Zensho Holdings Co Ltd

TSE:7550

일본 / 임의 소비재 / 호텔, 레스토랑 및 레저

개요

뉴스

5년 현금흐름할인(DCF) 반영된 매출

주가

8,379.00 JPY

적정가치

6,974.09 JPY

Metrics	Range	Conclusion
Discount Rate	8.3% - 7.2%	7.8%
Terminal Revenue Multiple	1.6x - 1.7x	1.6x
Fair Value	¥6,461 - ¥7,504	¥6,974
Upside	-22.9% - -10.4%	-16.8%

-0.1%

Revenue 5y CAGR

11.0%

5y Avg EBITDA Margin

5.6%

Unlevered FCF 5y CAGR

5-Year DCF Model: Revenue Exit

주가

8,379.00 JPY

적정가치

6,974.09 JPY

상승 여력 있음

-16.8%

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

Revenue	965,778	1,138,000	1,230,000	1,316,100	962,400	962,400
% Growth	23.8%	17.8%	8.1%	7.0%	-26.9%	0.0%

EBITDA	89,916	118,150	134,700	147,600	107,933	107,933
% of Revenue	9.3%	10.4%	11.0%	11.2%	11.2%	11.2%

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
(JPY in millions)		Mar-25	Mar-26	Mar-27	Mar-28	Mar-29

EBITDA		118,150	134,700	147,600	107,933	107,933
Other Income / (Exp)		0	0	0	0	0
D&A		(40,750)	(42,700)	(45,300)	(57,933)	(57,933)

EBIT		77,400	92,000	102,300	50,000	50,000
Pro forma Taxes		(29,412)	(34,960)	(38,874)	(19,000)	(19,000)
NOPAT	33,300	47,988	57,040	63,426	31,000	31,000

Capital Expenditures	(40,120)	(47,683)	(54,770)	(52,240)	(49,660)	(50,440)
NWC Investment	(24)	(22)	(12)	(11)	46	0
(+) D&A	36,207	40,750	42,700	45,300	57,933	57,933

Free Cash Flow	29,363	41,033	44,958	56,475	39,318	38,493
% Growth		40%	10%	26%	-30%	-2%

로딩 에러

Zensho Holdings Co Ltd

TSE:7550

일본 / 임의 소비재 / 호텔, 레스토랑 및 레저

5년 현금흐름할인(DCF) 반영된 매출