图表内容
scounted Cash Flow
nb mn
ee cashflow forecast
2025E
2026E
2027E
2028E
2029E
2030E
2031E
2032E
t Revenue
130.356
328.594
400
917
362
.013
460.948
570
916
676
890
771.831
845.553
926
474
YoY
152%
22%
(10%)
27%
24%
19%
14%
10%
10%
18
3477
32
048
45
379
54.577
83
275
105
065
122
868
153.519
178.176
218
599
YoY
75%
42%
20%
53%
26%
17%
25%
16%
23%
EBIT Margin
14%
10%
11%
15%
18%
18%
18%
20%
21%
24%
T(1-t)
15.962
27
882
39
479
47.482
72
450
91
406
106
896
133.562
155.013
190
181
Depreciation and Amortization
6.006
12
197
21
429
22.908
23
178
24.105
25.069
26
072
27
115
28.199
Change in working capital
17
183
16
843
25
875
15.235
2.501
4
889
5.175
5.476
5.794
6
128
Capex
(43
768)
(48.215)
(33
625)
(31
180)
(33
674)
(36
368)
(39
278)
(42
420)
(45
814)
(49
479)
ee Cash F月ows
(4
616)
8
707
53
159
54
445
64
454
84
032
97
862
122
690
142
108
175
030
CF Analysis
PV of FCF
483
579
Tax rate
13.0%
Terminal value
1
463.324
Debt ratio
58.0%
PV of terminal value
708.230
Beta
1.50
Enterprise Value
1
191
808
Risk free ra
3.0%
Net Cash/(Debt)
Minority interest
343.487
12.0%
Equity Value
1
535
296
Equity cost
21.0%
Equity value per share
350.36
Debt cost
8.0%
Debt cost
7.0%
