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圖表
5 年 DCF EBITDA 退出價
股價
10.20
EUR
公允價值
16.40
EUR
Metrics
Range
Conclusion
Discount Rate
8.3% - 7.2%
7.8%
Terminal EBITDA Multiple
2.5x - 4.5x
3.5x
Fair Value
€12.69 - €20.26
€16.40
Upside
24.4% - 98.6%
60.7%
3.3%
Revenue 5y CAGR
13.8%
5y Avg EBITDA Margin
0.6%
Unlevered FCF 5y CAGR
5-Year DCF Model: EBITDA Exit
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儲存
股價
10.20
EUR
公允價值
16.40
EUR
看漲
60.7%
Revenue and EBITDA
CapEx
Working Capital
D&A
Tax Rate
Discount Rate
Terminal Value
Select Revenue and EBITDA Forecast
(JPY in millions)
Input Projections
Fiscal Years Ending
Dec-24
Dec-25
Dec-26
Dec-27
Dec-28
Dec-29
Revenue
1,211,856
1,239,889
1,287,000
1,345,268
1,395,000
1,422,900
% Growth
2.9%
2.3%
3.8%
4.5%
3.7%
2.0%
EBITDA
167,489
147,070
175,500
193,000
205,000
209,100
% of Revenue
13.8%
11.9%
13.6%
14.3%
14.7%
14.7%
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
(JPY in millions)
Dec-25
Dec-26
Dec-27
Dec-28
Dec-29
EBITDA
147,070
175,500
193,000
205,000
209,100
Other Income / (Exp)
0
0
0
0
0
D&A
(57,270)
(67,600)
(72,650)
(77,650)
(79,203)
EBIT
89,800
107,900
120,350
127,350
129,897
Pro forma Taxes
(28,736)
(34,528)
(38,512)
(40,752)
(41,567)
NOPAT
57,338
61,064
73,372
81,838
86,598
88,330
Capital Expenditures
(56,797)
(74,000)
(77,000)
(80,500)
(81,500)
(83,130)
NWC Investment
(8,530)
(6,940)
(11,663)
(14,425)
(12,312)
(6,907)
(+) D&A
83,168
57,270
67,600
72,650
77,650
79,203
Free Cash Flow
75,179
37,394
52,309
59,563
70,436
77,496
% Growth
-50%
40%
14%
18%
10%
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