SITC International Holdings Company Limited
SEHK-1308
BUILD UP FREE CASH | 2022-12-31 (A) | 2023-12-31 (A) | 2024-12-31 (A) | 2025-12-31 (E) | 2026-12-31 (E) | 2027-12-31 (E) | 2028-12-31 (E) | 2029-12-31 (E) |
|---|---|---|---|---|---|---|---|---|
Revenue | 4,113 | 2,429 | 3,058.1 | 3,367.9 | 3,211.4 | 3,282.3 | 3,282.3 | 3,282.3 |
Revenue % Chg. | 36.5% | -40.9% | 25.9% | |||||
EBIT | 1,808 | 483.7 | 997.9 | 1,201.9 | 944.1 | 869.6 | 869.6 | 869.6 |
EBIT Margin | 44% | 19.9% | 32.6% | |||||
Tax Rate | 1.2% | 3.1% | 1.8% | |||||
NOPAT | 1,786.8 | 468.6 | 979.7 | 1,180.2 | 927.2 | 853.9 | 853.9 | 853.9 |
NOPAT Margin | 43.4% | 19.3% | 32% | 35% | 28.9% | 26% | 26% | 26% |
D&A | 145.6 | 158.8 | 163.9 | 133.2 | 138.6 | 151.3 | 151.3 | 151.3 |
D&A / Revenue | 3.5% | 6.5% | 5.4% | |||||
Capex | -488.2 | -309.2 | -261 | -173.1 | -146.6 | -185.9 | -185.9 | -185.9 |
Capex / Revenue | -11.9% | -12.7% | -8.5% | |||||
Chg. NWC | 21.2 | -7.6 | -40.9 | -12.8 | -12.2 | -12.4 | -12.4 | -12.4 |
Chg. NWC / Revenue | 0.5% | -0.3% | -1.3% | |||||
Unlevered FCF (UFCF) | 1,465.4 | 310.6 | 841.6 | 1,127.6 | 907 | 806.9 | 806.9 | 806.9 |
UFCF % Chg. | 30.8% | -78.8% | 171% | 34% | -19.6% | -11% | -0% | — |
PV of UFCF | — | — | — | 1,031.8 | 759.5 | 618.3 | 565.8 | 517.7 |
Sum of PV of UFCF | — | — | — | 1,031.8 | 1,791.3 | 2,409.6 | 2,975.4 | 3,493.1 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 4% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 9.5% |
| Total Debt | 388.8 |
| Market Cap | 9,359.4 |
| Total Capital | 9,748.3 |
| Debt Weighting | 4% |
| Equity Weighting | 96% |
| WACC | 9.3% |
| Exit Multiple EV/FCF | |
| Terminal Value | 8,906.5 |
| PV of Terminal Value | 5,229.4 |
| Cumulative PV of UFCF | 3,493.1 |
| Net Debt | -471.5 |
| Equity Value | 9,194 |
| Shares Outstanding | 2,700 |
| Implied Share Price | 3.4 |
| Current Share Price | 3.5 |
| Implied Upside / (Downside) | -1.8% |