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EssilorLuxottica SA

DB:ESL

法國 / 保健 / 醫護設備及用品

綜觀

10 年 DCF 收入退出價

股價

244.00 EUR

公允價值

224.77 EUR

Metrics	Range	Conclusion
Discount Rate	8.8% - 7.8%	8.3%
Terminal Revenue Multiple	2.8x - 3.1x	3.0x
Fair Value	€208.58 - €242.06	€224.77
Upside	-14.7% - -1.0%	-8.0%

6.8%

Revenue 10y CAGR

25.8%

10y Avg EBITDA Margin

10.1%

Unlevered FCF 10y CAGR

10-Year DCF Model: Revenue Exit

股價

244.00 EUR

公允價值

224.77 EUR

看漲

-8.0%

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

Revenue	26,508	27,907	29,800	31,797	33,701	36,184	37,838	42,339	45,211	48,224	51,377
% Growth	4.4%	5.3%	6.8%	6.7%	6.0%	7.4%	4.6%	11.9%	6.8%	6.7%	6.5%

EBITDA	5,562	7,202	7,884	8,501	8,796	9,397	10,039	10,724	11,455	12,021	12,614
% of Revenue	21.0%	25.8%	26.5%	26.7%	26.1%	26.0%	26.5%	25.3%	25.3%	24.9%	24.6%

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		7,202	7,884	8,501	8,796	9,397	10,039	10,724	11,455	12,021	12,614
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(2,391)	(2,434)	(2,601)	(2,320)	(2,196)	(2,297)	(2,570)	(2,744)	(2,927)	(3,118)

EBIT		4,811	5,450	5,900	6,476	7,201	7,742	8,154	8,711	9,094	9,496
Pro forma Taxes		(1,155)	(1,308)	(1,416)	(1,554)	(1,728)	(1,858)	(1,957)	(2,091)	(2,183)	(2,279)
NOPAT	2,646	3,656	4,142	4,484	4,922	5,473	5,884	6,197	6,620	6,911	7,217

Capital Expenditures	(1,522)	(1,596)	(1,680)	(1,758)	(1,880)	(2,009)	(1,882)	(1,924)	(1,938)	(1,915)	(1,926)
NWC Investment	(29)	(37)	(49)	(52)	(50)	(65)	(43)	(118)	(75)	(79)	(82)
(+) D&A	2,081	2,391	2,434	2,601	2,320	2,196	2,297	2,570	2,744	2,927	3,118

Free Cash Flow	3,175	4,415	4,847	5,275	5,312	5,595	6,255	6,725	7,351	7,845	8,327
% Growth			10%	9%	1%	5%	12%	8%	9%	7%	6%

載入錯誤

EssilorLuxottica SA

DB:ESL

法國 / 保健 / 醫護設備及用品

10 年 DCF 收入退出價