Valuation Result

Final Brand Value

Willys — Retail

Valuation date: 10/29/2026

Total Brand Value

SEK 6.9B

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

Brand Strength

76/100

Royalty Rate

1.1%

Discount Rate

8.2%

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)

8.2%

-1.0%

SEK 8.1B

8.2%

SEK 6.9B

+1.0%

SEK 6.0B

Royalty Rate

1.1%

-0.5%

SEK 3.9B

1.1%

SEK 6.9B

+0.5%

SEK 9.9B

Terminal Growth

1.5%

-0.5%

SEK 6.5B

1.5%

SEK 6.9B

+0.5%

SEK 7.3B

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 46.2B

Legal Protection

79/100

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: 5.0%

Base growth: 2.0%

Long-term growth: 1.5%

Value build

Value for planning period: SEK 1.8B

Terminal value: SEK 5.1B

How the valuation is built

Valuation Build

Royalty Relief DCF

Year	Revenue	Royalty	After Tax	PV
Y1	SEK 48,529,265,400	SEK 553,233,626	SEK 414,925,219	SEK 398,892,804
Y2	SEK 50,955,728,670	SEK 580,895,307	SEK 435,671,480	SEK 387,095,605
Y3	SEK 53,503,515,104	SEK 609,940,072	SEK 457,455,054	SEK 375,647,306
Y4	SEK 54,573,585,406	SEK 622,138,874	SEK 466,604,155	SEK 354,122,229
Y5	SEK 55,665,057,114	SEK 634,581,651	SEK 475,936,238	SEK 333,830,567
Explicit PV (Y1–Y5)				SEK 1,849,588,510
Terminal Value (undiscounted)				SEK 7,210,078,834
Terminal PV (discounted)				SEK 5,057,283,965
Total Brand Value				SEK 6,906,872,475

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

Willys

Prepared reference case

Discount grocery brand case using Willy:s AB net sales as the public proxy for Willys-branded revenue in 2025, excluding the separately branded Eurocash business.

Updated 24 September 2026: The revenue base for this Willys reference case was revised from SEK 48.607bn (Axfood's Willys segment, including Eurocash) to SEK 46.218bn (Willy:s AB 2025 net sales, used as a Willys-only proxy). Following a review of disclosed grocery-banner royalty assumptions and acquisition-based cross-checks, the Willys-specific royalty ceiling was reduced from 3.0% to 1.5%. With brand strength unchanged at 76/100, the selected royalty rate falls from 2.28% to 1.14%, and estimated brand value from SEK 14.5bn to approximately SEK 6.9bn. Growth, tax, legal and discount-rate assumptions are unchanged. The ceiling is a case-specific valuation judgment, not an observed Willys licence rate or a sector-wide maximum.

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 46.218bninferred

Planning growth

5.00% for 3 years, then 2.00%estimated

Long-term growth

1.50%estimated

Royalty rate selected

1.14%estimated

Discount rate

8.20%estimated

Brand Strength

76/100 (B+)estimated

Legal analysis

79/100estimated

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.

Axfood annual and sustainability report 2025

Legal Protection

trademark Status82

scope Of Rights76

risk Profile80

litigation82

contractual Rights78

goodwill Evidence80

regulatory Compliance76

Brand Strength

marketing Investment76

quality78

availability80

distinctive Brand Codes64

mental Availability80

consideration79

trust77

choice Share77

penetration78

price Elasticity67

revenue Premium71

margin Premium70

stability73