Super Sol 01

TASE:SAE

以色列 / 必需消費品 / Consumer Staples Distribution & Retail

綜觀

股息

10 年 DCF EBITDA 退出價

股價

35.51 ILS

公允價值

29.12 ILS

Metrics	Range	Conclusion
Discount Rate	10.3% - 9.3%	9.8%
Terminal EBITDA Multiple	15.1x - 17.1x	16.1x
Fair Value	₪25.56 - ₪32.93	₪29.12
Upside	-27.3% - -6.4%	-17.2%

2.7%

Revenue 10y CAGR

6.4%

10y Avg EBITDA Margin

-5.2%

Unlevered FCF 10y CAGR

10-Year DCF Model: EBITDA Exit

股價

35.51 ILS

公允價值

29.12 ILS

看漲

-17.2%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(ILS 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	15,644	16,915	17,507	17,857	18,214	18,579	18,950	19,329	19,716	20,110	20,512
% Growth	3.0%	8.1%	3.5%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	1,556	1,083	1,121	1,143	1,166	1,190	1,213	1,238	1,262	1,288	1,313
% of Revenue	9.9%	6.4%	6.4%	6.4%	6.4%	6.4%	6.4%	6.4%	6.4%	6.4%	6.4%

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
(ILS in millions)		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

EBITDA		1,083	1,121	1,143	1,166	1,190	1,213	1,238	1,262	1,288	1,313
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(231)	(239)	(244)	(249)	(254)	(259)	(264)	(269)	(275)	(280)

EBIT		852	882	899	917	936	955	974	993	1,013	1,033
Pro forma Taxes		(204)	(212)	(216)	(220)	(225)	(229)	(234)	(238)	(243)	(248)
NOPAT	754	648	670	684	697	711	725	740	755	770	785

Capital Expenditures	(265)	(427)	(442)	(451)	(460)	(469)	(460)	(463)	(464)	(462)	(463)
NWC Investment	52	144	67	40	41	41	42	43	44	45	46
(+) D&A	564	231	239	244	249	254	259	264	269	275	280

Free Cash Flow	1,105	596	535	516	527	537	567	584	604	627	648
% Growth		-46%	-10%	-3%	2%	2%	5%	3%	3%	4%	3%

載入錯誤

Super Sol 01

TASE:SAE

以色列 / 必需消費品 / Consumer Staples Distribution & Retail

10 年 DCF EBITDA 退出價