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301055
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301336
-2.9%
301353
-2.5%
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穩健度
圖表
10 年 DCF EBITDA 退出價
股價
19.39
CNY
公允價值
28.59
CNY
Metrics
Range
Conclusion
Discount Rate
11.8% - 10.8%
11.3%
Terminal EBITDA Multiple
7.6x - 9.6x
8.6x
Fair Value
¥25.92 - ¥31.45
¥28.59
Upside
33.9% - 62.5%
47.8%
10.4%
Revenue 10y CAGR
10.5%
10y Avg EBITDA Margin
17.9%
Unlevered FCF 10y CAGR
10-Year DCF Model: EBITDA Exit
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儲存
股價
19.39
CNY
公允價值
28.59
CNY
看漲
47.8%
Revenue and EBITDA
CapEx
Working Capital
D&A
Tax Rate
Discount Rate
Terminal Value
Select Revenue and EBITDA Forecast
(CNY in millions)
Input Projections
Fiscal Years Ending
Dec-23
Dec-24
Dec-25
Dec-26
Dec-27
Dec-28
Dec-29
Dec-30
Dec-31
Dec-32
Dec-33
Revenue
6,074
8,009
9,908
12,057
13,564
14,581
15,092
15,394
15,701
16,016
16,336
% Growth
11.3%
31.9%
23.7%
21.7%
12.5%
7.5%
3.5%
2.0%
2.0%
2.0%
2.0%
EBITDA
472
626
827
989
1,451
1,706
1,766
1,801
1,837
1,874
1,911
% of Revenue
7.8%
7.8%
8.3%
8.2%
10.7%
11.7%
11.7%
11.7%
11.7%
11.7%
11.7%
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
(CNY in millions)
Dec-24
Dec-25
Dec-26
Dec-27
Dec-28
Dec-29
Dec-30
Dec-31
Dec-32
Dec-33
EBITDA
626
827
989
1,451
1,706
1,766
1,801
1,837
1,874
1,911
Other Income / (Exp)
0
0
0
0
0
0
0
0
0
0
D&A
(145)
(161)
(126)
(142)
(153)
(158)
(161)
(165)
(168)
(171)
EBIT
482
666
862
1,309
1,553
1,607
1,640
1,672
1,706
1,740
Pro forma Taxes
(91)
(127)
(164)
(249)
(295)
(305)
(312)
(318)
(324)
(331)
NOPAT
377
390
540
698
1,060
1,258
1,302
1,328
1,355
1,382
1,409
Capital Expenditures
(11)
(365)
(173)
(136)
(225)
(241)
(200)
(204)
(209)
(204)
(206)
NWC Investment
(121)
(378)
(371)
(420)
(294)
(199)
(100)
(59)
(60)
(61)
(63)
(+) D&A
7
145
161
126
142
153
158
161
165
168
171
Free Cash Flow
252
(208)
157
270
684
971
1,160
1,226
1,251
1,284
1,312
% Growth
NM
NM
72%
154%
42%
19%
6%
2%
3%
2%
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