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Turkiye Sise ve Cam Fabrikalari AS

IBSE:SISE

土耳其 / 工業 / 工業企業集團

綜觀

5 年 DCF 收入退出價

股價

36.28 TRY

公允價值

43.10 TRY

Metrics	Range	Conclusion
Discount Rate	12.5% - 11.5%	12.0%
Terminal Revenue Multiple	0.3x - 0.3x	0.3x
Fair Value	₺39.26 - ₺47.08	₺43.10
Upside	7.6% - 29.0%	18.1%

34.0%

Revenue 5y CAGR

18.9%

5y Avg EBITDA Margin

Unlevered FCF 5y CAGR

5-Year DCF Model: Revenue Exit

股價

36.28 TRY

公允價值

43.10 TRY

看漲

18.1%

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	185,589	228,623	293,286	387,533	654,316	800,731
% Growth	-15.4%	23.2%	28.3%	32.1%	68.8%	22.4%

EBITDA	10,544	23,924	41,303	74,873	163,075	206,522
% of Revenue	5.7%	10.5%	14.1%	19.3%	24.9%	25.8%

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		23,924	41,303	74,873	163,075	206,522
Other Income / (Exp)		0	0	0	0	0
D&A		(15,452)	(18,002)	(27,796)	(52,924)	(68,705)

EBIT		8,472	23,302	47,077	110,151	137,817
Pro forma Taxes		(1,186)	(3,262)	(6,591)	(15,421)	(19,294)
NOPAT	(2,582)	7,286	20,039	40,486	94,730	118,523

Capital Expenditures	(36,386)	(28,743)	(23,293)	(25,652)	(54,883)	(21,736)
NWC Investment	8,056	(10,240)	(15,386)	(22,426)	(63,479)	(34,839)
(+) D&A	13,546	15,452	18,002	27,796	52,924	68,705

Free Cash Flow	(17,365)	(16,245)	(638)	20,205	29,291	130,653
% Growth		NM	NM	NM	45%	346%

載入錯誤

Turkiye Sise ve Cam Fabrikalari AS

IBSE:SISE

土耳其 / 工業 / 工業企業集團

5 年 DCF 收入退出價