Randstad N.V.

OTCPK:RANJF

荷蘭 / 工業 / 專業服務

綜觀

股息

10 年 DCF 收入退出價

股價

42.50 USD

公允價值

54.53 USD

Metrics	Range	Conclusion
Discount Rate	11.0% - 10.0%	10.5%
Terminal Revenue Multiple	0.5x - 0.5x	0.5x
Fair Value	$50.99 - $58.30	$54.53
Upside	20.0% - 37.2%	28.3%

2.8%

Revenue 10y CAGR

5.0%

10y Avg EBITDA Margin

8.4%

Unlevered FCF 10y CAGR

10-Year DCF Model: Revenue Exit

股價

42.50 USD

公允價值

54.53 USD

看漲

28.3%

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	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

Revenue	24,122	23,997	25,195	26,113	28,093	28,936	29,515	30,105	30,707	31,321	31,948
% Growth	-5.1%	-0.5%	5.0%	3.6%	7.6%	3.0%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	623	1,075	1,219	1,315	1,407	1,454	1,483	1,513	1,543	1,574	1,605
% of Revenue	2.6%	4.5%	4.8%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%

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
		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

EBITDA		1,075	1,219	1,315	1,407	1,454	1,483	1,513	1,543	1,574	1,605
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(315)	(311)	(292)	(255)	(268)	(273)	(279)	(284)	(290)	(296)

EBIT		759	908	1,023	1,152	1,186	1,210	1,234	1,259	1,284	1,309
Pro forma Taxes		(167)	(200)	(225)	(253)	(261)	(266)	(271)	(277)	(282)	(288)
NOPAT	407	592	709	798	899	925	944	962	982	1,001	1,021

Capital Expenditures	(41)	(90)	(100)	(96)	(140)	(141)	(126)	(128)	(131)	(128)	(129)
NWC Investment	51	5	(47)	(36)	(78)	(33)	(23)	(23)	(24)	(24)	(25)
(+) D&A	101	315	311	292	255	268	273	279	284	290	296

Free Cash Flow	518	823	873	958	936	1,019	1,069	1,090	1,112	1,139	1,164
% Growth			6%	10%	-2%	9%	5%	2%	2%	2%	2%

載入錯誤

Randstad N.V.

OTCPK:RANJF

荷蘭 / 工業 / 專業服務

10 年 DCF 收入退出價