Valuation Result

Final Brand Value

KIWI — Retail

Valuation date: 10/30/2026

Total Brand Value

NOK 3.7B

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

Brand Strength

77/100

Royalty Rate

0.5%

Discount Rate

8.8%

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)

8.8%

-1.0%

NOK 4.3B

8.8%

NOK 3.7B

+1.0%

NOK 3.3B

Royalty Rate

0.5%

-0.5%

NOK 268.2M

0.5%

NOK 3.7B

+0.5%

NOK 7.1B

Terminal Growth

1.5%

-0.5%

NOK 3.5B

1.5%

NOK 3.7B

+0.5%

NOK 3.9B

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

NOK 57.5B

Legal Protection

74/100

Long-term Growth

1.5%

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: 3.0%

Base growth: 2.0%

Long-term growth: 1.5%

Value build

Value for planning period: NOK 1.1B

Terminal value: NOK 2.6B

How the valuation is built

Valuation Build

Royalty Relief DCF

Year	Revenue	Royalty	After Tax	PV
Y1	NOK 59,225,000,000	NOK 319,222,750	NOK 248,993,745	NOK 238,766,726
Y2	NOK 61,001,750,000	NOK 328,799,433	NOK 256,463,557	NOK 226,142,278
Y3	NOK 62,831,802,500	NOK 338,663,415	NOK 264,157,464	NOK 214,185,330
Y4	NOK 64,088,438,550	NOK 345,436,684	NOK 269,440,613	NOK 200,891,069
Y5	NOK 65,370,207,321	NOK 352,345,417	NOK 274,829,426	NOK 188,421,968
Explicit PV (Y1–Y5)				NOK 1,068,407,371
Terminal Value (undiscounted)				NOK 3,847,611,959
Terminal PV (discounted)				NOK 2,637,907,548
Total Brand Value				NOK 3,706,314,919

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

KIWI

Prepared reference case

Indicative value of the KIWI grocery banner in Norway. MENY, SPAR, Joker, ASKO, Trumf, private labels, stores and enterprise value are excluded.

No KIWI-level EBIT is published; the retail-segment EBIT of NOK 2.291bn is allocated by KIWI's 56.7% share of concept-chain sales. KIWI had a 24.3% Norwegian grocery share in 2025. The NOK 2.3bn price-hunter fine against NorgesGruppen is under appeal and lowers the legal and regulatory scores. The 0.70% name-only ceiling and 0.539% selected royalty are analyst assumptions, not an observed licence. Opening hypothetical rent of NOK 309.9m is about 23.7% of NOK 1.306bn KIWI share (56.7% of chain sales) of NorgesGruppen retail-segment EBIT (inferred); this is not a matched name-profit test. Legal and behavioural inputs are outside-in estimates, not a trademark opinion or customer survey.

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 base

NOK 57.5bn FY2025 KIWI chain salesreported

Planning growth

3.00% for 3 years, then 2.00%estimated

Long-term growth

1.50%estimated

Royalty rate selected

0.54%estimated

Discount rate

8.75%estimated

Brand Strength

77/100 (B+)estimated

Legal analysis

74/100estimated

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.

NorgesGruppen Årsrapport 2025, KIWI chain page and Note 4 Segmentinformasjon

Legal Protection

trademark Status84

scope Of Rights80

risk Profile68

litigation62

contractual Rights78

goodwill Evidence82

regulatory Compliance64

Brand Strength

marketing Investment78

quality76

availability86

distinctive Brand Codes82

mental Availability84

consideration80

trust76

choice Share80

penetration82

price Elasticity62

revenue Premium58

margin Premium62

stability78