Randstad N.V.

OTCPK:RANJF

荷兰 / 工业 / 专业服务

概况

股息

10年收入现金流贴现退出法

股票价格

42.50 USD

公允价值

54.86 USD

Metrics	Range	Conclusion
Discount Rate	11.0% - 10.0%	10.5%
Terminal Revenue Multiple	0.5x - 0.5x	0.5x
Fair Value	51.30$ - 58.66$	54.86$
Upside	25.9% - 43.9%	34.6%

2.8%

Revenue 10y CAGR

5.0%

10y Avg EBITDA Margin

8.4%

Unlevered FCF 10y CAGR

10-Year DCF Model: Revenue Exit

股票价格

42.50 USD

公允价值

54.86 USD

看涨

34.6%

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-24	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

Revenue	24,122	23,985	24,916	26,113	28,093	28,936	29,515	30,105	30,707	31,321	31,948
% Growth	-5.1%	-0.6%	3.9%	4.8%	7.6%	3.0%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	623	1,066	1,219	1,315	1,407	1,454	1,483	1,513	1,543	1,574	1,605
% of Revenue	2.6%	4.4%	4.9%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%

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

EBITDA		1,066	1,219	1,315	1,407	1,454	1,483	1,513	1,543	1,574	1,605
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(305)	(309)	(292)	(255)	(268)	(273)	(279)	(284)	(290)	(296)

EBIT		761	910	1,023	1,152	1,186	1,210	1,234	1,259	1,284	1,309
Pro forma Taxes		(167)	(200)	(225)	(253)	(261)	(266)	(271)	(277)	(282)	(288)
NOPAT	407	593	709	798	899	925	944	962	982	1,001	1,021

Capital Expenditures	(41)	(90)	(100)	(96)	(140)	(141)	(126)	(128)	(131)	(128)	(129)
NWC Investment	51	5	(36)	(47)	(78)	(33)	(23)	(23)	(24)	(24)	(25)
(+) D&A	101	305	309	292	255	268	273	279	284	290	296

Free Cash Flow	518	814	882	947	936	1,019	1,069	1,090	1,112	1,139	1,164
% Growth			8%	7%	-1%	9%	5%	2%	2%	2%	2%

加载出错

Randstad N.V.

OTCPK:RANJF

荷兰 / 工业 / 专业服务

10年收入现金流贴现退出法