Tamura Corp

TSE:6768

日本 / 資訊科技 / 電子設備、儀器及組件

綜觀

股息

5 年 DCF EBITDA 退出價

股價

397.00 JPY

公允價值

374.57 JPY

Metrics	Range	Conclusion
Discount Rate	9.5% - 8.5%	9.0%
Terminal EBITDA Multiple	2.8x - 4.8x	3.8x
Fair Value	¥273.83 - ¥478.94	¥374.57
Upside	-37.5% - 9.3%	-14.5%

4.4%

Revenue 5y CAGR

8.3%

5y Avg EBITDA Margin

-4.8%

Unlevered FCF 5y CAGR

5-Year DCF Model: EBITDA Exit

股價

397.00 JPY

公允價值

374.57 JPY

看漲

-14.5%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

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

Revenue	106,622	112,000	122,000	127,000	129,540	132,131
% Growth	-1.3%	5.0%	8.9%	4.1%	2.0%	2.0%

EBITDA	8,880	9,600	10,000	10,500	10,710	10,924
% of Revenue	8.3%	8.6%	8.2%	8.3%	8.3%	8.3%

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
(JPY in millions)		Mar-25	Mar-26	Mar-27	Mar-28	Mar-29

EBITDA		9,600	10,000	10,500	10,710	10,924
Other Income / (Exp)		0	0	0	0	0
D&A		(4,400)	(4,600)	(4,600)	(4,692)	(4,786)

EBIT		5,200	5,400	5,900	6,018	6,138
Pro forma Taxes		(1,820)	(1,890)	(2,065)	(2,106)	(2,148)
NOPAT	3,211	3,380	3,510	3,835	3,912	3,990

Capital Expenditures	(2,993)	(4,000)	(4,000)	(4,164)	(4,247)	(4,332)
NWC Investment	448	(1,758)	(3,269)	(1,634)	(830)	(847)
(+) D&A	3,940	4,400	4,600	4,600	4,692	4,786

Free Cash Flow	4,606	2,022	841	2,637	3,526	3,597
% Growth		-56%	-58%	213%	34%	2%

載入錯誤

Tamura Corp

TSE:6768

日本 / 資訊科技 / 電子設備、儀器及組件

5 年 DCF EBITDA 退出價