TAV Havalimanlari Holding A.S.

BST:5THA

土耳其 / 工業 / 交通基礎設施

綜觀

股息

5 年 DCF 收入退出價

股價

28.40 EUR

公允價值

42.78 EUR

Metrics	Range	Conclusion
Discount Rate	10.3% - 9.3%	9.8%
Terminal Revenue Multiple	2.1x - 2.4x	2.3x
Fair Value	€40.31 - €45.34	€42.78
Upside	41.9% - 59.6%	50.6%

6.4%

Revenue 5y CAGR

30.3%

5y Avg EBITDA Margin

26.1%

Unlevered FCF 5y CAGR

5-Year DCF Model: Revenue Exit

股價

28.40 EUR

公允價值

42.78 EUR

看漲

50.6%

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	76,332	85,241	80,937	79,036	80,711
% Growth	72.0%	28.9%	11.7%	-5.0%	-2.3%	2.1%

EBITDA	15,837	23,457	26,955	24,330	23,866	23,416
% of Revenue	26.7%	30.7%	31.6%	30.1%	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		23,457	26,955	24,330	23,866	23,416
Other Income / (Exp)		0	0	0	0	0
D&A		(5,618)	(4,114)	(4,129)	(4,986)	(5,091)

EBIT		17,839	22,840	20,201	18,880	18,325
Pro forma Taxes		(3,568)	(4,568)	(4,040)	(3,776)	(3,665)
NOPAT	8,839	14,271	18,272	16,161	15,104	14,660

Capital Expenditures	(8,959)	(8,736)	(6,116)	(4,495)	(4,373)	(4,250)
NWC Investment	194	134	70	(34)	(15)	13
(+) D&A	4,789	5,618	4,114	4,129	4,986	5,091

Free Cash Flow	4,863	11,288	16,340	15,761	15,702	15,514
% Growth		132%	45%	-4%	0%	-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 收入退出價