Haitai Confectionery and Foods Co Ltd

KOSE:A101530

南韓 / 必需消費品 / 食物產品

綜觀

股息

10 年 DCF 增長退出價

股價

6,650.00 KRW

公允價值

10,614.68 KRW

Metrics	Range	Conclusion
Discount Rate	10.3% - 9.3%	9.8%
Perpetuity Growth Rate	5.0% - 6.0%	5.5%
Fair Value	₩8,082 - ₩14,671	₩10,615
Upside	24.3% - 125.7%	63.3%

0.0%

Revenue 10y CAGR

11.7%

10y Avg EBITDA Margin

-3.1%

Unlevered FCF 10y CAGR

10-Year DCF Model: Gordon Growth Exit

股價

6,650.00 KRW

公允價值

10,614.68 KRW

看漲

63.3%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(KRW 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	629,196	629,196	629,196	629,196	629,196	629,196	629,196	629,196	629,196	629,196	629,196
% Growth	0.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

EBITDA	79,965	73,802	73,802	73,802	73,802	73,802	73,802	73,802	73,802	73,802	73,802
% of Revenue	12.7%	11.7%	11.7%	11.7%	11.7%	11.7%	11.7%	11.7%	11.7%	11.7%	11.7%

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
(KRW in millions)		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34	Terminal

EBITDA		73,802	73,802	73,802	73,802	73,802	73,802	73,802	73,802	73,802	73,802	73,802
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0	0
D&A		(31,581)	(31,581)	(31,581)	(31,581)	(31,581)	(31,581)	(31,581)	(31,581)	(31,581)	(31,581)	(34,626)

EBIT		42,221	42,221	42,221	42,221	42,221	42,221	42,221	42,221	42,221	42,221	39,177
Pro forma Taxes		(10,555)	(10,555)	(10,555)	(10,555)	(10,555)	(10,555)	(10,555)	(10,555)	(10,555)	(10,555)	(9,794)
NOPAT	36,804	31,666	31,666	31,666	31,666	31,666	31,666	31,666	31,666	31,666	31,666	29,382

Capital Expenditures	(30,902)	(36,448)	(36,448)	(36,448)	(36,448)	(36,448)	(36,448)	(36,448)	(36,448)	(36,448)	(36,448)	(36,448)
NWC Investment	37	0	0	0	0	0	0	0	0	0	0	298
(+) D&A	30,894	31,581	31,581	31,581	31,581	31,581	31,581	31,581	31,581	31,581	31,581	34,626

Free Cash Flow	36,833	26,799	26,799	26,799	26,799	26,799	26,799	26,799	26,799	26,799	26,799	27,858
% Growth		-27%	0%	0%	0%	0%	0%	0%	0%	0%	0%	4%

載入錯誤

Haitai Confectionery and Foods Co Ltd

KOSE:A101530

南韓 / 必需消費品 / 食物產品

10 年 DCF 增長退出價