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Novozymes A/S B

CPSE:NSISB

丹麥 / 材料 / 化學品

綜觀

10 年 DCF 收入退出價

股價

429.30 DKK

公允價值

403.01 DKK

Metrics	Range	Conclusion
Discount Rate	8.5% - 7.5%	8.0%
Terminal Revenue Multiple	5.1x - 5.7x	5.4x
Fair Value	kr373.35 - kr434.74	kr403.01
Upside	-13.8% - 0.3%	-7.0%

6.4%

Revenue 10y CAGR

38.5%

10y Avg EBITDA Margin

23.4%

Unlevered FCF 10y CAGR

10-Year DCF Model: Revenue Exit

股價

429.30 DKK

公允價值

403.01 DKK

看漲

-7.0%

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	3,834	4,235	4,635	4,968	5,220	5,537	5,952	6,176	6,549	6,911	7,153
% Growth	59.6%	10.5%	9.5%	7.2%	5.1%	6.1%	7.5%	3.8%	6.0%	5.5%	3.5%

EBITDA	1,082	1,600	1,787	1,940	2,010	2,266	2,435	2,331	2,450	2,574	2,664
% of Revenue	28.2%	37.8%	38.5%	39.0%	38.5%	40.9%	40.9%	37.7%	37.4%	37.2%	37.2%

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		1,600	1,787	1,940	2,010	2,266	2,435	2,331	2,450	2,574	2,664
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(461)	(519)	(486)	(347)	(496)	(533)	(553)	(587)	(619)	(641)

EBIT		1,138	1,268	1,454	1,663	1,770	1,902	1,778	1,863	1,955	2,023
Pro forma Taxes		(250)	(279)	(320)	(366)	(389)	(418)	(391)	(410)	(430)	(445)
NOPAT	657	888	989	1,134	1,297	1,381	1,483	1,387	1,453	1,525	1,578

Capital Expenditures	(338)	(493)	(486)	(512)	(570)	(541)	(541)	(550)	(544)	(545)	(546)
NWC Investment	(362)	(101)	(101)	(84)	(64)	(80)	(105)	(57)	(94)	(91)	(61)
(+) D&A	239	461	519	486	347	496	533	553	587	619	641

Free Cash Flow	197	755	920	1,024	1,011	1,256	1,371	1,333	1,402	1,507	1,611
% Growth			22%	11%	-1%	24%	9%	-3%	5%	8%	7%

載入錯誤

Novozymes A/S B

CPSE:NSISB

丹麥 / 材料 / 化學品

10 年 DCF 收入退出價