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Migros Ticaret AS

IBSE:MGROS

土耳其 / 必需消費品 / Consumer Staples Distribution & Retail

綜觀

5 年 DCF 收入退出價

股價

523.00 TRY

公允價值

867.66 TRY

Metrics	Range	Conclusion
Discount Rate	8.3% - 7.2%	7.8%
Terminal Revenue Multiple	0.3x - 0.3x	0.3x
Fair Value	₺828.75 - ₺908.02	₺867.66
Upside	58.5% - 73.6%	65.9%

7.1%

Revenue 5y CAGR

6.6%

5y Avg EBITDA Margin

36.8%

Unlevered FCF 5y CAGR

5-Year DCF Model: Revenue Exit

股價

523.00 TRY

公允價值

867.66 TRY

看漲

65.9%

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

Revenue	293,780	392,163	492,604	575,185	393,100	413,100
% Growth	12.1%	33.5%	25.6%	16.8%	-31.7%	5.1%

EBITDA	9,917	21,065	25,394	36,978	31,063	34,312
% of Revenue	3.4%	5.4%	5.2%	6.4%	7.9%	8.3%

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
(TRY in millions)		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29

EBITDA		21,065	25,394	36,978	31,063	34,312
Other Income / (Exp)		0	0	0	0	0
D&A		(11,957)	(11,203)	(18,615)	(9,715)	(10,780)

EBIT		9,108	14,190	18,363	21,348	23,532
Pro forma Taxes		(1,640)	(2,554)	(3,305)	(3,843)	(4,236)
NOPAT	4,451	7,469	11,636	15,058	17,505	19,296

Capital Expenditures	(8,746)	(10,351)	(12,224)	(14,626)	(14,235)	(16,394)
NWC Investment	3,062	9,518	9,717	7,990	(17,616)	1,935
(+) D&A	4,489	11,957	11,203	18,615	9,715	10,780

Free Cash Flow	3,256	18,593	20,333	27,036	(4,631)	15,618
% Growth		471%	9%	33%	NM	NM

載入錯誤

Migros Ticaret AS

IBSE:MGROS

土耳其 / 必需消費品 / Consumer Staples Distribution & Retail

5 年 DCF 收入退出價