Synsam

In this pitch deck, analysts August Wrigfors and Anton Andersson present a comprehensive
evaluation of Synsam, a leading Nordic optical retailer with a subscription-based offering and
clear potential under private ownership. The continued rollout of EyeView supports faster
store expansion and shorter payback periods, creating identifiable levers for value creation
outside the public markets. Using a comprehensive valuation approach, including DCF, peer
analysis, precedent transactions, and an LBO analysis, the analysts estimate Synsam’s
enterprise value at SEK 15.6–22.0bn.

Key Takeaways
● Synsam trades at a large discount to peers despite a stronger underlying business
profile. The company is moving from a traditional optical retailer toward a broader
eye-care platform, a shift that is not yet fully reflected in the public valuation.

● EyeView improves store economics and supports further expansion. As rollout
continues, the technology increases capacity per store and reduces reliance on
opticians, lowering personnel costs and enabling additional store openings with shorter
payback periods.

● Synsam is well positioned for a take-private transaction. With stable free cash flows,
new market-leading innovations, and supportive market tailwinds, combined with high
institutional ownership and trading at a large discount to peers, position Synsam as an
attractive private equity investment.