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Yokohama Rubber Co Ltd

DB:YRB

日本 / 非必需消費品 / 汽車零件

綜觀

10 年 DCF 增長退出價

股價

19.40 EUR

公允價值

29.28 EUR

Metrics	Range	Conclusion
Discount Rate	9.8% - 8.8%	9.3%
Perpetuity Growth Rate	1.7% - 2.8%	2.3%
Fair Value	€25.81 - €33.85	€29.28
Upside	33.1% - 74.5%	50.9%

1.1%

Revenue 10y CAGR

17.2%

10y Avg EBITDA Margin

6.0%

Unlevered FCF 10y CAGR

10-Year DCF Model: Gordon Growth Exit

股價

19.40 EUR

公允價值

29.28 EUR

看漲

50.9%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(JPY 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	1,094,746	1,198,787	1,265,346	1,333,800	1,217,900	1,217,900	1,217,900	1,217,900	1,217,900	1,217,900	1,217,900
% Growth	11.1%	9.5%	5.6%	5.4%	-8.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

EBITDA	194,903	196,917	212,250	222,850	212,200	212,200	212,200	212,200	212,200	212,200	212,200
% of Revenue	17.8%	16.4%	16.8%	16.7%	17.4%	17.4%	17.4%	17.4%	17.4%	17.4%	17.4%

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

EBITDA		196,917	212,250	222,850	212,200	212,200	212,200	212,200	212,200	212,200	212,200	212,200
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0	0
D&A		(64,953)	(66,015)	(71,178)	(62,000)	(62,000)	(62,000)	(62,000)	(62,000)	(62,000)	(62,000)	(82,333)

EBIT		131,964	146,235	151,673	150,200	150,200	150,200	150,200	150,200	150,200	150,200	129,867
Pro forma Taxes		(40,909)	(45,333)	(47,018)	(46,562)	(46,562)	(46,562)	(46,562)	(46,562)	(46,562)	(46,562)	(40,259)
NOPAT	88,835	91,055	100,902	104,654	103,638	103,638	103,638	103,638	103,638	103,638	103,638	89,608

Capital Expenditures	(76,965)	(100,000)	(75,000)	(80,000)	(90,000)	(90,000)	(86,667)	(86,667)	(86,667)	(86,667)	(86,667)	(86,667)
NWC Investment	(33,868)	(32,205)	(20,603)	(21,189)	35,876	0	0	0	0	0	0	(8,482)
(+) D&A	66,157	64,953	66,015	71,178	62,000	62,000	62,000	62,000	62,000	62,000	62,000	82,333

Free Cash Flow	44,159	23,803	71,314	74,642	111,514	75,638	78,971	78,971	78,971	78,971	78,971	76,792
% Growth		-46%	200%	5%	49%	-32%	4%	0%	0%	0%	0%	-3%

載入錯誤

Yokohama Rubber Co Ltd

DB:YRB

日本 / 非必需消費品 / 汽車零件

10 年 DCF 增長退出價