Jost Werke SE

DB:JST

독일 / 산업주 / 기계

개요

뉴스

10년 현금흐름할인(DCF) 반영된 매출

주가

52.40 EUR

적정가치

103.46 EUR

Metrics	Range	Conclusion
Discount Rate	11.5% - 10.5%	11.0%
Terminal Revenue Multiple	0.6x - 0.7x	0.7x
Fair Value	€97.79 - €109.45	€103.46
Upside	86.6% - 108.9%	97.4%

8.5%

Revenue 10y CAGR

12.3%

10y Avg EBITDA Margin

9.2%

Unlevered FCF 10y CAGR

10-Year DCF Model: Revenue Exit

주가

52.40 EUR

적정가치

103.46 EUR

상승 여력 있음

97.4%

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-23	Dec-24	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33

Revenue	1,250	1,068	1,670	1,794	1,845	2,164	2,435	2,617	2,709	2,763	2,818
% Growth	-1.2%	-14.6%	56.4%	7.4%	2.9%	17.3%	12.5%	7.5%	3.5%	2.0%	2.0%

EBITDA	162	140	191	215	225	242	296	331	343	350	357
% of Revenue	12.9%	13.1%	11.4%	12.0%	12.2%	11.2%	12.2%	12.7%	12.7%	12.7%	12.7%

지원하는 계산법

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-24	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33

EBITDA		140	191	215	225	242	296	331	343	350	357
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(27)	(44)	(37)	(45)	(118)	(132)	(142)	(147)	(150)	(153)

EBIT		113	147	178	180	124	164	189	196	200	203
Pro forma Taxes		(23)	(29)	(36)	(36)	(25)	(33)	(38)	(39)	(40)	(41)
NOPAT	117	90	118	142	144	99	131	151	156	160	163

Capital Expenditures	(26)	(28)	(46)	(48)	(50)	(54)	(51)	(51)	(52)	(51)	(52)
NWC Investment	1	14	(47)	(10)	(4)	(25)	(21)	(14)	(7)	(4)	(4)
(+) D&A	16	27	44	37	45	118	132	142	147	150	153

Free Cash Flow	108	103	69	121	136	138	192	228	245	254	260
% Growth			-33%	75%	12%	2%	39%	19%	7%	4%	2%

로딩 에러

Jost Werke SE

DB:JST

독일 / 산업주 / 기계

10년 현금흐름할인(DCF) 반영된 매출