Bera hf. – Valuation as of 1 Mar 2026

Valuation Summary

• The value per share as of 1 March 2026 is estimated at ISK 12.2.
• The valuation is based on a ten-year forecast using the residual income method, with a 10% nominal required return on equity and a 4.5% terminal growth rate (1.5% real).
• The decrease in value from the prior valuation is primarily attributable to higher operating expenses in the updated forecast.

Key Assumptions

• Operating revenue is projected to grow at an average annual rate of 6.5% over the forecast period. Growth is expected to reach 15.5% in 2026/27 due to the impact of acquisitions completed in the fourth quarter of 2025/26, and 5.5% annually thereafter (2.5% real growth).
• Gross profit margin is projected to average 30.8% throughout the forecast period.
• Other operating expenses are projected to average 20.3% of operating revenue.
• Depreciation of property, plant and equipment and leased assets is projected to average 6.6% of operating revenue annually over the forecast period..
• The average cost of debt is 7.8%, with financing in ISK.
• Associates deliver a 10% return on the book value of their equity stake and pay out about 40% of earnings as dividends.
• Income tax is 20%, calculated on profit excluding the share of results from associates.
• Capital expenditures in operating assets and leased assets in fiscal year 2026/27 are based on management’s projections. Thereafter, the book value of operating assets and leased assets is assumed to grow in line with revenue growth. Capital expenditures are projected to average 4.9% of operating revenue annually over the forecast period.
• No dividend payments are assumed in 2026. Thereafter, dividend distributions are assumed to amount to 80–90% of the previous year of the owners’ total comprehensive income.
• The equity ratio is projected to average 43% over the forecast period.
• Other general assumptions are presented under “Valuation”.