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VLN
6.1%
RNO
3.2%
SFR
3.2%
HK
前往
勁減45%
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財務狀況
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穩健度
圖表
10 年 DCF 增長退出價
股價
23.56
EUR
公允價值
28.44
EUR
Metrics
Range
Conclusion
Discount Rate
9.3% - 8.3%
8.8%
Perpetuity Growth Rate
2.8% - 3.8%
3.3%
Fair Value
€24.68 - €33.83
€28.44
Upside
5.6% - 44.7%
21.6%
4.5%
Revenue 10y CAGR
22.4%
10y Avg EBITDA Margin
8.5%
Unlevered FCF 10y CAGR
10-Year DCF Model: Gordon Growth Exit
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儲存
股價
23.56
EUR
公允價值
28.44
EUR
看漲
21.6%
Revenue and EBITDA
CapEx
Working Capital
D&A
Tax Rate
Discount Rate
Terminal Value
Select Revenue and EBITDA Forecast
(GBP in millions)
Input Projections
Fiscal Years Ending
Jul-24
Jul-25
Jul-26
Jul-27
Jul-28
Jul-29
Jul-30
Jul-31
Jul-32
Jul-33
Jul-34
Revenue
3,132
3,323
3,495
3,626
3,831
3,633
4,153
4,323
4,500
4,684
4,876
% Growth
3.1%
6.1%
5.2%
3.7%
5.7%
-5.2%
14.3%
4.1%
4.1%
4.1%
4.1%
EBITDA
540
663
720
792
833
908
948
990
1,035
1,081
1,134
% of Revenue
17.2%
20.0%
20.6%
21.9%
21.7%
25.0%
22.8%
22.9%
23.0%
23.1%
23.3%
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
(GBP in millions)
Jul-25
Jul-26
Jul-27
Jul-28
Jul-29
Jul-30
Jul-31
Jul-32
Jul-33
Jul-34
Terminal
EBITDA
663
720
792
833
908
948
990
1,035
1,081
1,134
1,134
Other Income / (Exp)
0
0
0
0
0
0
0
0
0
0
0
D&A
(89)
(97)
(126)
(134)
(175)
(200)
(208)
(217)
(226)
(235)
(110)
EBIT
574
623
666
699
733
748
782
818
855
899
1,024
Pro forma Taxes
(218)
(237)
(253)
(266)
(279)
(284)
(297)
(311)
(325)
(342)
(389)
NOPAT
277
356
386
413
433
454
464
485
507
530
557
635
Capital Expenditures
(68)
(101)
(95)
(94)
(121)
(121)
(112)
(116)
(116)
(115)
(116)
(116)
NWC Investment
(20)
(40)
(36)
(27)
(43)
41
(108)
(35)
(37)
(38)
(40)
(33)
(+) D&A
94
89
97
126
134
175
200
208
217
226
235
110
Free Cash Flow
283
304
352
418
404
550
444
541
571
603
637
596
% Growth
8%
16%
19%
-3%
36%
-19%
22%
6%
6%
6%
-6%
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