Esmaeilzadeh Holding-Non-eventful quarter, NAV largely unchanged q/q-06/04/2026

Research evidence excerpt

Esmaeilzadeh Holding-Non-eventful quarter, NAV largely unchanged q/q-06/04/2026

n EHAB’s reported value and 68% ownership, Novedo’s implied EV/EBITDA multiple stands at

~12x based on reported LTM EBITDA of SEK ~338m. In comparison, peers such as Bravida, Instalco, Sdiptech and Vestum are currently

trading around ~8x EBITDA, reflecting ~30% lower valuations.

• Rebellion continues to show improving operational momentum with organic growth for the second consecutive quarter and continued

portfolio streamlining. Based on EHAB’s reported value and ownership, Rebellion’s implied EV/EBITDA multiple stands at ~8.8x based on

reported LTM EBITDA of SEK ~173m, which appears more reasonable relative to peers and underlying performance.

• Assuming valuation multiples in line with publicly listed peers of ~8x EBITDA, EHAB’s three core holdings would have an implied value of

SEK ~1.3bn. Including other assets, total value would amount to ~1.7bn versus current gross debt of ~1.8bn.

• The bonds will step up to SEK ~2.3bn by maturity in 2028 when including PIK interest. Assuming a 2-year monetising period and

bondholders requiring ~20% IRR while valuing underlying asset at current multiples, we expect ~60% coverage, reflecting current bond

pricing.

• Liquidity remains manageable with SEK 126m of liquid assets (~49m cash) including Novedo convertibles. Noting that EHAB’s cost base

runs at SEK ~28m annually, current cash position covers close to 2 years of operations.

• Ultimately, the case remains centred around EHAB’s ability to monetise its core holdings. Reported book values of SEK ~4.9bn provide

theoretical headroom versus gross debt of ~1.8bn. However, on the back of the arguments above, we consider current pricing of ~60%

to fairly reflect asset values of the holdings.