RENK Group AG
XTRA-R3NK
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 | 849 | 925.5 | 1,140.5 | 1,341.6 | 1,560.3 | 1,829.3 | 1,829.3 | 1,829.3 |
Revenue % Chg. | 21.7% | 9% | 23.2% | |||||
EBIT | 65 | 89.9 | 114.6 | 230.4 | 279.9 | 342.8 | 342.8 | 342.8 |
EBIT Margin | 7.7% | 9.7% | 10% | |||||
Tax Rate | -9.3% | 30.6% | 42.2% | |||||
NOPAT | 71 | 62.4 | 66.2 | 165.7 | 196.2 | 240.2 | 240.2 | 240.2 |
NOPAT Margin | 8.4% | 6.7% | 5.8% | 12.4% | 12.6% | 13.1% | 13.1% | 13.1% |
D&A | 96.4 | 77 | 77 | 76.8 | 78.3 | 81.3 | 81.3 | 81.3 |
D&A / Revenue | 11.4% | 8.3% | 6.8% | |||||
Capex | -26 | -28.1 | -30.9 | -44.1 | -66.8 | -68.7 | -68.7 | -68.7 |
Capex / Revenue | -3.1% | -3% | -2.7% | |||||
Chg. NWC | -16.1 | -58.5 | -9 | -40.3 | -46.9 | -55 | -55 | -55 |
Chg. NWC / Revenue | -1.9% | -6.3% | -0.8% | |||||
Unlevered FCF (UFCF) | 125.2 | 52.8 | 103.4 | 158.2 | 160.8 | 197.9 | 197.9 | 197.9 |
UFCF % Chg. | 195.3% | -57.9% | 95.9% | 53% | 1.6% | 23.1% | — | — |
PV of UFCF | — | — | — | 145.9 | 136.8 | 155.3 | 143.3 | 132.2 |
Sum of PV of UFCF | — | — | — | 145.9 | 282.7 | 438 | 581.3 | 713.5 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 6.1% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 8.7% |
| Total Debt | 533.6 |
| Market Cap | 4,945.5 |
| Total Capital | 5,479.1 |
| Debt Weighting | 9.7% |
| Equity Weighting | 90.3% |
| WACC | 8.4% |
| Exit Multiple EV/FCF | |
| Terminal Value | 5,376.8 |
| PV of Terminal Value | 3,312 |
| Cumulative PV of UFCF | 713.5 |
| Net Debt | 426.5 |
| Equity Value | 3,599 |
| Shares Outstanding | 100 |
| Implied Share Price | 36 |
| Current Share Price | 49.5 |
| Implied Upside / (Downside) | -27.2% |