Niterra Co Ltd

DB:NGK

日本 / 非必需消費品 / 汽車零件

綜觀

股息

10 年 DCF 收入退出價

股價

28.80 EUR

公允價值

37.83 EUR

Metrics	Range	Conclusion
Discount Rate	8.3% - 7.2%	7.8%
Terminal Revenue Multiple	1.2x - 1.4x	1.3x
Fair Value	€36.21 - €39.56	€37.83
Upside	25.7% - 37.4%	31.4%

1.0%

Revenue 10y CAGR

26.9%

10y Avg EBITDA Margin

5.1%

Unlevered FCF 10y CAGR

10-Year DCF Model: Revenue Exit

股價

28.80 EUR

公允價值

37.83 EUR

看漲

31.4%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(JPY in millions)		Input Projections
Fiscal Years Ending	Mar-24	Mar-25	Mar-26	Mar-27	Mar-28	Mar-29	Mar-30	Mar-31	Mar-32	Mar-33	Mar-34

Revenue	614,486	443,600	669,300	680,300	680,300	680,300	680,300	680,300	680,300	680,300	680,300
% Growth	9.2%	-27.8%	50.9%	1.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

EBITDA	145,399	110,700	178,950	184,800	184,800	184,800	184,800	184,800	184,800	184,800	184,800
% of Revenue	23.7%	25.0%	26.7%	27.2%	27.2%	27.2%	27.2%	27.2%	27.2%	27.2%	27.2%

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
		Mar-25	Mar-26	Mar-27	Mar-28	Mar-29	Mar-30	Mar-31	Mar-32	Mar-33	Mar-34

EBITDA		110,700	178,950	184,800	184,800	184,800	184,800	184,800	184,800	184,800	184,800
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(35,100)	(40,350)	(40,000)	(40,000)	(40,000)	(40,000)	(40,000)	(40,000)	(40,000)	(40,000)

EBIT		75,600	138,600	144,800	144,800	144,800	144,800	144,800	144,800	144,800	144,800
Pro forma Taxes		(21,924)	(40,194)	(41,992)	(41,992)	(41,992)	(41,992)	(41,992)	(41,992)	(41,992)	(41,992)
NOPAT	74,965	53,676	98,406	102,808	102,808	102,808	102,808	102,808	102,808	102,808	102,808

Capital Expenditures	(32,335)	(39,900)	(40,000)	(40,800)	(40,800)	(40,800)	(40,800)	(40,800)	(40,800)	(40,800)	(40,800)
NWC Investment	(20,544)	67,607	(89,292)	(4,352)	0	0	0	0	0	0	0
(+) D&A	39,814	35,100	40,350	40,000	40,000	40,000	40,000	40,000	40,000	40,000	40,000

Free Cash Flow	61,901	116,483	9,464	97,656	102,008	102,008	102,008	102,008	102,008	102,008	102,008
% Growth			-92%	932%	4%	0%	0%	0%	0%	0%	0%

載入錯誤

Niterra Co Ltd

DB:NGK

日本 / 非必需消費品 / 汽車零件

10 年 DCF 收入退出價