Sýn hf. – Valuation as of 1 Jan 2026

Valuation Summary

• The value per share as of 1 January 2026 is estimated at ISK 17.1.
• The valuation is based on a ten-year forecast using the residual income method, with a 10% nominal required return on equity and no terminal growth at the end of the forecast period.
• The decrease in value from the prior valuation reflects lower operating revenue in the updated forecast.

Key assumptions

• Operating revenue grows on average by 3.9% per year (0.7% real growth).
• Gross salary expenses amount to 28.5% of operating revenue over the forecast period.
• EBITDA averages 23.4% over the forecast period.
• Depreciation and amortisation of operating assets, right-of-use assets and intangible assets (excluding goodwill) amount to 25% per year.
• The average cost of debt is 6%, consisting of 8% interest on loans from financial institutions and 5% imputed interest on lease liabilities. All financing is denominated in ISK.
• An associate generates a 14% return on the book value of its equity interest and distributes approximately 40% 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 19% of operating revenue.
• No dividends are paid during the forecast period.
• The equity ratio increases over the forecast period, averaging 31%.
• See other general assumptions under “Valuation.”