SITC International Holdings Company Limited

DB:7S8

香港 / 工業 / 海運

綜觀

股息

10 年 DCF EBITDA 退出價

股價

2.52 EUR

公允價值

3.16 EUR

Metrics	Range	Conclusion
Discount Rate	9.8% - 8.8%	9.3%
Terminal EBITDA Multiple	10.3x - 12.3x	11.3x
Fair Value	€2.93 - €3.40	€3.16
Upside	17.2% - 36.0%	26.3%

1.7%

Revenue 10y CAGR

27.0%

10y Avg EBITDA Margin

Unlevered FCF 10y CAGR

10-Year DCF Model: EBITDA Exit

股價

2.52 EUR

公允價值

3.16 EUR

看漲

26.3%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(USD 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	3,058	3,088	3,040	3,140	3,203	3,267	3,332	3,399	3,467	3,536	3,607
% Growth	25.9%	1.0%	-1.5%	3.3%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	1,098	1,041	796	826	842	859	876	894	912	930	949
% of Revenue	35.9%	33.7%	26.2%	26.3%	26.3%	26.3%	26.3%	26.3%	26.3%	26.3%	26.3%

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
(USD in millions)		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

EBITDA		1,041	796	826	842	859	876	894	912	930	949
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(253)	(166)	(227)	(232)	(236)	(241)	(246)	(251)	(256)	(261)

EBIT		787	630	599	611	623	635	648	661	674	688
Pro forma Taxes		(110)	(88)	(84)	(86)	(87)	(89)	(91)	(93)	(94)	(96)
NOPAT	858	677	542	515	525	536	547	557	569	580	592

Capital Expenditures	#NUM!	(150)	(140)	(190)	(194)	(198)	(194)	(195)	(196)	(195)	(195)
NWC Investment	26	1	(2)	4	3	3	3	3	3	3	3
(+) D&A	100	253	166	227	232	236	241	246	251	256	261

Free Cash Flow	#NUM!	782	566	556	566	577	596	611	627	644	660
% Growth		NM	-28%	-2%	2%	2%	3%	2%	3%	3%	3%

載入錯誤

SITC International Holdings Company Limited

DB:7S8

香港 / 工業 / 海運

10 年 DCF EBITDA 退出價