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圖表
5 年 DCF EBITDA 退出價
股價
257.30
EUR
公允價值
219.85
EUR
Metrics
Range
Conclusion
Discount Rate
8.8% - 7.8%
8.3%
Terminal EBITDA Multiple
12.8x - 14.8x
13.8x
Fair Value
€201.30 - €239.13
€219.85
Upside
-21.8% - -7.1%
-14.6%
6.4%
Revenue 5y CAGR
26.2%
5y Avg EBITDA Margin
12.0%
Unlevered FCF 5y CAGR
5-Year DCF Model: EBITDA Exit
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儲存
股價
257.30
EUR
公允價值
219.85
EUR
看漲
-14.6%
Revenue and EBITDA
CapEx
Working Capital
D&A
Tax Rate
Discount Rate
Terminal Value
Select Revenue and EBITDA Forecast
(EUR in millions)
Input Projections
Fiscal Years Ending
Dec-24
Dec-25
Dec-26
Dec-27
Dec-28
Dec-29
Revenue
26,508
27,907
29,800
31,797
33,701
36,184
% Growth
4.4%
5.3%
6.8%
6.7%
6.0%
7.4%
EBITDA
5,562
7,202
7,884
8,501
8,796
9,397
% of Revenue
21.0%
25.8%
26.5%
26.7%
26.1%
26.0%
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
(EUR in millions)
Dec-25
Dec-26
Dec-27
Dec-28
Dec-29
EBITDA
7,202
7,884
8,501
8,796
9,397
Other Income / (Exp)
0
0
0
0
0
D&A
(2,391)
(2,434)
(2,601)
(2,320)
(2,196)
EBIT
4,811
5,450
5,900
6,476
7,201
Pro forma Taxes
(1,155)
(1,308)
(1,416)
(1,554)
(1,728)
NOPAT
2,646
3,656
4,142
4,484
4,922
5,473
Capital Expenditures
(1,522)
(1,596)
(1,680)
(1,758)
(1,880)
(2,009)
NWC Investment
(29)
(37)
(49)
(52)
(50)
(65)
(+) D&A
2,081
2,391
2,434
2,601
2,320
2,196
Free Cash Flow
3,175
4,415
4,847
5,275
5,312
5,595
% Growth
39%
10%
9%
1%
5%
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