Empresa Regional Servicio

BVL:HIDRA2C1

秘鲁 / 公用事业 / 电力公用事业

概况

股息

10年EBITDA现金流贴现退出法

股票价格

1.71 PEN

公允价值

1.52 PEN

Metrics	Range	Conclusion
Discount Rate	14.0% - 13.0%	13.5%
Terminal EBITDA Multiple	7.5x - 9.5x	8.5x
Fair Value	1.34S/. - 1.73S/.	1.52S/.
Upside	-21.9% - 1.0%	-10.9%

2.0%

Revenue 10y CAGR

21.0%

10y Avg EBITDA Margin

7.5%

Unlevered FCF 10y CAGR

10-Year DCF Model: EBITDA Exit

股票价格

1.71 PEN

公允价值

1.52 PEN

看涨

-10.9%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(PEN in millions)		Input Projections
Fiscal Years Ending	Dec-24	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

Revenue	1,373	1,400	1,428	1,457	1,486	1,516	1,546	1,577	1,609	1,641	1,674
% Growth	2.3%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	260	294	300	306	312	318	324	331	337	344	351
% of Revenue	19.0%	21.0%	21.0%	21.0%	21.0%	21.0%	21.0%	21.0%	21.0%	21.0%	21.0%

支持的计算方式

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
(PEN in millions)		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

EBITDA		294	300	306	312	318	324	331	337	344	351
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(91)	(93)	(95)	(97)	(99)	(101)	(103)	(105)	(107)	(109)

EBIT		203	207	211	215	219	224	228	233	237	242
Pro forma Taxes		(61)	(62)	(63)	(64)	(66)	(67)	(68)	(70)	(71)	(73)
NOPAT	118	142	145	147	150	153	157	160	163	166	169

Capital Expenditures	(147)	(137)	(140)	(142)	(145)	(148)	(145)	(146)	(147)	(146)	(146)
NWC Investment	2	1	1	2	2	2	2	2	2	2	2
(+) D&A	92	91	93	95	97	99	101	103	105	107	109

Free Cash Flow	65	98	100	102	104	106	114	118	123	129	134
% Growth		50%	2%	2%	2%	2%	8%	4%	4%	5%	4%

加载出错

Empresa Regional Servicio

BVL:HIDRA2C1

秘鲁 / 公用事业 / 电力公用事业

10年EBITDA现金流贴现退出法