CK Infrastructure Holdings Limited

股價

5.43 EUR

公允價值

7.31 EUR

37.9%

Normalized EBIT Margin

4.7%

Normalized CapEx as % of Revenue

14.0%

Normalized Tax Rate

Earnings Power Value

股價

5.43 EUR

公允價值

7.31 EUR

看漲

33.1%

Adj EBIT Margin

Normalized EBIT Margin

Normalized Tax Rate

CapEx

Adj Earnings

Fair Value


Estimate Adjusted EBIT Margin

	Fiscal Year Ending					LTM
	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-24
(HKD in millions)	FY-4	FY-3	FY-2	FY-1	FY	LTM

Revenue	7,617	7,448	7,540	6,774	5,539	5,539

Adjusted EBITDA Build-up
EBT, Incl. Unusual Items	7,551	7,681	7,856	8,140	8,233	8,233
(+) Net Interest Expense	301	455	645	954	865	865
(+) Other Non Operating Exp.	(5,042)	(5,737)	(5,763)	(7,015)	(8,147)	(8,147)
(+) D&A	359	317	296	279	279	279
(+) Non-recurring Items	798	422	438	438	438	438
Adjusted EBITDA	3,967	3,138	3,472	2,796	1,668	1,668

(-) D&A	(359)	(317)	(296)	(279)	(279)	(279)

Adjusted EBIT	3,608	2,821	3,176	2,517	1,389	1,389
% of Revenue	47.4%	37.9%	42.1%	37.2%	25.1%	25.1%


	Low	Median	High

Adjusted EBIT Margin	25.1%	37.9%	47.4%

支援算式

Equity Waterfall


Equity Waterfall

	Model
(HKD in millions)	Low	Mid	High	Market
Enterprise Value	14,269	24,706	36,102	(13,865)
(+) Cash & Short Term Investments	8,105	8,105	8,105	8,105
(+) Investments & Other	141,755	141,755	141,755	141,755
(-) Debt	(19,535)	(19,535)	(19,535)	(19,535)
(-) Other Liabilities	(78)	(78)	(78)	(78)
(-) Preferred Stock	0	0	0	0
(-) Other	0	0	0	0
Value of Common Equity	144,516	154,953	166,349	116,382
(/) Shares Outstanding	2,519.6	2,519.6	2,519.6	2,519.6
Implied Stock Price (HKD)	57.36	61.50	66.02	46.19
FX Rate: HKD/EUR	8.41	8.41	8.41	8.41
Implied Stock Price (EUR)	6.82	7.31	7.85	5.49

Upside / (Downside)	24.17%	33.14%	42.93%


Stock Price	5.49
Stock Price Close	5.49
Restatment Type	Press Release
Reporting Currency	HKD
Trading Currency	EUR
FX Rate: HKD/EUR	8.41
Market Cap	13,955.3
Shares Outstanding	2,519.6
Share Exchange Ratio	1.0
Liquid Long-term Investments	0

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