Heineken Holding N.V.

OTCPK:HKHHF

荷蘭 / 必需消費品 / 飲品

綜觀

股息

5 年 DCF 收入退出價

股價

71.10 USD

公允價值

136.16 USD

Metrics	Range	Conclusion
Discount Rate	10.3% - 9.3%	9.8%
Terminal Revenue Multiple	1.4x - 1.6x	1.5x
Fair Value	$125.53 - $147.19	$136.16
Upside	76.6% - 107.0%	91.5%

5.1%

Revenue 5y CAGR

28.0%

5y Avg EBITDA Margin

21.3%

Unlevered FCF 5y CAGR

5-Year DCF Model: Revenue Exit

股價

71.10 USD

公允價值

136.16 USD

看漲

91.5%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

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

Revenue	29,821	31,051	32,684	34,407	36,250	38,221
% Growth	-1.8%	4.1%	5.3%	5.3%	5.4%	5.4%

EBITDA	5,746	8,281	8,871	9,513	10,385	11,332
% of Revenue	19.3%	26.7%	27.1%	27.6%	28.6%	29.6%

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

EBITDA		8,281	8,871	9,513	10,385	11,332
Other Income / (Exp)		0	0	0	0	0
D&A		(3,752)	(3,971)	(4,056)	(4,510)	(5,005)

EBIT		4,529	4,900	5,457	5,875	6,327
Pro forma Taxes		(1,042)	(1,127)	(1,255)	(1,351)	(1,455)
NOPAT	2,997	3,487	3,773	4,202	4,524	4,872

Capital Expenditures	(2,184)	(2,525)	(2,673)	(2,810)	(2,984)	(3,069)
NWC Investment	(31)	70	92	97	104	111
(+) D&A	1,854	3,752	3,971	4,056	4,510	5,005

Free Cash Flow	2,636	4,784	5,163	5,545	6,154	6,919
% Growth		81%	8%	7%	11%	12%

載入錯誤

Heineken Holding N.V.

OTCPK:HKHHF

荷蘭 / 必需消費品 / 飲品

5 年 DCF 收入退出價