Fuji Seal International, Inc.(FUJS.F)之10Y DCF Growth Exit

股價

18.70 USD

公允價值

22.70 USD

3.4%

Revenue 10y CAGR

12.7%

10y Avg EBITDA Margin

5.4%

Unlevered FCF 10y CAGR

10-Year DCF Model: Gordon Growth Exit

股價

18.70 USD

公允價值

22.70 USD

看漲

21.4%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(JPY in millions)		Input Projections
Fiscal Years Ending	Mar-24	Mar-25	Mar-26	Mar-27	Mar-28	Mar-29	Mar-30	Mar-31	Mar-32	Mar-33	Mar-34

Revenue	196,624	213,000	224,000	235,500	243,743	248,617	253,590	258,661	263,835	269,111	274,494
% Growth	6.8%	8.3%	5.2%	5.1%	3.5%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	21,557	27,650	28,750	29,750	30,791	31,407	32,035	32,676	33,329	33,996	34,676
% of Revenue	11.0%	13.0%	12.8%	12.6%	12.6%	12.6%	12.6%	12.6%	12.6%	12.6%	12.6%

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
(JPY in millions)		Mar-25	Mar-26	Mar-27	Mar-28	Mar-29	Mar-30	Mar-31	Mar-32	Mar-33	Mar-34	Terminal

EBITDA		27,650	28,750	29,750	30,791	31,407	32,035	32,676	33,329	33,996	34,676	34,676
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0	0
D&A		(9,050)	(8,900)	(9,000)	(9,315)	(9,501)	(9,691)	(9,885)	(10,083)	(10,285)	(10,490)	(11,115)

EBIT		18,600	19,850	20,750	21,476	21,906	22,344	22,791	23,247	23,712	24,186	23,561
Pro forma Taxes		(4,836)	(5,161)	(5,395)	(5,584)	(5,696)	(5,809)	(5,926)	(6,044)	(6,165)	(6,288)	(6,126)
NOPAT	9,697	13,764	14,689	15,355	15,892	16,210	16,534	16,865	17,202	17,547	17,897	17,435

Capital Expenditures	(6,074)	(9,250)	(10,500)	(11,250)	(11,644)	(11,877)	(11,590)	(11,704)	(11,723)	(11,672)	(11,700)	(11,700)
NWC Investment	(3,013)	(3,919)	(2,632)	(2,752)	(1,973)	(1,167)	(1,190)	(1,214)	(1,238)	(1,263)	(1,288)	0
(+) D&A	8,453	9,050	8,900	9,000	9,315	9,501	9,691	9,885	10,083	10,285	10,490	11,115

Free Cash Flow	9,063	9,645	10,457	10,353	11,591	12,668	13,446	13,833	14,324	14,896	15,400	16,850
% Growth		6%	8%	-1%	12%	9%	6%	3%	4%	4%	3%	9%

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