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Ribbon Communications Inc

DB:NU42

美國 / 資訊科技 / 通訊設備

綜觀

10 年 DCF 增長退出價

股價

2.80 EUR

公允價值

3.16 EUR

Metrics	Range	Conclusion
Discount Rate	13.8% - 12.8%	13.3%
Perpetuity Growth Rate	2.0% - 3.0%	2.5%
Fair Value	€2.88 - €3.48	€3.16
Upside	3.7% - 25.2%	13.5%

2.8%

Revenue 10y CAGR

16.1%

10y Avg EBITDA Margin

6.2%

Unlevered FCF 10y CAGR

10-Year DCF Model: Gordon Growth Exit

股價

2.80 EUR

公允價值

3.16 EUR

看漲

13.5%

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	834	878	927	959	979	998	1,018	1,039	1,059	1,081	1,102
% Growth	0.9%	5.3%	5.6%	3.5%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	91	134	150	155	158	161	164	168	171	174	178
% of Revenue	11.0%	15.2%	16.1%	16.1%	16.1%	16.1%	16.1%	16.1%	16.1%	16.1%	16.1%

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	Terminal

EBITDA		134	150	155	158	161	164	168	171	174	178	178
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0	0
D&A		(14)	(16)	(16)	(17)	(17)	(17)	(18)	(18)	(18)	(19)	(38)

EBIT		120	134	139	141	144	147	150	153	156	159	140
Pro forma Taxes		(13)	(15)	(15)	(16)	(16)	(16)	(16)	(17)	(17)	(18)	(15)
NOPAT	24	106	119	123	126	128	131	133	136	139	142	125

Capital Expenditures	(22)	(26)	(37)	(38)	(39)	(40)	(39)	(39)	(40)	(39)	(40)	(40)
NWC Investment	(1)	(4)	(5)	(3)	(2)	(2)	(2)	(2)	(2)	(2)	(2)	(3)
(+) D&A	64	14	16	16	17	17	17	18	18	18	19	38

Free Cash Flow	65	91	93	98	101	103	107	110	113	116	119	120
% Growth		39%	3%	5%	3%	2%	4%	2%	3%	3%	3%	1%

載入錯誤

Ribbon Communications Inc

DB:NU42

美國 / 資訊科技 / 通訊設備

10 年 DCF 增長退出價