Kohsoku Corp

TSE:7504

日本 / 材料 / 容器与包装

概况

股息

10年增长率现金流贴现退出法

股票价格

2,129.00 JPY

公允价值

2,668.18 JPY

Metrics	Range	Conclusion
Discount Rate	8.5% - 7.5%	8.0%
Perpetuity Growth Rate	0.0% - 1.0%	0.5%
Fair Value	2,474¥ - 2,920¥	2,668¥
Upside	16.2% - 37.2%	25.3%

2.1%

Revenue 10y CAGR

4.9%

10y Avg EBITDA Margin

3.7%

Unlevered FCF 10y CAGR

10-Year DCF Model: Gordon Growth Exit

股票价格

2,129.00 JPY

公允价值

2,668.18 JPY

看涨

25.3%

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	Mar-30	Mar-31	Mar-32	Mar-33	Mar-34

Revenue	106,216	109,934	112,132	114,375	116,662	118,996	121,376	123,803	126,279	128,805	131,381
% Growth	7.5%	3.5%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	5,179	5,375	5,483	5,592	5,704	5,818	5,935	6,053	6,174	6,298	6,424
% of Revenue	4.9%	4.9%	4.9%	4.9%	4.9%	4.9%	4.9%	4.9%	4.9%	4.9%	4.9%

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
(JPY in millions)		Mar-25	Mar-26	Mar-27	Mar-28	Mar-29	Mar-30	Mar-31	Mar-32	Mar-33	Mar-34	Terminal

EBITDA		5,375	5,483	5,592	5,704	5,818	5,935	6,053	6,174	6,298	6,424	6,424
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0	0
D&A		(967)	(986)	(1,006)	(1,026)	(1,047)	(1,068)	(1,089)	(1,111)	(1,133)	(1,156)	(1,506)

EBIT		4,408	4,496	4,586	4,678	4,772	4,867	4,964	5,064	5,165	5,268	4,918
Pro forma Taxes		(1,411)	(1,439)	(1,468)	(1,497)	(1,527)	(1,557)	(1,589)	(1,620)	(1,653)	(1,686)	(1,574)
NOPAT	2,874	2,998	3,057	3,119	3,181	3,245	3,310	3,376	3,443	3,512	3,582	3,344

Capital Expenditures	(1,433)	(1,483)	(1,513)	(1,543)	(1,574)	(1,605)	(1,574)	(1,584)	(1,588)	(1,582)	(1,585)	(1,585)
NWC Investment	(278)	(140)	(83)	(85)	(86)	(88)	(90)	(92)	(93)	(95)	(97)	(25)
(+) D&A	952	967	986	1,006	1,026	1,047	1,068	1,089	1,111	1,133	1,156	1,506

Free Cash Flow	2,115	2,341	2,448	2,497	2,547	2,598	2,713	2,789	2,872	2,967	3,056	3,240
% Growth		11%	5%	2%	2%	2%	4%	3%	3%	3%	3%	6%

加载出错

Kohsoku Corp

TSE:7504

日本 / 材料 / 容器与包装

10年增长率现金流贴现退出法