International Consolidated Airlines Group SA

BATS-CHIXE:IAGE

英國 / 工業 / 客運航空

綜觀

股息

5 年 DCF EBITDA 退出價

股價

2.90 EUR

公允價值

3.85 EUR

Metrics	Range	Conclusion
Discount Rate	14.3% - 13.3%	13.8%
Terminal EBITDA Multiple	1.9x - 3.9x	2.9x
Fair Value	€2.87 - €4.86	€3.85
Upside	-14.7% - 44.4%	14.3%

3.9%

Revenue 5y CAGR

21.3%

5y Avg EBITDA Margin

4.3%

Unlevered FCF 5y CAGR

5-Year DCF Model: EBITDA Exit

股價

2.90 EUR

公允價值

3.85 EUR

看漲

14.3%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(EUR in millions)		Input Projections
Fiscal Years Ending	Dec-24	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29

Revenue	32,100	33,656	35,000	36,567	37,710	38,828
% Growth	9.0%	4.8%	4.0%	4.5%	3.1%	3.0%

EBITDA	5,529	7,164	7,556	7,997	7,999	8,057
% of Revenue	17.2%	21.3%	21.6%	21.9%	21.2%	20.8%

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
(EUR in millions)		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29

EBITDA		7,164	7,556	7,997	7,999	8,057
Other Income / (Exp)		0	0	0	0	0
D&A		(2,541)	(2,670)	(2,880)	(2,982)	(2,868)

EBIT		4,623	4,887	5,117	5,017	5,189
Pro forma Taxes		(740)	(782)	(819)	(803)	(830)
NOPAT	3,806	3,884	4,105	4,298	4,214	4,359

Capital Expenditures	(2,816)	(3,700)	(3,700)	(4,500)	(3,983)	(4,085)
NWC Investment	847	498	430	502	366	358
(+) D&A	998	2,541	2,670	2,880	2,982	2,868

Free Cash Flow	2,835	3,222	3,505	3,180	3,579	3,500
% Growth		14%	9%	-9%	13%	-2%

載入錯誤

International Consolidated Airlines Group SA

BATS-CHIXE:IAGE

英國 / 工業 / 客運航空

5 年 DCF EBITDA 退出價