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股息
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模型
財務狀況
比較
穩健度
圖表
10 年 DCF EBITDA 退出價
股價
0.81
USD
公允價值
0.86
USD
Metrics
Range
Conclusion
Discount Rate
10.5% - 9.5%
10.0%
Terminal EBITDA Multiple
11.6x - 13.6x
12.6x
Fair Value
$0.80 - $0.93
$0.86
Upside
-1.8% - 15.0%
6.3%
4.3%
Revenue 10y CAGR
7.1%
10y Avg EBITDA Margin
NM
Unlevered FCF 10y CAGR
10-Year DCF Model: EBITDA Exit
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儲存
股價
0.81
USD
公允價值
0.86
USD
看漲
6.3%
Revenue and EBITDA
CapEx
Working Capital
D&A
Tax Rate
Discount Rate
Terminal Value
Select Revenue and EBITDA Forecast
(CNY 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
16,951
18,530
20,579
22,159
22,935
23,393
23,861
24,338
24,825
25,322
25,828
% Growth
-1.0%
9.3%
11.1%
7.7%
3.5%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
EBITDA
565
1,316
1,470
1,563
1,618
1,650
1,683
1,717
1,751
1,786
1,822
% of Revenue
3.3%
7.1%
7.1%
7.1%
7.1%
7.1%
7.1%
7.1%
7.1%
7.1%
7.1%
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
(CNY in millions)
Dec-25
Dec-26
Dec-27
Dec-28
Dec-29
Dec-30
Dec-31
Dec-32
Dec-33
Dec-34
EBITDA
1,316
1,470
1,563
1,618
1,650
1,683
1,717
1,751
1,786
1,822
Other Income / (Exp)
0
0
0
0
0
0
0
0
0
0
D&A
(327)
(264)
(179)
(185)
(189)
(193)
(197)
(201)
(205)
(209)
EBIT
989
1,206
1,384
1,432
1,461
1,490
1,520
1,551
1,582
1,613
Pro forma Taxes
(138)
(169)
(194)
(201)
(205)
(209)
(213)
(217)
(221)
(226)
NOPAT
319
851
1,037
1,190
1,232
1,257
1,282
1,307
1,333
1,360
1,387
Capital Expenditures
#NUM!
(264)
(250)
(221)
(245)
(250)
(239)
(244)
(244)
(242)
(243)
NWC Investment
68
(648)
(841)
(649)
(318)
(188)
(192)
(196)
(200)
(204)
(208)
(+) D&A
194
327
264
179
185
189
193
197
201
205
209
Free Cash Flow
#NUM!
266
210
499
854
1,007
1,044
1,064
1,090
1,119
1,145
% Growth
NM
-21%
138%
71%
18%
4%
2%
2%
3%
2%
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