TA Associates enters Volue at ~NOK 17bn equity value, up from ~NOK 6.1bn when Volue was taken private in 2024Using the transaction-implied equity value of NOK 107 per AFK share for Volue, our AFK NAV increases from NOK 165/sh to NOK 226/shQ4 EBIT NOK -107m (155m) driven by ENRX Charge impairments; adjusted EBIT NOK 58m (6% margin)Volue delivers 22% recurring revenue growth, continued M&A and margin progressionValuing AFK at an updated P/NAV ~0.85-0.90x suggests a ~20-25% share price reaction