Kendrion NV

DB:K3E

荷蘭 / 非必需消費品 / 汽車零件

綜觀

股息

10 年 DCF 增長退出價

股價

9.64 EUR

公允價值

11.51 EUR

Metrics	Range	Conclusion
Discount Rate	11.0% - 10.0%	10.5%
Perpetuity Growth Rate	2.0% - 3.0%	2.5%
Fair Value	€9.94 - €13.50	€11.51
Upside	1.2% - 37.5%	17.2%

3.5%

Revenue 10y CAGR

16.1%

10y Avg EBITDA Margin

8.1%

Unlevered FCF 10y CAGR

10-Year DCF Model: Gordon Growth Exit

股價

9.64 EUR

公允價值

11.51 EUR

看漲

17.2%

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	303	320	345	363	377	386	394	402	410	418	426
% Growth	-1.9%	5.6%	7.9%	5.0%	4.0%	2.4%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	33	46	53	57	64	64	65	66	67	69	70
% of Revenue	10.9%	14.5%	15.2%	15.7%	17.1%	16.5%	16.5%	16.5%	16.5%	16.5%	16.5%

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

EBITDA		46	53	57	64	64	65	66	67	69	70	70
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0	0
D&A		(19)	(19)	(19)	(21)	(19)	(20)	(20)	(21)	(21)	(21)	(23)

EBIT		28	33	38	44	44	45	46	47	48	49	47
Pro forma Taxes		(7)	(9)	(10)	(12)	(12)	(12)	(12)	(13)	(13)	(13)	(13)
NOPAT	12	20	24	28	32	32	33	34	34	35	36	34

Capital Expenditures	(18)	(18)	(18)	(23)	(24)	(25)	(24)	(24)	(24)	(24)	(24)	(24)
NWC Investment	2	(7)	(10)	(7)	(6)	(4)	(3)	(3)	(3)	(3)	(3)	(4)
(+) D&A	17	19	19	19	21	19	20	20	21	21	21	23

Free Cash Flow	13	14	16	16	22	23	25	26	27	28	29	29
% Growth		5%	10%	3%	39%	3%	10%	3%	4%	4%	3%	-2%

載入錯誤

Kendrion NV

DB:K3E

荷蘭 / 非必需消費品 / 汽車零件

10 年 DCF 增長退出價