Siemens Aktiengesellschaft
XTRA-SIE
BUILD UP FREE CASH | 2023-09-30 (A) | 2024-09-30 (A) | 2025-09-30 (A) | 2026-09-30 (E) | 2027-09-30 (E) | 2028-09-30 (E) | 2029-09-30 (E) | 2030-09-30 (E) |
|---|---|---|---|---|---|---|---|---|
Revenue | 74,882 | 75,930 | 78,914 | 83,409.3 | 88,929.2 | 94,730.8 | 94,730.8 | 94,730.8 |
Revenue % Chg. | 4% | 1.4% | 3.9% | |||||
EBIT | 9,401 | 9,659 | 9,594 | 11,888.6 | 13,465.5 | 14,972.8 | 14,972.8 | 14,972.8 |
EBIT Margin | 12.6% | 12.7% | 12.2% | |||||
Tax Rate | 23.4% | 20.7% | 23.1% | |||||
NOPAT | 7,203.9 | 7,663 | 7,378.2 | 8,882.1 | 10,019.8 | 11,122.7 | 11,122.7 | 11,122.7 |
NOPAT Margin | 9.6% | 10.1% | 9.3% | 10.6% | 11.3% | 11.7% | 11.7% | 11.7% |
D&A | 3,372 | 2,999 | 3,389 | 3,549.9 | 3,695.1 | 3,936.4 | 3,936.4 | 3,936.4 |
D&A / Revenue | 4.5% | 3.9% | 4.3% | |||||
Capex | -2,146 | -2,088 | -2,445 | -2,650.9 | -2,545.3 | -2,788.9 | -2,788.9 | -2,788.9 |
Capex / Revenue | -2.9% | -2.7% | -3.1% | |||||
Chg. NWC | 596 | -332 | 471 | 265.7 | 283.2 | 301.7 | 301.7 | 301.7 |
Chg. NWC / Revenue | 0.8% | -0.4% | 0.6% | |||||
Unlevered FCF (UFCF) | 9,025.9 | 8,242 | 8,793.2 | 10,046.8 | 11,452.9 | 12,571.9 | 12,571.9 | 12,571.9 |
UFCF % Chg. | 172.4% | -8.7% | 6.7% | 14.3% | 14% | 9.8% | — | — |
PV of UFCF | — | — | — | 9,392.6 | 10,009.9 | 10,272.4 | 9,603.5 | 8,978.1 |
Sum of PV of UFCF | — | — | — | 9,392.6 | 19,402.4 | 29,674.8 | 39,278.3 | 48,256.5 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 2.4% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 8.6% |
| Total Debt | 56,015 |
| Market Cap | 152,873.8 |
| Total Capital | 208,888.8 |
| Debt Weighting | 26.8% |
| Equity Weighting | 73.2% |
| WACC | 7% |
| Exit Multiple EV/FCF | |
| Terminal Value | 193,745.4 |
| PV of Terminal Value | 129,351.6 |
| Cumulative PV of UFCF | 48,256.5 |
| Net Debt | 41,520 |
| Equity Value | 136,088.1 |
| Shares Outstanding | 774.2 |
| Implied Share Price | 175.8 |
| Current Share Price | 116.9 |
| Implied Upside / (Downside) | 50.4% |