Klabin Sa A

OTCPK:KLBAY

巴西 / 材料 / 容器與包裝

綜觀

股息

5 年 DCF EBITDA 退出價

股價

6.29 USD

公允價值

7.47 USD

Metrics	Range	Conclusion
Discount Rate	11.5% - 10.5%	11.0%
Terminal EBITDA Multiple	6.6x - 8.6x	7.6x
Fair Value	$5.55 - $9.47	$7.47
Upside	-11.8% - 50.6%	18.8%

4.7%

Revenue 5y CAGR

39.2%

5y Avg EBITDA Margin

Unlevered FCF 5y CAGR

5-Year DCF Model: EBITDA Exit

股價

6.29 USD

公允價值

7.47 USD

看漲

18.8%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

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

Revenue	19,646	21,409	22,752	23,214	24,233	24,718
% Growth	9.0%	9.0%	6.3%	2.0%	4.4%	2.0%

EBITDA	7,367	8,368	9,159	9,696	9,085	9,267
% of Revenue	37.5%	39.1%	40.3%	41.8%	37.5%	37.5%

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

EBITDA		8,368	9,159	9,696	9,085	9,267
Other Income / (Exp)		0	0	0	0	0
D&A		(3,938)	(4,121)	(3,699)	(2,162)	(2,264)

EBIT		4,430	5,038	5,997	6,923	7,003
Pro forma Taxes		(1,107)	(1,259)	(1,499)	(1,731)	(1,751)
NOPAT	2,552	3,322	3,778	4,498	5,192	5,252

Capital Expenditures	(9,920)	(3,294)	(2,900)	(2,806)	(2,465)	(2,859)
NWC Investment	(196)	(213)	(162)	(56)	(123)	(59)
(+) D&A	3,964	3,938	4,121	3,699	2,162	2,264

Free Cash Flow	(3,600)	3,753	4,837	5,335	4,766	4,598
% Growth		NM	29%	10%	-11%	-4%

載入錯誤

Klabin Sa A

OTCPK:KLBAY

巴西 / 材料 / 容器與包裝

5 年 DCF EBITDA 退出價