Isrotel

TASE:ISRO

以色列 / 非必需消费品 / 酒店、餐厅与休闲

概况

股息

10年EBITDA现金流贴现退出法

股票价格

75.15 ILS

公允价值

78.90 ILS

Metrics	Range	Conclusion
Discount Rate	9.8% - 8.8%	9.3%
Terminal EBITDA Multiple	20.6x - 22.6x	21.6x
Fair Value	71.93₪ - 86.37₪	78.90₪
Upside	-4.3% - 14.9%	5.0%

-0.6%

Revenue 10y CAGR

25.7%

10y Avg EBITDA Margin

Unlevered FCF 10y CAGR

10-Year DCF Model: EBITDA Exit

股票价格

75.15 ILS

公允价值

78.90 ILS

看涨

5.0%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(ILS 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	1,915	1,796	1,796	1,796	1,796	1,796	1,796	1,796	1,796	1,796	1,796
% Growth	6.6%	-6.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

EBITDA	581	462	462	462	462	462	462	462	462	462	462
% of Revenue	30.3%	25.7%	25.7%	25.7%	25.7%	25.7%	25.7%	25.7%	25.7%	25.7%	25.7%

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

EBITDA		462	462	462	462	462	462	462	462	462	462
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(110)	(110)	(110)	(110)	(110)	(110)	(110)	(110)	(110)	(110)

EBIT		351	351	351	351	351	351	351	351	351	351
Pro forma Taxes		(81)	(81)	(81)	(81)	(81)	(81)	(81)	(81)	(81)	(81)
NOPAT	309	270	270	270	270	270	270	270	270	270	270

Capital Expenditures	(538)	(177)	(186)	(202)	(202)	(202)	(202)	(202)	(202)	(202)	(202)
NWC Investment	13	(13)	0	0	0	0	0	0	0	0	0
(+) D&A	180	110	110	110	110	110	110	110	110	110	110

Free Cash Flow	(37)	191	195	179	179	179	179	179	179	179	179
% Growth		NM	2%	-8%	0%	0%	0%	0%	0%	0%	0%

加载出错

Isrotel

TASE:ISRO

以色列 / 非必需消费品 / 酒店、餐厅与休闲

10年EBITDA现金流贴现退出法