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CEZ, a. s.

OTCPK:CZAVF

捷克 / 公用事業 / 電力公用事業

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5 年 DCF EBITDA 退出價

股價

37.15 USD

公允價值

36.58 USD

Metrics	Range	Conclusion
Discount Rate	10.8% - 9.8%	10.3%
Terminal EBITDA Multiple	7.4x - 9.4x	8.4x
Fair Value	$30.27 - $43.16	$36.58
Upside	-18.5% - 16.2%	-1.5%

-2.2%

Revenue 5y CAGR

35.3%

5y Avg EBITDA Margin

-19.9%

Unlevered FCF 5y CAGR

5-Year DCF Model: EBITDA Exit

股價

37.15 USD

公允價值

36.58 USD

看漲

-1.5%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(CZK in millions)		Input Projections
Fiscal Years Ending	Dec-24	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29

Revenue	340,513	316,825	294,241	288,470	292,671	304,900
% Growth	1.1%	-7.0%	-7.1%	-2.0%	1.5%	4.2%

EBITDA	138,215	120,000	109,000	100,387	97,675	101,756
% of Revenue	40.6%	37.9%	37.0%	34.8%	33.4%	33.4%

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
(CZK in millions)		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29

EBITDA		120,000	109,000	100,387	97,675	101,756
Other Income / (Exp)		0	0	0	0	0
D&A		(45,156)	(47,696)	(48,321)	(49,637)	(51,216)

EBIT		74,844	61,304	52,066	48,038	50,540
Pro forma Taxes		(18,711)	(15,326)	(13,017)	(12,010)	(12,635)
NOPAT	71,759	56,133	45,978	39,050	36,029	37,905

Capital Expenditures	(54,116)	(59,770)	(65,120)	(79,027)	(71,300)	(68,200)
NWC Investment	(384)	2,428	2,314	591	(430)	(1,253)
(+) D&A	42,536	45,156	47,696	48,321	49,637	51,216

Free Cash Flow	59,795	43,947	30,868	8,935	13,935	19,668
% Growth		-27%	-30%	-71%	56%	41%

載入錯誤

CEZ, a. s.

OTCPK:CZAVF

捷克 / 公用事業 / 電力公用事業

5 年 DCF EBITDA 退出價