Nova Klúbburinn hf. – Valuation as of 1 Jan 2026

Valuation Summary

• The value per share as of 1 January 2026 is estimated at ISK 3.9.
• 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% terminal growth rate (1% real).
• The value per share decreases slightly from the previous valuation. However, the underlying assumptions in the updated forecast have changed.

Key assumptions

• Operating revenues grow by an average of 4.1% per year (0.9% real growth).
• EBITDA averages 21.5% over the forecast period.
• Depreciation and amortisation of operating assets, right-of-use assets and intangible assets (excluding goodwill) average 22% per year.
• The average cost of debt is 6.5%, with financing in ISK.
• Associates generate a 15% return on the book value of its equity interest and distributes approximately 60% of earnings as dividends.
• Corporate income tax is 20%, calculated on profit excluding the share of profit from associates.
• Investment (including right-of-use assets under IFRS 16) averages 12.5% of operating revenue.
• Dividend payments amount to 45% of prior year total comprehensive income in 2026, and 100% thereafter.
• The equity ratio averages 44% over the forecast period and is 40% at the end of the period.
• See other general assumptions under “Valuation.”