Stelrad Group PLC

LSE:SRAD

英國 / 非必需消費品 / 家居耐用品

綜觀

股息

10 年 DCF EBITDA 退出價

股價

1.32 GBP

公允價值

2.51 GBP

Metrics	Range	Conclusion
Discount Rate	10.5% - 9.5%	10.0%
Terminal EBITDA Multiple	5.3x - 7.3x	6.3x
Fair Value	£2.25 - £2.78	£2.51
Upside	70.7% - 110.6%	89.9%

2.3%

Revenue 10y CAGR

15.6%

10y Avg EBITDA Margin

3.2%

Unlevered FCF 10y CAGR

10-Year DCF Model: EBITDA Exit

股價

1.32 GBP

公允價值

2.51 GBP

看漲

89.9%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(GBP 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	291	297	308	318	325	331	338	345	351	359	366
% Growth	-5.7%	2.2%	3.7%	3.4%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	39	46	48	50	51	52	53	54	55	56	57
% of Revenue	13.4%	15.4%	15.5%	15.6%	15.6%	15.6%	15.6%	15.6%	15.6%	15.6%	15.6%

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

EBITDA		46	48	50	51	52	53	54	55	56	57
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(12)	(12)	(12)	(12)	(13)	(13)	(13)	(13)	(14)	(14)

EBIT		34	35	38	38	39	40	41	42	42	43
Pro forma Taxes		(5)	(6)	(6)	(6)	(6)	(6)	(7)	(7)	(7)	(7)
NOPAT	25	28	30	32	32	33	34	34	35	36	36

Capital Expenditures	(6)	(7)	(7)	(7)	(7)	(7)	(7)	(7)	(7)	(7)	(7)
NWC Investment	2	(1)	(2)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)
(+) D&A	9	12	12	12	12	13	13	13	13	14	14

Free Cash Flow	31	32	34	35	37	38	39	39	40	41	42
% Growth		5%	4%	5%	4%	2%	3%	2%	2%	2%	2%

載入錯誤

Stelrad Group PLC

LSE:SRAD

英國 / 非必需消費品 / 家居耐用品

10 年 DCF EBITDA 退出價