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ACS Actividades de Construccion y Servicios SA

DB:OCI1

西班牙 / 工業 / 建造及工程

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10 年 DCF EBITDA 退出價

股價

56.30 EUR

公允價值

83.01 EUR

Metrics	Range	Conclusion
Discount Rate	10.5% - 9.5%	10.0%
Terminal EBITDA Multiple	7.4x - 9.4x	8.4x
Fair Value	€76.91 - €89.57	€83.01
Upside	36.6% - 59.1%	47.4%

-0.7%

Revenue 10y CAGR

6.9%

10y Avg EBITDA Margin

0.2%

Unlevered FCF 10y CAGR

10-Year DCF Model: EBITDA Exit

股價

56.30 EUR

公允價值

83.01 EUR

看漲

47.4%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(EUR 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	41,636	45,163	48,025	50,039	53,115	38,910	38,910	38,910	38,910	38,910	38,910
% Growth	16.5%	8.5%	6.3%	4.2%	6.1%	-26.7%	0.0%	0.0%	0.0%	0.0%	0.0%

EBITDA	1,445	3,029	3,251	3,410	3,800	2,682	2,682	2,682	2,682	2,682	2,682
% of Revenue	3.5%	6.7%	6.8%	6.8%	7.2%	6.9%	6.9%	6.9%	6.9%	6.9%	6.9%

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

EBITDA		3,029	3,251	3,410	3,800	2,682	2,682	2,682	2,682	2,682	2,682
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(1,083)	(1,083)	(1,231)	(1,263)	(968)	(968)	(968)	(968)	(968)	(968)

EBIT		1,946	2,168	2,179	2,537	1,714	1,714	1,714	1,714	1,714	1,714
Pro forma Taxes		(428)	(477)	(479)	(558)	(377)	(377)	(377)	(377)	(377)	(377)
NOPAT	652	1,518	1,691	1,700	1,979	1,337	1,337	1,337	1,337	1,337	1,337

Capital Expenditures	(661)	(936)	(769)	(1,177)	(941)	(1,163)	(1,094)	(1,066)	(1,066)	(1,066)	(1,066)
NWC Investment	615	368	299	210	321	(1,482)	0	0	0	0	0
(+) D&A	610	1,083	1,083	1,231	1,263	968	968	968	968	968	968

Free Cash Flow	1,216	2,033	2,304	1,963	2,622	(340)	1,211	1,239	1,239	1,239	1,239
% Growth		67%	13%	-15%	34%	NM	NM	2%	0%	0%	0%

載入錯誤

ACS Actividades de Construccion y Servicios SA

DB:OCI1

西班牙 / 工業 / 建造及工程

10 年 DCF EBITDA 退出價