Tessenderlo Group NV

OTCPK:TSDOF

벨기에 / 자재 / 화학

개요

뉴스

5년 현금흐름할인(DCF) 반영된 매출

주가

25.18 USD

적정가치

44.46 USD

Metrics	Range	Conclusion
Discount Rate	9.5% - 8.5%	9.0%
Terminal Revenue Multiple	0.7x - 0.7x	0.7x
Fair Value	$42.14 - $46.86	$44.46
Upside	67.4% - 86.1%	76.6%

2.8%

Revenue 5y CAGR

11.6%

5y Avg EBITDA Margin

31.8%

Unlevered FCF 5y CAGR

5-Year DCF Model: Revenue Exit

주가

25.18 USD

적정가치

44.46 USD

상승 여력 있음

76.6%

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

Revenue	2,928	2,671	2,762	2,908	2,974	3,369
% Growth	13.2%	-8.8%	3.4%	5.3%	2.3%	13.3%

EBITDA	319	267	312	332	339	468
% of Revenue	10.9%	10.0%	11.3%	11.4%	11.4%	13.9%

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
(EUR in millions)		Dec-24	Dec-25	Dec-26	Dec-27	Dec-28

EBITDA		267	312	332	339	468
Other Income / (Exp)		0	0	0	0	0
D&A		(201)	(211)	(214)	(212)	(240)

EBIT		66	101	119	127	228
Pro forma Taxes		(11)	(17)	(20)	(22)	(39)
NOPAT	98	55	84	98	105	189

Capital Expenditures	(177)	(163)	(163)	(163)	(160)	(160)
NWC Investment	(77)	58	(20)	(33)	(15)	(89)
(+) D&A	201	201	211	214	212	240

Free Cash Flow	45	151	111	117	143	181
% Growth		233%	-26%	5%	22%	27%

로딩 에러

Tessenderlo Group NV

OTCPK:TSDOF

벨기에 / 자재 / 화학

5년 현금흐름할인(DCF) 반영된 매출