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貨幣
€
綜觀
股息
財報
模型
財務狀況
比較
穩健度
圖表
5 年 DCF 增長退出價
股價
321.30
EUR
公允價值
306.52
EUR
Metrics
Range
Conclusion
Discount Rate
9.0% - 8.0%
8.5%
Perpetuity Growth Rate
3.0% - 4.0%
3.5%
Fair Value
€255.23 - €383.41
€306.52
Upside
-16.3% - 25.7%
0.5%
7.7%
Revenue 5y CAGR
29.3%
5y Avg EBITDA Margin
14.4%
Unlevered FCF 5y CAGR
5-Year DCF Model: Gordon Growth Exit
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儲存
股價
321.30
EUR
公允價值
306.52
EUR
看漲
0.5%
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
Revenue
22,595
24,516
26,471
28,423
30,456
32,771
% Growth
10.2%
8.5%
8.0%
7.4%
7.2%
7.6%
EBITDA
6,006
6,943
7,638
8,381
9,040
9,871
% of Revenue
26.6%
28.3%
28.9%
29.5%
29.7%
30.1%
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
Terminal
EBITDA
6,943
7,638
8,381
9,040
9,871
9,871
Other Income / (Exp)
0
0
0
709
871
871
D&A
(495)
(568)
(563)
(603)
(649)
(751)
EBIT
6,448
7,070
7,818
9,145
10,092
9,991
Pro forma Taxes
(903)
(990)
(1,094)
(1,280)
(1,413)
(1,399)
NOPAT
4,262
5,545
6,080
6,723
7,865
8,679
8,592
Capital Expenditures
(755)
(785)
(810)
(876)
(765)
(790)
(790)
NWC Investment
(451)
(413)
(421)
(420)
(438)
(498)
(247)
(+) D&A
1,050
495
568
563
603
649
751
Free Cash Flow
4,106
4,842
5,418
5,991
7,266
8,040
8,306
% Growth
18%
12%
11%
21%
11%
3%
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