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圖表
10 年 DCF 增長退出價
股價
52.92
USD
公允價值
70.03
USD
Metrics
Range
Conclusion
Discount Rate
8.3% - 7.2%
7.8%
Perpetuity Growth Rate
3.0% - 4.0%
3.5%
Fair Value
$58.70 - $88.18
$70.03
Upside
11.6% - 67.7%
33.2%
1.7%
Revenue 10y CAGR
9.6%
10y Avg EBITDA Margin
-2.1%
Unlevered FCF 10y CAGR
10-Year DCF Model: Gordon Growth Exit
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儲存
股價
52.92
USD
公允價值
70.03
USD
看漲
33.2%
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
17,878
18,026
18,400
19,021
18,724
19,121
19,503
19,893
20,291
20,697
21,111
% Growth
3.0%
0.8%
2.1%
3.4%
-1.6%
2.1%
2.0%
2.0%
2.0%
2.0%
2.0%
EBITDA
2,178
2,218
1,994
1,780
1,685
1,721
1,755
1,791
1,826
1,863
1,900
% of Revenue
12.2%
12.3%
10.8%
9.4%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
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
(USD in millions)
Dec-25
Dec-26
Dec-27
Dec-28
Dec-29
Dec-30
Dec-31
Dec-32
Dec-33
Dec-34
Terminal
EBITDA
2,218
1,994
1,780
1,685
1,721
1,755
1,791
1,826
1,863
1,900
1,900
Other Income / (Exp)
0
0
0
0
0
0
0
0
0
0
0
D&A
(440)
(455)
(675)
(562)
(574)
(585)
(597)
(609)
(621)
(633)
(538)
EBIT
1,778
1,539
1,105
1,123
1,147
1,170
1,194
1,218
1,242
1,267
1,362
Pro forma Taxes
(462)
(400)
(287)
(292)
(298)
(304)
(310)
(317)
(323)
(329)
(354)
NOPAT
1,291
1,316
1,139
818
831
849
866
883
901
919
937
1,008
Capital Expenditures
(476)
(475)
(577)
(553)
(562)
(574)
(563)
(566)
(568)
(565)
(566)
(566)
NWC Investment
(22)
(6)
(16)
(27)
13
(17)
(17)
(17)
(17)
(18)
(18)
(32)
(+) D&A
434
440
455
675
562
574
585
597
609
621
633
538
Free Cash Flow
1,226
1,274
1,001
913
844
832
872
897
925
957
986
948
% Growth
4%
-21%
-9%
-8%
-1%
5%
3%
3%
3%
3%
-4%
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