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W5 Solutions AB (publ)

DB:EY7

瑞典 / 工業 / 航空、太空及國防

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10 年 DCF EBITDA 退出價

股價

6.11 EUR

公允價值

6.82 EUR

Metrics	Range	Conclusion
Discount Rate	9.8% - 8.8%	9.3%
Terminal EBITDA Multiple	4.1x - 6.1x	5.1x
Fair Value	€5.90 - €7.81	€6.82
Upside	-3.4% - 27.8%	11.6%

13.4%

Revenue 10y CAGR

17.3%

10y Avg EBITDA Margin

52.8%

Unlevered FCF 10y CAGR

10-Year DCF Model: EBITDA Exit

股價

6.11 EUR

公允價值

6.82 EUR

看漲

11.6%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(SEK 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	388	462	544	676	906	1,044	1,175	1,263	1,307	1,333	1,360
% Growth	-1.6%	19.2%	17.6%	24.3%	34.1%	15.2%	12.5%	7.5%	3.5%	2.0%	2.0%

EBITDA	-3	45	71	97	165	193	229	252	261	266	272
% of Revenue	-0.8%	9.6%	13.0%	14.4%	18.2%	18.5%	19.5%	20.0%	20.0%	20.0%	20.0%

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
(SEK in millions)		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

EBITDA		45	71	97	165	193	229	252	261	266	272
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(21)	(33)	(31)	(22)	(26)	(29)	(31)	(33)	(33)	(34)

EBIT		24	38	67	143	167	200	221	229	233	238
Pro forma Taxes		(5)	(8)	(14)	(30)	(35)	(42)	(46)	(48)	(49)	(50)
NOPAT	(23)	19	30	53	113	132	158	175	181	184	188

Capital Expenditures	(2)	(3)	(4)	(6)	(36)	(39)	(27)	(29)	(30)	(29)	(29)
NWC Investment	1	(18)	(19)	(31)	(54)	(33)	(31)	(21)	(10)	(6)	(6)
(+) D&A	27	21	33	31	22	26	29	31	33	33	34

Free Cash Flow	3	19	39	46	45	86	129	156	173	183	186
% Growth		592%	112%	18%	-3%	93%	50%	21%	11%	6%	2%

載入錯誤

W5 Solutions AB (publ)

DB:EY7

瑞典 / 工業 / 航空、太空及國防

10 年 DCF EBITDA 退出價