Can2 Termik AS

IBSE:CANTE

土耳其 / 公用事業 / 電力公用事業

綜觀

股息

10 年 DCF 收入退出價

股價

1.58 TRY

公允價值

1.01 TRY

Metrics	Range	Conclusion
Discount Rate	8.8% - 7.8%	8.3%
Terminal Revenue Multiple	4.1x - 4.5x	4.3x
Fair Value	₺0.85 - ₺1.18	₺1.01
Upside	-46.5% - -25.6%	-36.4%

0.0%

Revenue 10y CAGR

31.1%

10y Avg EBITDA Margin

-5.2%

Unlevered FCF 10y CAGR

10-Year DCF Model: Revenue Exit

股價

1.58 TRY

公允價值

1.01 TRY

看漲

-36.4%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(TRY 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	6,104	6,104	6,104	6,104	6,104	6,104	6,104	6,104	6,104	6,104	6,104
% Growth	-27.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

EBITDA	1,900	1,901	1,901	1,901	1,901	1,901	1,901	1,901	1,901	1,901	1,901
% of Revenue	31.1%	31.1%	31.1%	31.1%	31.1%	31.1%	31.1%	31.1%	31.1%	31.1%	31.1%

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
		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

EBITDA		1,901	1,901	1,901	1,901	1,901	1,901	1,901	1,901	1,901	1,901
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(998)	(998)	(998)	(998)	(998)	(998)	(998)	(998)	(998)	(998)

EBIT		903	903	903	903	903	903	903	903	903	903
Pro forma Taxes		(163)	(163)	(163)	(163)	(163)	(163)	(163)	(163)	(163)	(163)
NOPAT	351	740	740	740	740	740	740	740	740	740	740

Capital Expenditures	(1,513)	(3,354)	(4,010)	(2,959)	(3,441)	(3,470)	(998)	(998)	(998)	(998)	(998)
NWC Investment	950	0	0	0	0	0	0	0	0	0	0
(+) D&A	1,472	998	998	998	998	998	998	998	998	998	998

Free Cash Flow	1,261	(1,615)	(2,272)	(1,220)	(1,703)	(1,732)	740	740	740	740	740
% Growth			NM	NM	NM	NM	NM	0%	0%	0%	0%

載入錯誤

Can2 Termik AS

IBSE:CANTE

土耳其 / 公用事業 / 電力公用事業

10 年 DCF 收入退出價