Public Service Enterprise Group Inc

DB:PSE

美國 / 公用事業 / 綜合公用事業

綜觀

股息

5 年 DCF 收入退出價

股價

74.00 EUR

公允價值

36.74 EUR

Metrics	Range	Conclusion
Discount Rate	8.8% - 7.8%	8.3%
Terminal Revenue Multiple	4.2x - 4.7x	4.5x
Fair Value	€31.24 - €42.47	€36.74
Upside	-59.2% - -44.5%	-52.0%

5.9%

Revenue 5y CAGR

43.2%

5y Avg EBITDA Margin

70.4%

Unlevered FCF 5y CAGR

5-Year DCF Model: Revenue Exit

股價

74.00 EUR

公允價值

36.74 EUR

看漲

-52.0%

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

Revenue	10,290	10,962	11,862	12,252	12,896	13,737
% Growth	-8.4%	6.5%	8.2%	3.3%	5.3%	6.5%

EBITDA	3,805	4,602	4,977	5,273	5,765	6,108
% of Revenue	37.0%	42.0%	42.0%	43.0%	44.7%	44.5%

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

EBITDA		4,602	4,977	5,273	5,765	6,108
Other Income / (Exp)		0	0	0	0	0
D&A		(1,357)	(1,424)	(1,443)	(1,528)	(1,502)

EBIT		3,245	3,553	3,831	4,237	4,606
Pro forma Taxes		(617)	(675)	(728)	(805)	(875)
NOPAT	1,970	2,629	2,878	3,103	3,432	3,731

Capital Expenditures	(3,380)	(4,038)	(4,560)	(4,670)	(4,345)	(4,400)
NWC Investment	90	(64)	(85)	(37)	(61)	(80)
(+) D&A	1,373	1,357	1,424	1,443	1,528	1,502

Free Cash Flow	52	(116)	(343)	(162)	554	753
% Growth		NM	NM	NM	NM	36%

載入錯誤

Public Service Enterprise Group Inc

DB:PSE

美國 / 公用事業 / 綜合公用事業

5 年 DCF 收入退出價