Companhia de Ferro Ligas da Bahia Ferbasa

BOVESPA:FESA3

巴西 / 材料 / 金屬和採礦

綜觀

股息

5 年 DCF 增長退出價

股價

11.99 BRL

公允價值

10.36 BRL

Metrics	Range	Conclusion
Discount Rate	9.8% - 8.8%	9.3%
Perpetuity Growth Rate	3.5% - 4.5%	4.0%
Fair Value	R$9.32 - R$11.90	R$10.36
Upside	-22.3% - -0.8%	-13.6%

0.0%

Revenue 5y CAGR

20.9%

5y Avg EBITDA Margin

24.3%

Unlevered FCF 5y CAGR

5-Year DCF Model: Gordon Growth Exit

股價

11.99 BRL

公允價值

10.36 BRL

看漲

-13.6%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

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

Revenue	2,237	2,237	2,237	2,237	2,237	2,237
% Growth	-8.1%	0.0%	0.0%	0.0%	0.0%	0.0%

EBITDA	292	468	468	468	468	468
% of Revenue	13.0%	20.9%	20.9%	20.9%	20.9%	20.9%

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
(BRL in millions)		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Terminal

EBITDA		468	468	468	468	468	468
Other Income / (Exp)		0	0	0	0	0	0
D&A		(162)	(162)	(162)	(162)	(162)	(288)

EBIT		306	306	306	306	306	179
Pro forma Taxes		(58)	(58)	(58)	(58)	(58)	(34)
NOPAT	82	248	248	248	248	248	145

Capital Expenditures	(289)	(293)	(303)	(303)	(303)	(303)	(303)
NWC Investment	52	0	0	0	0	0	(23)
(+) D&A	190	162	162	162	162	162	288

Free Cash Flow	36	117	106	106	106	106	107
% Growth		227%	-9%	0%	0%	0%	1%

載入錯誤

Companhia de Ferro Ligas da Bahia Ferbasa

BOVESPA:FESA3

巴西 / 材料 / 金屬和採礦

5 年 DCF 增長退出價