Telefonica SA

WBAG:TEF

西班牙 / 通訊服務 / 多元化電訊服務

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股息

5 年 DCF 收入退出價

股價

4.35 EUR

公允價值

7.20 EUR

Metrics	Range	Conclusion
Discount Rate	11.5% - 10.5%	11.0%
Terminal Revenue Multiple	1.6x - 1.8x	1.7x
Fair Value	€6.61 - €7.81	€7.20
Upside	52.9% - 80.6%	66.5%

0.2%

Revenue 5y CAGR

32.2%

5y Avg EBITDA Margin

21.2%

Unlevered FCF 5y CAGR

5-Year DCF Model: Revenue Exit

股價

4.35 EUR

公允價值

7.20 EUR

看漲

66.5%

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

Revenue	41,315	40,715	41,081	41,226	42,270	41,698
% Growth	1.6%	-1.5%	0.9%	0.4%	2.5%	-1.4%

EBITDA	9,732	12,956	13,056	12,866	13,456	14,253
% of Revenue	23.6%	31.8%	31.8%	31.2%	31.8%	34.2%

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

EBITDA		12,956	13,056	12,866	13,456	14,253
Other Income / (Exp)		0	0	0	(0)	0
D&A		(8,481)	(8,504)	(8,142)	(8,453)	(8,409)

EBIT		4,475	4,552	4,724	5,003	5,844
Pro forma Taxes		(850)	(865)	(897)	(951)	(1,110)
NOPAT	3,708	3,625	3,687	3,826	4,052	4,734

Capital Expenditures	(5,790)	(5,078)	(4,895)	(4,942)	(5,287)	(4,962)
NWC Investment	44	(40)	24	10	70	(38)
(+) D&A	5,154	8,481	8,504	8,142	8,453	8,409

Free Cash Flow	3,116	6,988	7,321	7,036	7,289	8,143
% Growth		124%	5%	-4%	4%	12%

載入錯誤

Telefonica SA

WBAG:TEF

西班牙 / 通訊服務 / 多元化電訊服務

5 年 DCF 收入退出價