Anglo American(NGLB)之10Y DCF EBITDA Exit

股價

23.32 EUR

公允價值

20.94 EUR

3.8%

Revenue 10y CAGR

33.6%

10y Avg EBITDA Margin

21.6%

Unlevered FCF 10y CAGR

10-Year DCF Model: EBITDA Exit

股價

23.32 EUR

公允價值

20.94 EUR

看漲

-10.2%

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

Revenue	27,290	24,261	24,435	25,056	25,427	30,321	34,111	36,669	37,953	38,712	39,486
% Growth	-11.0%	-11.1%	0.7%	2.5%	1.5%	19.2%	12.5%	7.5%	3.5%	2.0%	2.0%

EBITDA	7,663	8,129	8,711	9,516	9,703	9,270	10,770	11,761	12,173	12,417	12,665
% of Revenue	28.1%	33.5%	35.6%	38.0%	38.2%	30.6%	31.6%	32.1%	32.1%	32.1%	32.1%

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

EBITDA		8,129	8,711	9,516	9,703	9,270	10,770	11,761	12,173	12,417	12,665
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(3,009)	(2,541)	(2,667)	(3,150)	(3,272)	(3,681)	(3,957)	(4,096)	(4,178)	(4,261)

EBIT		5,120	6,170	6,849	6,554	5,998	7,089	7,804	8,077	8,239	8,404
Pro forma Taxes		(1,843)	(2,221)	(2,466)	(2,359)	(2,159)	(2,552)	(2,810)	(2,908)	(2,966)	(3,025)
NOPAT	3,183	3,277	3,948	4,383	4,194	3,839	4,537	4,995	5,170	5,273	5,378

Capital Expenditures	(5,532)	(5,040)	(4,591)	(4,743)	(4,182)	(4,044)	(4,323)	(4,183)	(4,183)	(4,230)	(4,199)
NWC Investment	418	376	(22)	(77)	(46)	(608)	(471)	(318)	(159)	(94)	(96)
(+) D&A	2,690	3,009	2,541	2,667	3,150	3,272	3,681	3,957	4,096	4,178	4,261

Free Cash Flow	758	1,622	1,877	2,230	3,116	2,459	3,424	4,451	4,922	5,126	5,345
% Growth		114%	16%	19%	40%	-21%	39%	30%	11%	4%	4%

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