Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Perpetuity Growth Rate | 5.8% - 6.8% | 6.3% |
| Fair Value | lei 59.61 - lei 89.68 | lei 69.26 |
| Upside | 38.6% - 108.6% | 61.1% |
| Select Revenue and EBITDA Forecast | ||||||||||||
| (RON 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 | 7,904 | 4,359 | 4,355 | 4,468 | 4,496 | 3,130 | 3,130 | 3,130 | 3,130 | 3,130 | 3,130 | |
| % Growth | 67.3% | -44.9% | -0.1% | 2.6% | 0.6% | -30.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| EBITDA | 938 | 1,045 | 1,054 | 1,096 | 1,086 | 597 | 597 | 597 | 597 | 597 | 597 | |
| % of Revenue | 11.9% | 24.0% | 24.2% | 24.5% | 24.2% | 19.1% | 19.1% | 19.1% | 19.1% | 19.1% | 19.1% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (RON in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | Terminal | |
| EBITDA | 1,045 | 1,054 | 1,096 | 1,086 | 597 | 597 | 597 | 597 | 597 | 597 | 597 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (531) | (517) | (549) | (536) | (367) | (367) | (367) | (367) | (367) | (367) | (413) | |
| EBIT | 514 | 537 | 547 | 550 | 230 | 230 | 230 | 230 | 230 | 230 | 184 | |
| Pro forma Taxes | (82) | (86) | (88) | (88) | (37) | (37) | (37) | (37) | (37) | (37) | (29) | |
| NOPAT | 483 | 432 | 451 | 459 | 462 | 193 | 193 | 193 | 193 | 193 | 193 | 154 |
| Capital Expenditures | (687) | (480) | (479) | (491) | (495) | (435) | (435) | (435) | (435) | (435) | (435) | (435) |
| NWC Investment | 31 | (34) | (0) | 1 | 0 | (13) | 0 | 0 | 0 | 0 | 0 | 2 |
| (+) D&A | 363 | 531 | 517 | 549 | 536 | 367 | 367 | 367 | 367 | 367 | 367 | 413 |
| Free Cash Flow | 190 | 449 | 489 | 519 | 503 | 112 | 125 | 125 | 125 | 125 | 125 | 134 |
| % Growth | 136% | 9% | 6% | -3% | -78% | 12% | 0% | 0% | 0% | 0% | 7% | |