int Knowledge deluxe

Why did PMI buy Swedish Match?

To accelerate its shift away from cigarettes. ZYN gave it the leading position in US nicotine pouches, the fastest-growing smoke-free category, plus a US platform it didn't have.

Why did you sell?

Honestly, I didn't understand what was happening. That's exactly what made me want to learn how deals work.

Tell me about your grades

Circumstances at home affected gymnasium. Since the reset my record speaks for itself: university results, CFA Level 1, Sesam

Why not Big 4 TAS?

TAS verifies one part of a deal, like quality of earnings and diligence. IB owns the whole transaction: valuation, positioning, negotiation and execution."

Why not equity research, given Sesam?

Research values a company from the outside and stops at a recommendation. In IB the valuation is the starting point for something that actually happens: a deal gets structured, negotiated and closed.

Why London?

London is where the largest cross-border M&A and ECM deals are run, including much of the Nordic coverage, and that's the scale I want to learn at.

Why stockholm?

The Nordic market is where I understand the companies best, and working on transactions here puts me close to names I already follow.

Leadership / responsibility

During a week of live-fire exercises I was responsible for access control to the shooting areas. I coordinated four checkpoint patrols and the logistics platoon (rotations, food, shift changes) and reported directly to the battalion commander. The margin for error was zero: one unauthorised person in the area during live fire is a serious incident. We ran the full week without one, and I was commended for it. It taught me to own a process end to end, where the details are the job.

Camurus SOTP

commercial DCF 16.1bn + pipeline rNPV 14.5bn + net cash 3.6bn = 34.2bn equity

571 SEK, 18% upside from 483.60

Camurus WACC

2.85% risk-free + 0.89 beta × 5.9% ERP + 1.25% size premium. No debt, so WACC equals cost of equity

Terminal value Camurus

1% growth. Implied ~9x EV/EBIT (the 11.4x figure is EV/NOPAT)

Key drivers camurus

GEP-NET US, 11.5bn peak sales at 55% PoS, about 7.5bn rNPV

Market-implied pipeline

about 9.3bn, or 64% of my value

If SORENTO fails?

GEP-NET is worth about 158 SEK per share, so my target drops to about 413, below the entry price. The thesis was a probability-weighted bet on SORENTO at 55%, and I'd state that more explicitly now.

Where are the development costs?

In the consolidated opex of the commercial DCF, including the 150 MSEK R&D step-up, rather than deducted per asset.

What would you do differently?

Deduct development costs per asset, label the terminal multiple correctly, and frame the thesis as the market underpricing the pipeline rather than ignoring it.