Morixe Hermanos SACI

BASE:MORI

阿根廷 / 必需消費品 / 食物產品

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股息

10 年 DCF 增長退出價

股價

263.50 ARS

公允價值

365.16 ARS

Metrics	Range	Conclusion
Discount Rate	10.5% - 9.5%	10.0%
Perpetuity Growth Rate	1.3% - 2.3%	1.8%
Fair Value	ARS 337.61 - ARS 399.82	ARS 365.16
Upside	28.1% - 51.7%	38.6%

0.0%

Revenue 10y CAGR

13.0%

10y Avg EBITDA Margin

-5.3%

Unlevered FCF 10y CAGR

10-Year DCF Model: Gordon Growth Exit

股價

263.50 ARS

公允價值

365.16 ARS

看漲

38.6%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(ARS in millions)		Input Projections
Fiscal Years Ending	Dec-24	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

Revenue	103,964	103,964	103,964	103,964	103,964	103,964	103,964	103,964	103,964	103,964	103,964
% Growth	-12.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

EBITDA	16,810	13,490	13,490	13,490	13,490	13,490	13,490	13,490	13,490	13,490	13,490
% of Revenue	16.2%	13.0%	13.0%	13.0%	13.0%	13.0%	13.0%	13.0%	13.0%	13.0%	13.0%

支援算式

Calculation of Free Cash Flow

Discounting Periods

Discounting Factors

Calculation of Enterprise Value

Equity Waterfall

Historical Financials

Current Trading Multiples


Calculation of Free Cash Flow

Projected Unlevered Cash Flow
(ARS in millions)		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34	Terminal

EBITDA		13,490	13,490	13,490	13,490	13,490	13,490	13,490	13,490	13,490	13,490	13,490
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0	0
D&A		(1,104)	(1,104)	(1,104)	(1,104)	(1,104)	(1,104)	(1,104)	(1,104)	(1,104)	(1,104)	(1,434)

EBIT		12,386	12,386	12,386	12,386	12,386	12,386	12,386	12,386	12,386	12,386	12,056
Pro forma Taxes		(2,601)	(2,601)	(2,601)	(2,601)	(2,601)	(2,601)	(2,601)	(2,601)	(2,601)	(2,601)	(2,532)
NOPAT	12,161	9,785	9,785	9,785	9,785	9,785	9,785	9,785	9,785	9,785	9,785	9,524

Capital Expenditures	(617)	(1,509)	(1,509)	(1,509)	(1,509)	(1,509)	(1,509)	(1,509)	(1,509)	(1,509)	(1,509)	(1,509)
NWC Investment	3,285	0	0	0	0	0	0	0	0	0	0	(395)
(+) D&A	1,416	1,104	1,104	1,104	1,104	1,104	1,104	1,104	1,104	1,104	1,104	1,434

Free Cash Flow	16,245	9,379	9,379	9,379	9,379	9,379	9,379	9,379	9,379	9,379	9,379	9,053
% Growth		-42%	0%	0%	0%	0%	0%	0%	0%	0%	0%	-3%

載入錯誤

Morixe Hermanos SACI

BASE:MORI

阿根廷 / 必需消費品 / 食物產品

10 年 DCF 增長退出價