Valuation Result

Final Brand Value

Systembolaget — Retail

Valuation date: 10/29/2026

Total Brand Value

SEK 14.5B

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

Brand Strength

75/100

Royalty Rate

4.7%

Discount Rate

7.0%

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)

7.0%

-1.0%

SEK 17.0B

7.0%

SEK 14.5B

+1.0%

SEK 12.6B

Royalty Rate

4.7%

-0.5%

SEK 12.9B

4.7%

SEK 14.5B

+0.5%

SEK 16.0B

Terminal Growth

0.5%

-0.5%

SEK 13.7B

0.5%

SEK 14.5B

+0.5%

SEK 15.4B

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 24.5B

Legal Protection

82/100

Long-term Growth

0.5%

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: 0.0%

Base growth: 1.0%

Long-term growth: 0.5%

Value build

Value for planning period: SEK 3.9B

Terminal value: SEK 10.6B

How the valuation is built

Valuation Build

Royalty Relief DCF

Year	Revenue	Royalty	After Tax	PV
Y1	SEK 24,455,000,000	SEK 1,146,328,125	SEK 910,184,531	SEK 879,908,680
Y2	SEK 24,455,000,000	SEK 1,146,328,125	SEK 910,184,531	SEK 822,344,715
Y3	SEK 24,455,000,000	SEK 1,146,328,125	SEK 910,184,531	SEK 768,546,606
Y4	SEK 24,699,550,000	SEK 1,157,791,406	SEK 919,286,377	SEK 725,450,670
Y5	SEK 24,946,545,500	SEK 1,169,369,320	SEK 928,479,240	SEK 684,771,321
Explicit PV (Y1–Y5)				SEK 3,881,021,993
Terminal Value (undiscounted)				SEK 14,355,761,657
Terminal PV (discounted)				SEK 10,587,650,702
Total Brand Value				SEK 14,468,672,695

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

Systembolaget

Prepared reference case

Hypothetical value of the Systembolaget retail name on Swedish sales excluding alcohol excise. The statutory monopoly is excluded: the exclusive right to sell alcohol is not a transferable trademark right. This is not the value of the company, its stores, supplier relationships or public mandate.

Updated 18 October 2026: The 75/100 brand-strength score is an outside-in analyst estimate that does not credit the name with demand created by statutory exclusivity. At an assumed 6.25% ceiling, the selected 4.6875% royalty implies about SEK 1.146bn in annual rent. This is a hypothetical scenario, not an observed trademark licence or a feasible current licence price; it is not supported by current operating profit. The legal assessment is 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 base

SEK 24.455bn FY2025 sales excluding alcohol exciseinferred

Planning growth

0.00% for 3 years, then 1.00%estimated

Long-term growth

0.50%estimated

Royalty rate selected

4.69%estimated

Discount rate

7.00%estimated

Brand Strength

75/100 (B+)estimated

Legal analysis

82/100estimated

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.

Systembolaget 2025 year-end report: sales, excise, gross profit and EBIT Systembolaget 2025 transparency report: monopoly-business result

Legal Protection

trademark Status85

scope Of Rights90

risk Profile75

litigation80

contractual Rights65

goodwill Evidence92

regulatory Compliance90

Brand Strength

marketing Investment70

quality84

availability98

distinctive Brand Codes89

mental Availability95

consideration82

trust88

choice Share70

penetration75

price Elasticity45

revenue Premium50

margin Premium35

stability82