Noritake Co., Limited

DB:NO4

일본 / 산업주 / 기계

개요

뉴스

10년 현금흐름할인(DCF) 반영된 매출

주가

21.60 EUR

적정가치

29.42 EUR

Metrics	Range	Conclusion
Discount Rate	8.5% - 7.5%	8.0%
Terminal Revenue Multiple	0.6x - 0.6x	0.6x
Fair Value	€28.29 - €30.62	€29.42
Upside	31.0% - 41.8%	36.2%

2.2%

Revenue 10y CAGR

13.4%

10y Avg EBITDA Margin

-2.6%

Unlevered FCF 10y CAGR

10-Year DCF Model: Revenue Exit

주가

21.60 EUR

적정가치

29.42 EUR

상승 여력 있음

36.2%

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	Mar-30	Mar-31	Mar-32	Mar-33	Mar-34

Revenue	137,912	138,900	143,900	148,700	151,674	154,707	157,802	160,958	164,177	167,460	170,810
% Growth	-1.1%	0.7%	3.6%	3.3%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	15,519	15,500	18,250	20,500	20,910	21,328	21,755	22,190	22,634	23,086	23,548
% of Revenue	11.3%	11.2%	12.7%	13.8%	13.8%	13.8%	13.8%	13.8%	13.8%	13.8%	13.8%

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
		Mar-25	Mar-26	Mar-27	Mar-28	Mar-29	Mar-30	Mar-31	Mar-32	Mar-33	Mar-34

EBITDA		15,500	18,250	20,500	20,910	21,328	21,755	22,190	22,634	23,086	23,548
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(5,000)	(6,000)	(6,500)	(6,630)	(6,763)	(6,898)	(7,036)	(7,177)	(7,320)	(7,466)

EBIT		10,500	12,250	14,000	14,280	14,566	14,857	15,154	15,457	15,766	16,082
Pro forma Taxes		(2,625)	(3,063)	(3,500)	(3,570)	(3,641)	(3,714)	(3,789)	(3,864)	(3,942)	(4,020)
NOPAT	8,033	7,875	9,188	10,500	10,710	10,924	11,143	11,366	11,593	11,825	12,061

Capital Expenditures	(5,313)	(12,000)	(12,000)	(12,000)	(12,240)	(12,485)	(12,242)	(12,322)	(12,350)	(12,304)	(12,325)
NWC Investment	489	(306)	(1,546)	(1,485)	(920)	(938)	(957)	(976)	(996)	(1,016)	(1,036)
(+) D&A	4,809	5,000	6,000	6,500	6,630	6,763	6,898	7,036	7,177	7,320	7,466

Free Cash Flow	8,018	569	1,641	3,515	4,180	4,264	4,842	5,103	5,424	5,825	6,166
% Growth			188%	114%	19%	2%	14%	5%	6%	7%	6%

로딩 에러

Noritake Co., Limited

DB:NO4

일본 / 산업주 / 기계

10년 현금흐름할인(DCF) 반영된 매출