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Sylvamo Corporation

MUN:88L

美國 / 材料 / 紙張及林木產品

綜觀

10 年 DCF EBITDA 退出價

股價

76.97 EUR

公允價值

43.42 EUR

Metrics	Range	Conclusion
Discount Rate	9.5% - 8.5%	9.0%
Terminal EBITDA Multiple	6.7x - 8.7x	7.7x
Fair Value	€38.40 - €48.83	€43.42
Upside	-49.6% - -35.9%	-43.0%

-0.9%

Revenue 10y CAGR

18.4%

10y Avg EBITDA Margin

0.3%

Unlevered FCF 10y CAGR

10-Year DCF Model: EBITDA Exit

股價

76.97 EUR

公允價值

43.42 EUR

看漲

-43.0%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(USD 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	3,773	3,434	3,455	3,455	3,455	3,455	3,455	3,455	3,455	3,455	3,455
% Growth	1.4%	-9.0%	0.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

EBITDA	603	595	640	640	640	640	640	640	640	640	640
% of Revenue	16.0%	17.3%	18.5%	18.5%	18.5%	18.5%	18.5%	18.5%	18.5%	18.5%	18.5%

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

EBITDA		595	640	640	640	640	640	640	640	640	640
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(199)	(195)	(195)	(195)	(195)	(195)	(195)	(195)	(195)	(195)

EBIT		396	445	445	445	445	445	445	445	445	445
Pro forma Taxes		(99)	(111)	(111)	(111)	(111)	(111)	(111)	(111)	(111)	(111)
NOPAT	333	297	334	334	334	334	334	334	334	334	334

Capital Expenditures	(221)	(230)	(255)	(255)	(255)	(255)	(255)	(255)	(255)	(255)	(255)
NWC Investment	(4)	29	(2)	0	0	0	0	0	0	0	0
(+) D&A	159	199	195	195	195	195	195	195	195	195	195

Free Cash Flow	267	295	272	274	274	274	274	274	274	274	274
% Growth		11%	-8%	1%	0%	0%	0%	0%	0%	0%	0%

載入錯誤

Sylvamo Corporation

MUN:88L

美國 / 材料 / 紙張及林木產品

10 年 DCF EBITDA 退出價