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LMS Compliance Ltd Pte

CATALIST:LMS

新加坡 / 工業 / 專業服務

綜觀

10 年 DCF 收入退出價

股價

0.39 SGD

公允價值

0.42 SGD

Metrics	Range	Conclusion
Discount Rate	8.5% - 7.5%	8.0%
Terminal Revenue Multiple	4.0x - 4.4x	4.2x
Fair Value	S$0.40 - S$0.44	S$0.42
Upside	8.3% - 20.7%	14.3%

3.7%

Revenue 10y CAGR

40.5%

10y Avg EBITDA Margin

8.4%

Unlevered FCF 10y CAGR

10-Year DCF Model: Revenue Exit

股價

0.39 SGD

公允價值

0.42 SGD

看漲

14.3%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(MYR 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	25	29	31	32	32	33	34	34	35	36	36
% Growth	21.4%	12.5%	7.5%	3.5%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	9	11	12	13	13	13	14	14	14	15	15
% of Revenue	36.0%	39.6%	40.6%	40.6%	40.6%	40.6%	40.6%	40.6%	40.6%	40.6%	40.6%

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		11	12	13	13	13	14	14	14	15	15
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)

EBIT		10	11	12	12	12	12	13	13	13	13
Pro forma Taxes		(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)
NOPAT	6	8	8	9	9	9	9	9	9	10	10

Capital Expenditures	(3)	(2)	(2)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)
NWC Investment	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)
(+) D&A	1	1	1	1	1	1	1	1	1	1	1

Free Cash Flow	4	6	7	7	7	8	8	8	8	8	9
% Growth			13%	5%	2%	2%	3%	2%	3%	3%	3%

載入錯誤

LMS Compliance Ltd Pte

CATALIST:LMS

新加坡 / 工業 / 專業服務

10 年 DCF 收入退出價