Valuation Result

Final Brand Value

Apotea — Retail

Valuation date: 10/29/2026

Total Brand Value

SEK 741.6M

This result turns the selected legal, brand, benchmark and discount-rate assumptions into one reviewable brand value estimate.

Brand Strength

78/100

Royalty Rate

0.9%

Discount Rate

10.7%

Benchmark recommendation not unlocked for this result

Sensitivity snapshot

Quick decision check for discount rate, royalty rate and long-term growth.

Variable

Lower input

Current

Higher input

WACC (Discount Rate)

10.7%

-1.0%

SEK 834.7M

10.7%

SEK 741.6M

+1.0%

SEK 667.7M

Royalty Rate

0.9%

-0.5%

SEK 345.5M

0.9%

SEK 741.6M

+0.5%

SEK 1.1B

Terminal Growth

2.0%

-0.5%

SEK 712.4M

2.0%

SEK 741.6M

+0.5%

SEK 774.4M

Brand Strength changes can also be explored to show their potential effect on brand value. Contact info@brandvaluator.se if you want to explore this for strategy, planning and budgeting.

Revenue Base

SEK 7.2B

Legal Protection

72/100

Long-term Growth

2.0%

Recommendation basis

Brand-strength range • Pro

This reference case derives its royalty rate by applying the brand-strength score to a documented industry royalty ceiling.

This valuation uses benchmark support informed by external market references and curated internal calibration.

Use this section to confirm whether the result reflects unlocked benchmark guidance or a non-benchmark method.

Forecast profile

5 years explicit forecast

High growth: 6.0%

Base growth: 3.0%

Long-term growth: 2.0%

Value build

Value for planning period: SEK 243.6M

Terminal value: SEK 498.0M

How the valuation is built

Valuation Build

Royalty Relief DCF

Year	Revenue	Royalty	After Tax	PV
Y1	SEK 7,635,498,000	SEK 71,468,261	SEK 56,745,799	SEK 53,921,491
Y2	SEK 8,093,627,880	SEK 75,756,357	SEK 60,150,547	SEK 51,608,840
Y3	SEK 8,579,245,553	SEK 80,301,738	SEK 63,759,580	SEK 49,395,377
Y4	SEK 8,836,622,919	SEK 82,710,791	SEK 65,672,368	SEK 45,938,824
Y5	SEK 9,101,721,607	SEK 85,192,114	SEK 67,642,539	SEK 42,724,151
Explicit PV (Y1–Y5)				SEK 243,588,684
Terminal Value (undiscounted)				SEK 788,520,539
Terminal PV (discounted)				SEK 498,042,674
Total Brand Value				SEK 741,631,358

Supporting context

This section explains the evidence and judgment used to support the recommendation and the legal, brand and financial assumptions used in the valuation.

Reference case

Apotea

Prepared reference case

Indicative estimate of approximately SEK 0.74bn for the Apotea name. The royalty is constrained by the pharmacy business operating margin; it is not a quoted licence price.

Scope and capacity: the FY2025 group sales proxy includes the Norwegian Apotera business under a different customer-facing name, so the estimate may overstate the Apotea-name sales perimeter. The opening hypothetical royalty of SEK 67.4m consumes 22.6% of reported group EBIT, close to the 25%-of-profit diagnostic for all intellectual property. Logistics, assortment, technology and pharmacy permissions are separate business assets. Legal component scores are outside-in judgments, not a legal opinion.

Informed by numerous sources including company reporting, investor materials, analyst research, market data and selected benchmark references where relevant.

Key inputs

Reported = directly sourced • Estimated = selected judgment • Inferred = derived from broader evidence • Assumed = inclusion choice

Revenue perimeter

SEK 7.2033bnreported

Brand strength

78/100estimated

Royalty and 25% check

0.936%; SEK 67.4m opening royaltyestimated

Legal and rate

72/100; 10.75%estimated

Forecast and external check

6% for three years, then 3%; terminal 2%assumed

Company disclosures

These links lead to company-issued materials. BrandValuator cross-checks indicative estimates against multiple sources; the final assumptions and judgments are our own. Each input is labeled by evidence status above.

Apotea FY2025 year-end report, revenue, EBIT and market share

Legal Protection

trademark Status78

scope Of Rights73

risk Profile65

litigation70

contractual Rights65

goodwill Evidence81

regulatory Compliance72

Brand Strength

marketing Investment77

quality80

availability75

distinctive Brand Codes86

mental Availability84

consideration82

trust79

choice Share83

penetration79

price Elasticity62

revenue Premium64

margin Premium67

stability73