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TAV Havalimanlari Holding A.S.

BST:5THA

土耳其 / 工業 / 交通基礎設施

綜觀

5 年 DCF EBITDA 退出價

股價

24.00 EUR

公允價值

35.30 EUR

Metrics	Range	Conclusion
Discount Rate	10.0% - 9.0%	9.5%
Terminal EBITDA Multiple	4.8x - 6.8x	5.8x
Fair Value	€30.46 - €40.34	€35.30
Upside	26.9% - 68.1%	47.1%

7.7%

Revenue 5y CAGR

30.1%

5y Avg EBITDA Margin

27.6%

Unlevered FCF 5y CAGR

5-Year DCF Model: EBITDA Exit

股價

24.00 EUR

公允價值

35.30 EUR

看漲

47.1%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

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

Revenue	59,211	81,065	88,688	87,803	83,936	85,715
% Growth	72.0%	36.9%	9.4%	-1.0%	-4.4%	2.1%

EBITDA	15,837	24,680	27,771	25,776	25,346	24,868
% of Revenue	26.7%	30.4%	31.3%	29.4%	30.2%	29.0%

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

EBITDA		24,680	27,771	25,776	25,346	24,868
Other Income / (Exp)		0	0	0	0	0
D&A		(7,482)	(9,128)	(6,506)	(5,295)	(5,407)

EBIT		17,197	18,643	19,270	20,051	19,461
Pro forma Taxes		(3,439)	(3,729)	(3,854)	(4,010)	(3,892)
NOPAT	8,839	13,758	14,914	15,416	16,041	15,569

Capital Expenditures	(8,959)	(9,277)	(6,495)	(4,774)	(4,644)	(4,514)
NWC Investment	194	171	60	(7)	(30)	14
(+) D&A	4,789	7,482	9,128	6,506	5,295	5,407

Free Cash Flow	4,863	12,134	17,607	17,141	16,661	16,476
% Growth		150%	45%	-3%	-3%	-1%

載入錯誤

TAV Havalimanlari Holding A.S.

BST:5THA

土耳其 / 工業 / 交通基礎設施

5 年 DCF EBITDA 退出價