NOV Inc.(NO8)之10Y DCF Growth Exit

股價

10.10 EUR

公允價值

16.87 EUR

2.6%

Revenue 10y CAGR

13.5%

10y Avg EBITDA Margin

3.6%

Unlevered FCF 10y CAGR

10-Year DCF Model: Gordon Growth Exit

股價

10.10 EUR

公允價值

16.87 EUR

看漲

67.0%

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	8,870	8,820	9,072	9,547	9,951	10,397	10,605	10,817	11,033	11,254	11,479
% Growth	3.3%	-0.6%	2.9%	5.2%	4.2%	4.5%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	1,330	1,148	1,230	1,301	1,390	1,399	1,427	1,456	1,485	1,514	1,545
% of Revenue	15.0%	13.0%	13.6%	13.6%	14.0%	13.5%	13.5%	13.5%	13.5%	13.5%	13.5%

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

EBITDA		1,148	1,230	1,301	1,390	1,399	1,427	1,456	1,485	1,514	1,545	1,545
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0	0
D&A		(352)	(363)	(346)	(373)	(639)	(652)	(665)	(678)	(692)	(706)	(319)

EBIT		796	867	955	1,017	760	775	791	807	823	839	1,226
Pro forma Taxes		(175)	(191)	(210)	(224)	(167)	(171)	(174)	(177)	(181)	(185)	(270)
NOPAT	770	621	676	745	793	593	605	617	629	642	654	956

Capital Expenditures	(351)	(350)	(355)	(358)	(348)	(329)	(335)	(337)	(334)	(335)	(335)	(335)
NWC Investment	(90)	16	(79)	(148)	(127)	(139)	(65)	(66)	(68)	(69)	(70)	(45)
(+) D&A	343	352	363	346	373	639	652	665	678	692	706	319

Free Cash Flow	672	638	606	585	692	764	856	878	906	929	954	895
% Growth		-5%	-5%	-4%	18%	10%	12%	3%	3%	3%	3%	-6%

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