TAV Havalimanlari Holding

IBSE:TAVHL

土耳其 / 工業 / 交通基礎設施

綜觀

股息

10 年 DCF EBITDA 退出價

股價

238.50 TRY

公允價值

448.59 TRY

Metrics	Range	Conclusion
Discount Rate	10.8% - 9.8%	10.3%
Terminal EBITDA Multiple	7.5x - 9.5x	8.5x
Fair Value	₺406.71 - ₺493.60	₺448.59
Upside	71.7% - 108.4%	89.4%

4.2%

Revenue 10y CAGR

29.7%

10y Avg EBITDA Margin

13.7%

Unlevered FCF 10y CAGR

10-Year DCF Model: EBITDA Exit

股價

238.50 TRY

公允價值

448.59 TRY

看漲

89.4%

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	59,211	76,877	85,849	81,515	79,600	81,287	82,913	84,571	86,263	87,988	89,748
% Growth	72.0%	29.8%	11.7%	-5.0%	-2.3%	2.1%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	15,837	23,625	27,147	24,504	24,036	23,584	24,055	24,536	25,027	25,528	26,038
% of Revenue	26.7%	30.7%	31.6%	30.1%	30.2%	29.0%	29.0%	29.0%	29.0%	29.0%	29.0%

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	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

EBITDA		23,625	27,147	24,504	24,036	23,584	24,055	24,536	25,027	25,528	26,038
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(5,659)	(4,143)	(4,159)	(5,021)	(5,128)	(5,230)	(5,335)	(5,442)	(5,550)	(5,661)

EBIT		17,966	23,004	20,345	19,015	18,456	18,825	19,201	19,586	19,977	20,377
Pro forma Taxes		(3,593)	(4,601)	(4,069)	(3,803)	(3,691)	(3,765)	(3,840)	(3,917)	(3,995)	(4,075)
NOPAT	8,839	14,373	18,403	16,276	15,212	14,765	15,060	15,361	15,668	15,982	16,301

Capital Expenditures	(8,959)	(8,798)	(6,160)	(4,527)	(4,404)	(4,280)	(4,366)	(4,350)	(4,332)	(4,349)	(4,344)
NWC Investment	194	139	70	(34)	(15)	13	13	13	13	14	14
(+) D&A	4,789	5,659	4,143	4,159	5,021	5,128	5,230	5,335	5,442	5,550	5,661

Free Cash Flow	4,863	11,372	16,457	15,873	15,814	15,625	15,937	16,359	16,791	17,196	17,633
% Growth		134%	45%	-4%	0%	-1%	2%	3%	3%	2%	3%

載入錯誤

TAV Havalimanlari Holding

IBSE:TAVHL

土耳其 / 工業 / 交通基礎設施

10 年 DCF EBITDA 退出價