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CK Infrastructure Holdings Limited

DB:CHH

香港 / 公用事業 / 電力公用事業

綜觀

5 年 DCF 增長退出價

股價

5.65 EUR

公允價值

9.84 EUR

Metrics	Range	Conclusion
Discount Rate	7.8% - 6.7%	7.2%
Perpetuity Growth Rate	3.5% - 4.5%	4.0%
Fair Value	€8.94 - €11.55	€9.84
Upside	58.2% - 104.4%	74.2%

5.8%

Revenue 5y CAGR

45.1%

5y Avg EBITDA Margin

102.2%

Unlevered FCF 5y CAGR

5-Year DCF Model: Gordon Growth Exit

股價

5.65 EUR

公允價值

9.84 EUR

看漲

74.2%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(HKD in millions)		Input Projections
Fiscal Years Ending	Dec-24	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29

Revenue	5,539	5,136	5,342	5,278	7,130	7,334
% Growth	-18.2%	-7.3%	4.0%	-1.2%	35.1%	2.9%

EBITDA	1,667	1,952	2,105	2,043	3,842	4,085
% of Revenue	30.1%	38.0%	39.4%	38.7%	53.9%	55.7%

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
(HKD in millions)		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Terminal

EBITDA		1,952	2,105	2,043	3,842	4,085	4,085
Other Income / (Exp)		0	0	0	0	0	0
D&A		(55)	(174)	(87)	(960)	(995)	(409)

EBIT		1,897	1,932	1,956	2,883	3,091	3,676
Pro forma Taxes		(266)	(270)	(274)	(404)	(433)	(515)
NOPAT	1,195	1,632	1,661	1,682	2,479	2,658	3,161

Capital Expenditures	(367)	(378)	(378)	(340)	(425)	(431)	(431)
NWC Investment	(1,005)	(328)	167	(52)	1,508	166	239
(+) D&A	278	55	174	87	960	995	409

Free Cash Flow	100	981	1,624	1,377	4,521	3,388	3,379
% Growth		879%	66%	-15%	228%	-25%	0%

載入錯誤

CK Infrastructure Holdings Limited

DB:CHH

香港 / 公用事業 / 電力公用事業

5 年 DCF 增長退出價