Autoliv, Inc.

DB:LIV

瑞典 / 非必需消費品 / 汽車零件

綜觀

股息

5 年 DCF 增長退出價

股價

82.50 EUR

公允價值

117.35 EUR

Metrics	Range	Conclusion
Discount Rate	10.8% - 9.8%	10.3%
Perpetuity Growth Rate	0.5% - 1.5%	1.0%
Fair Value	€105.15 - €132.48	€117.35
Upside	24.4% - 56.8%	38.9%

3.4%

Revenue 5y CAGR

16.1%

5y Avg EBITDA Margin

18.7%

Unlevered FCF 5y CAGR

5-Year DCF Model: Gordon Growth Exit

股價

82.50 EUR

公允價值

117.35 EUR

看漲

38.9%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(USD in millions)		Input Projections
Fiscal Years Ending	Dec-24	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29

Revenue	10,390	10,371	10,842	11,310	11,747	12,265
% Growth	-0.8%	-0.2%	4.5%	4.3%	3.9%	4.4%

EBITDA	1,380	1,467	1,609	1,726	2,018	2,359
% of Revenue	13.3%	14.1%	14.8%	15.3%	17.2%	19.2%

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
(USD in millions)		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Terminal

EBITDA		1,467	1,609	1,726	2,018	2,359	2,359
Other Income / (Exp)		0	0	0	0	0	0
D&A		(403)	(417)	(449)	(625)	(819)	(660)

EBIT		1,064	1,193	1,277	1,393	1,540	1,699
Pro forma Taxes		(298)	(334)	(358)	(390)	(431)	(476)
NOPAT	715	766	859	919	1,003	1,109	1,223

Capital Expenditures	(579)	(527)	(548)	(566)	(643)	(695)	(695)
NWC Investment	0	0	(2)	(2)	(2)	(2)	(0)
(+) D&A	387	403	417	449	625	819	660

Free Cash Flow	523	642	725	801	984	1,231	1,188
% Growth		23%	13%	10%	23%	25%	-3%

載入錯誤

Autoliv, Inc.

DB:LIV

瑞典 / 非必需消費品 / 汽車零件

5 年 DCF 增長退出價