nominal required return on equity and a 3.5% terminal growth rate (0.5% real).
• The increase in value from the prior valuation reflects 2025 performance and a higher revenue forecast.

Key assumptions

• The financial forecast reflects the operations of Síminn hf. as currently structured, excluding the acquisition of three new companies announced in the fourth quarter of 2025.
• Operating revenue grows on average by 3.9% per year (0.7% real growth).
• EBITDA averages 24.5% over the forecast period.
• Depreciation and amortisation of operating assets, right-of-use assets and intangible assets (excluding goodwill) amount to 30% per year.
• The average cost of debt is 8%, with financing in ISK.
• Corporate income tax amounts to 20% per year during the forecast period.
• Investment (including right-of-use assets under IFRS 16) averages 14,6% of operating revenue.
• Dividend payments amount to 31% of prior year total comprehensive income in 2026, and 90% thereafter.
• The equity ratio averages 40% over the forecast period.
• See other general assumptions under “Valuation.”