JCET Group Co., Ltd.
SHSE-600584
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 | 33,762 | 29,661 | 35,961.7 | 40,098.3 | 44,862.4 | 49,851.9 | 49,851.9 | 49,851.9 |
Revenue % Chg. | 10.7% | -12.1% | 21.2% | |||||
EBIT | 3,046.1 | 1,603.6 | 1,759.4 | 1,796.8 | 2,532.3 | 3,162 | 3,162 | 3,162 |
EBIT Margin | 9% | 5.4% | 4.9% | |||||
Tax Rate | 1.8% | 3.4% | 2.2% | |||||
NOPAT | 2,990.3 | 1,548.8 | 1,720.1 | 1,602.2 | 2,372.4 | 2,963.8 | 2,963.8 | 2,963.8 |
NOPAT Margin | 8.9% | 5.2% | 4.8% | 4% | 5.3% | 5.9% | 5.9% | 5.9% |
D&A | 3,790 | 3,529.1 | 3,595.5 | 4,231.6 | 4,773.2 | 5,282.1 | 5,282.1 | 5,282.1 |
D&A / Revenue | 11.2% | 11.9% | 10% | |||||
Capex | -3,924.2 | -3,128.3 | -4,590.8 | -4,671.6 | -5,040.5 | -4,791.8 | -4,791.8 | -4,791.8 |
Capex / Revenue | -11.6% | -10.5% | -12.8% | |||||
Chg. NWC | -1,264.6 | -858.8 | 169.5 | -824.7 | -922.6 | -1,025.3 | -1,025.3 | -1,025.3 |
Chg. NWC / Revenue | -3.7% | -2.9% | 0.5% | |||||
Unlevered FCF (UFCF) | 1,591.4 | 1,090.8 | 894.2 | 337.5 | 1,182.4 | 2,428.9 | 2,428.9 | 2,428.9 |
UFCF % Chg. | -44.6% | -31.5% | -18% | -62.3% | 250.4% | 105.4% | -0% | — |
PV of UFCF | — | — | — | 310 | 997.4 | 1,881.6 | 1,728.1 | 1,587.1 |
Sum of PV of UFCF | — | — | — | 310 | 1,307.3 | 3,188.9 | 4,917.1 | 6,504.2 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 4.1% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 9.7% |
| Total Debt | 11,432.8 |
| Market Cap | 62,719 |
| Total Capital | 74,151.8 |
| Debt Weighting | 15.4% |
| Equity Weighting | 84.6% |
| WACC | 8.9% |
| Exit Multiple EV/FCF | |
| Terminal Value | 67,344.8 |
| PV of Terminal Value | 40,414.3 |
| Cumulative PV of UFCF | 6,504.2 |
| Net Debt | 2,704.1 |
| Equity Value | 44,214.4 |
| Shares Outstanding | 1,789.4 |
| Implied Share Price | 24.7 |
| Current Share Price | 35.1 |
| Implied Upside / (Downside) | -29.5% |