Tennant Co.

NYSE:TNC

미국 / 산업주 / 기계

개요

뉴스

5년 현금흐름할인(DCF) 반영된 EBITDA

주가

80.13 USD

적정가치

105.17 USD

Metrics	Range	Conclusion
Discount Rate	10.3% - 9.3%	9.8%
Terminal EBITDA Multiple	8.6x - 10.6x	9.6x
Fair Value	$95.23 - $115.53	$105.17
Upside	17.8% - 43.0%	30.2%

1.8%

Revenue 5y CAGR

16.8%

5y Avg EBITDA Margin

4.6%

Unlevered FCF 5y CAGR

5-Year DCF Model: EBITDA Exit

주가

80.13 USD

적정가치

105.17 USD

상승 여력 있음

30.2%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

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

Revenue	1,287	1,240	1,294	1,340	1,373	1,407
% Growth	3.5%	-3.6%	4.3%	3.6%	2.5%	2.5%

EBITDA	178	203	218	226	232	238
% of Revenue	13.8%	16.4%	16.9%	16.9%	16.9%	16.9%

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

EBITDA		203	218	226	232	238
Other Income / (Exp)		0	0	0	0	0
D&A		(71)	(65)	(29)	(16)	(3)

EBIT		132	154	197	216	235
Pro forma Taxes		(21)	(25)	(32)	(34)	(38)
NOPAT	103	111	129	165	181	197

Capital Expenditures	(21)	(21)	(25)	(31)	(32)	(32)
NWC Investment	(8)	8	(9)	(8)	(6)	(6)
(+) D&A	55	71	65	29	16	3

Free Cash Flow	129	169	160	156	160	162
% Growth		31%	-5%	-2%	3%	1%

로딩 에러

Tennant Co.

NYSE:TNC

미국 / 산업주 / 기계

5년 현금흐름할인(DCF) 반영된 EBITDA