CK Infrastructure Holdings Limited

DB:CHH

香港 / 公用事業 / 電力公用事業

綜觀

股息

10 年 DCF 收入退出價

股價

5.49 EUR

公允價值

10.20 EUR

Metrics	Range	Conclusion
Discount Rate	7.8% - 6.7%	7.2%
Terminal Revenue Multiple	15.4x - 17.0x	16.2x
Fair Value	€9.89 - €10.54	€10.20
Upside	77.5% - 89.0%	83.0%

3.9%

Revenue 10y CAGR

50.4%

10y Avg EBITDA Margin

Unlevered FCF 10y CAGR

10-Year DCF Model: Revenue Exit

股價

5.49 EUR

公允價值

10.20 EUR

看漲

83.0%

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	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

Revenue	5,539	5,136	5,371	5,278	7,130	7,334	7,481	7,630	7,783	7,939	8,097
% Growth	-18.2%	-7.3%	4.6%	-1.7%	35.1%	2.9%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	1,668	1,952	2,105	2,043	3,842	4,085	4,167	4,250	4,335	4,422	4,510
% of Revenue	30.1%	38.0%	39.2%	38.7%	53.9%	55.7%	55.7%	55.7%	55.7%	55.7%	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
		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

EBITDA		1,952	2,105	2,043	3,842	4,085	4,167	4,250	4,335	4,422	4,510
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(55)	(104)	(87)	(960)	(995)	(1,014)	(1,035)	(1,055)	(1,076)	(1,098)

EBIT		1,897	2,001	1,956	2,883	3,091	3,152	3,215	3,280	3,345	3,412
Pro forma Taxes		(266)	(280)	(274)	(404)	(433)	(441)	(450)	(459)	(468)	(478)
NOPAT	1,195	1,632	1,721	1,682	2,479	2,658	2,711	2,765	2,821	2,877	2,934

Capital Expenditures	#NUM!	(378)	(378)	(340)	(425)	(431)	(399)	(406)	(412)	(406)	(408)
NWC Investment	(1,009)	(329)	192	(76)	1,514	167	120	122	125	127	130
(+) D&A	279	55	104	87	960	995	1,014	1,035	1,055	1,076	1,098

Free Cash Flow	#NUM!	980	1,639	1,353	4,527	3,389	3,447	3,516	3,589	3,675	3,754
% Growth			67%	-17%	235%	-25%	2%	2%	2%	2%	2%

載入錯誤

CK Infrastructure Holdings Limited

DB:CHH

香港 / 公用事業 / 電力公用事業

10 年 DCF 收入退出價