Tecnicas Reunidas

BME:TRE

西班牙 / 能源 / 能源設備和服務

綜觀

股息

10 年 DCF 收入退出價

股價

16.01 EUR

公允價值

26.57 EUR

Metrics	Range	Conclusion
Discount Rate	10.5% - 9.5%	10.0%
Terminal Revenue Multiple	0.4x - 0.4x	0.4x
Fair Value	€25.44 - €27.77	€26.57
Upside	58.9% - 73.5%	66.0%

1.0%

Revenue 10y CAGR

5.6%

10y Avg EBITDA Margin

3.4%

Unlevered FCF 10y CAGR

10-Year DCF Model: Revenue Exit

股價

16.01 EUR

公允價值

26.57 EUR

看漲

66.0%

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	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

Revenue	4,451	5,211	5,485	5,148	4,929	4,929	4,929	4,929	4,929	4,929	4,929
% Growth	7.6%	17.1%	5.3%	-6.1%	-4.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

EBITDA	189	271	301	294	281	281	281	281	281	281	281
% of Revenue	4.2%	5.2%	5.5%	5.7%	5.7%	5.7%	5.7%	5.7%	5.7%	5.7%	5.7%

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
		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

EBITDA		271	301	294	281	281	281	281	281	281	281
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(33)	(23)	(29)	(33)	(33)	(33)	(33)	(33)	(33)	(33)

EBIT		238	278	265	248	248	248	248	248	248	248
Pro forma Taxes		(90)	(106)	(101)	(94)	(94)	(94)	(94)	(94)	(94)	(94)
NOPAT	112	148	172	164	154	154	154	154	154	154	154

Capital Expenditures	(7)	(10)	(10)	(14)	(6)	(10)	(10)	(9)	(9)	(9)	(9)
NWC Investment	15	36	13	(16)	(10)	0	0	0	0	0	0
(+) D&A	7	33	23	29	33	33	33	33	33	33	33

Free Cash Flow	128	206	198	164	170	177	177	178	178	178	178
% Growth			-4%	-17%	4%	4%	0%	1%	0%	0%	0%

載入錯誤

Tecnicas Reunidas

BME:TRE

西班牙 / 能源 / 能源設備和服務

10 年 DCF 收入退出價