OCK Group Bhd

KLSE:OCK

馬來西亞 / 通訊服務 / 多元化電訊服務

綜觀

股息

10 年 DCF 收入退出價

股價

0.40 MYR

公允價值

0.41 MYR

Metrics	Range	Conclusion
Discount Rate	12.0% - 11.0%	11.5%
Terminal Revenue Multiple	1.4x - 1.6x	1.5x
Fair Value	RM0.34 - RM0.48	RM0.41
Upside	-10.6% - 25.9%	7.1%

6.1%

Revenue 10y CAGR

29.7%

10y Avg EBITDA Margin

5.3%

Unlevered FCF 10y CAGR

10-Year DCF Model: Revenue Exit

股價

0.40 MYR

公允價值

0.41 MYR

看漲

7.1%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(MYR 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	650	728	841	961	1,033	1,069	1,091	1,112	1,135	1,157	1,181
% Growth	-10.0%	11.9%	15.5%	14.3%	7.5%	3.5%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	150	219	228	280	311	322	329	335	342	349	356
% of Revenue	23.1%	30.1%	27.1%	29.1%	30.1%	30.1%	30.1%	30.1%	30.1%	30.1%	30.1%

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		219	228	280	311	322	329	335	342	349	356
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(130)	(127)	(128)	(138)	(142)	(145)	(148)	(151)	(154)	(157)

EBIT		89	101	152	174	180	183	187	191	195	199
Pro forma Taxes		(17)	(19)	(29)	(33)	(34)	(35)	(36)	(36)	(37)	(38)
NOPAT	72	72	82	123	141	146	149	152	155	158	161

Capital Expenditures	(68)	(120)	(120)	(120)	(129)	(134)	(128)	(130)	(130)	(129)	(130)
NWC Investment	39	(42)	(62)	(65)	(39)	(20)	(12)	(12)	(12)	(12)	(13)
(+) D&A	62	130	127	128	138	142	145	148	151	154	157

Free Cash Flow	105	40	27	66	110	135	155	158	163	170	176
% Growth			-31%	140%	67%	23%	15%	2%	3%	4%	3%

載入錯誤

OCK Group Bhd

KLSE:OCK

馬來西亞 / 通訊服務 / 多元化電訊服務

10 年 DCF 收入退出價