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Westlake Corporation

DB:UEO

美國 / 材料 / 化學品

綜觀

10 年 DCF EBITDA 退出價

股價

68.50 EUR

公允價值

114.94 EUR

Metrics	Range	Conclusion
Discount Rate	9.3% - 8.3%	8.8%
Terminal EBITDA Multiple	5.8x - 7.8x	6.8x
Fair Value	€100.84 - €130.13	€114.94
Upside	47.2% - 90.0%	67.8%

2.6%

Revenue 10y CAGR

20.6%

10y Avg EBITDA Margin

8.7%

Unlevered FCF 10y CAGR

10-Year DCF Model: EBITDA Exit

股價

68.50 EUR

公允價值

114.94 EUR

看漲

67.8%

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	12,142	12,283	12,727	13,502	13,974	14,254	14,539	14,830	15,126	15,429	15,737
% Growth	-3.2%	1.2%	3.6%	6.1%	3.5%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	1,927	1,968	2,485	2,874	2,974	3,034	3,095	3,156	3,220	3,284	3,350
% of Revenue	15.9%	16.0%	19.5%	21.3%	21.3%	21.3%	21.3%	21.3%	21.3%	21.3%	21.3%

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

EBITDA		1,968	2,485	2,874	2,974	3,034	3,095	3,156	3,220	3,284	3,350
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(1,406)	(1,174)	(1,200)	(1,242)	(1,267)	(1,292)	(1,318)	(1,344)	(1,371)	(1,398)

EBIT		562	1,311	1,674	1,733	1,767	1,803	1,839	1,875	1,913	1,951
Pro forma Taxes		(141)	(328)	(419)	(433)	(442)	(451)	(460)	(469)	(478)	(488)
NOPAT	725	422	983	1,256	1,299	1,325	1,352	1,379	1,407	1,435	1,463

Capital Expenditures	(1,008)	(1,000)	(1,100)	(1,125)	(1,164)	(1,188)	(1,159)	(1,170)	(1,172)	(1,167)	(1,170)
NWC Investment	45	(16)	(49)	(86)	(52)	(31)	(31)	(32)	(33)	(33)	(34)
(+) D&A	961	1,406	1,174	1,200	1,242	1,267	1,292	1,318	1,344	1,371	1,398

Free Cash Flow	722	812	1,008	1,245	1,325	1,373	1,453	1,494	1,546	1,605	1,658
% Growth		12%	24%	24%	6%	4%	6%	3%	3%	4%	3%

載入錯誤

Westlake Corporation

DB:UEO

美國 / 材料 / 化學品

10 年 DCF EBITDA 退出價