Dcf Marazzi Multpipli
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Tabella1
Marazzi spa Valutazione “a muzzo” by Zener
Free risk rate
3.70%
Coeff. Rischio specifico
2.50%
Coef. Rischio settoriale
2.50%
Patrimonio netto - E -
504,472
71.28%
Posizione finanziaria netta – D -
203,214
28.72%
9.20%
Capitale investito - CE -
707,686
100.00%
4.20%
N° azioni / 000
1.10
Beta Costo del capitale proprio
7.00%
Costo del capitale di terzi Tax rate
40.00
0.4
1.21%
6.56%
Wacc % di crescita perpetua “g”
2006
2007
2008
7.76%
0.0776
1.0776
1.50%
0.0150
1.0150
2009
2010
2011
102,232
0.063
2012
2013
2014
2015
Ricavi
964,065
1,022,000
1,073,100
1,116,000
1,145,150
1,168,054
1,172,000
1,195,400
1,219,300
1,243,700
Ebit
117,678
128,678
131,700
133,923
137,418
142,503
143,000
145,840
148,800
151,730
Tax rate
40.00%
40.00%
40.00%
40.00%
40.00%
40.00%
40.00%
40.00%
40.00%
40.00%
Imposte
47,071
51,471
52,680
53,569
54,967
57,001
57,200
58,336
59,520
60,692
Ammortamenti
55,057
55,000
55,000
45,000
45,000
45,000
45,000
45,000
45,000
45,000
6,026
3,500
3,500
3,500
3,500
3,500
3,500
3,500
3,500
0
Variaz. CCN
-40,295
-9,000
-8,000
-8,000
-8,000
-8,000
-8,000
-8,000
-8,000
-8,000
Investimenti
-50,000
-35,000
-35,000
-35,000
-35,000
-35,000
-35,000
-35,000
-35,000
-35,000
41,395
91,707
94,520
85,854
87,951
91,002
91,300
93,004
94,780
Accantonamenti
Free Cash Flow Anno
1
2
3
4
5
6
7
8
9
93,038 10
Discount
1.0776
1.1613
1.2515
1.3486
1.4534
1.5662
1.6878
1.8189
1.9601
D. F. cash Flow
38,412
78,968
75,527
63,659
60,515
58,103
54,094
51,133
48,355
44,047
Somma dfcf
38,412
117,381
192,907
256,566
317,082
375,185
429,279
480,413
528,768
572,815
Media dfcf
57,281
Multipli
Valore finale
928,137
Somma dfcf
572,815
Capitalizz.
PFN
203,214
az. ord.
Minority
0.00
az. risp.
0
0
Surplus assets
0.00
PFN negativa
203,412,000
195,000,000
1,297,738
PFN positiva
0
0
Valore equity
Valore per azione
12.694
2.1123
2006
2007
2008
1,297,737,505 1,297,737,505 1,297,737,505 102,232,000
102,232,000
Indici
102,232,000 Ev 0 ev/ebitda 170,000,000 ev/sales 0 BVPS
2006
2007
2008
1,501,149,505 1,492,737,505 1,467,737,505 8.36
7.71
7.22
1.56
1.46
1.37
4.93
5.33
5.71
Ricavi
964,065,000 1,022,000,000 1,073,100,000 ROE
11.50%
11.66%
11.85%
Mol – ebitda
179,570,000
193,570,000
203,352,000 ROI
16.62%
17.40%
17.47%
EBIT
117,678,000
128,678,000
131,700,000 ROS
12.21%
12.59%
12.27%
Utile netto
57,992,000
63,492,000
69,200,000 EPS
0.567
0.621
0.677
Patrimonio
504,472,000
544,450,000
584,000,000 PE – PU
22.38
20.44
18.75
Cap. inv.
707,884,000
739,450,000
754,000,000 PBV
2.57
2.38
2.22
Ord.
12.694
12.694
Risp.
0.000
.000
Pagina 1
12.694 debt/equity .000 Profit margin
0.40
0.36
0.29
6.02%
6.21%
6.45%
Marazzi spa Valutazione “a muzzo” by Zener
Free risk rate
3.70%
Coeff. Rischio specifico
2.50%
Coef. Rischio settoriale
2.50%
Patrimonio netto - E -
504,472
71.28%
Posizione finanziaria netta – D -
203,214
28.72%
9.20%
Capitale investito - CE -
707,686
100.00%
4.20%
N° azioni / 000
1.10
Beta Costo del capitale proprio
7.00%
Costo del capitale di terzi Tax rate
40.00
0.4
1.21%
6.56%
Wacc % di crescita perpetua “g”
2006
2007
2008
7.76%
0.0776
1.0776
1.50%
0.0150
1.0150
2009
2010
2011
102,232
0.063
2012
2013
2014
2015
Ricavi
964,065
1,022,000
1,073,100
1,116,000
1,145,150
1,168,054
1,172,000
1,195,400
1,219,300
1,243,700
Ebit
117,678
128,678
131,700
133,923
137,418
142,503
143,000
145,840
148,800
151,730
Tax rate
40.00%
40.00%
40.00%
40.00%
40.00%
40.00%
40.00%
40.00%
40.00%
40.00%
Imposte
47,071
51,471
52,680
53,569
54,967
57,001
57,200
58,336
59,520
60,692
Ammortamenti
55,057
55,000
55,000
45,000
45,000
45,000
45,000
45,000
45,000
45,000
6,026
3,500
3,500
3,500
3,500
3,500
3,500
3,500
3,500
0
Variaz. CCN
-40,295
-9,000
-8,000
-8,000
-8,000
-8,000
-8,000
-8,000
-8,000
-8,000
Investimenti
-50,000
-35,000
-35,000
-35,000
-35,000
-35,000
-35,000
-35,000
-35,000
-35,000
41,395
91,707
94,520
85,854
87,951
91,002
91,300
93,004
94,780
Accantonamenti
Free Cash Flow Anno
1
2
3
4
5
6
7
8
9
93,038 10
Discount
1.0776
1.1613
1.2515
1.3486
1.4534
1.5662
1.6878
1.8189
1.9601
D. F. cash Flow
38,412
78,968
75,527
63,659
60,515
58,103
54,094
51,133
48,355
44,047
Somma dfcf
38,412
117,381
192,907
256,566
317,082
375,185
429,279
480,413
528,768
572,815
Media dfcf
57,281
Multipli
Valore finale
928,137
Somma dfcf
572,815
Capitalizz.
PFN
203,214
az. ord.
Minority
0.00
az. risp.
0
0
Surplus assets
0.00
PFN negativa
203,412,000
195,000,000
1,297,738
PFN positiva
0
0
Valore equity
Valore per azione
12.694
2.1123
2006
2007
2008
1,297,737,505 1,297,737,505 1,297,737,505 102,232,000
102,232,000
Indici
102,232,000 Ev 0 ev/ebitda 170,000,000 ev/sales 0 BVPS
2006
2007
2008
1,501,149,505 1,492,737,505 1,467,737,505 8.36
7.71
7.22
1.56
1.46
1.37
4.93
5.33
5.71
Ricavi
964,065,000 1,022,000,000 1,073,100,000 ROE
11.50%
11.66%
11.85%
Mol – ebitda
179,570,000
193,570,000
203,352,000 ROI
16.62%
17.40%
17.47%
EBIT
117,678,000
128,678,000
131,700,000 ROS
12.21%
12.59%
12.27%
Utile netto
57,992,000
63,492,000
69,200,000 EPS
0.567
0.621
0.677
Patrimonio
504,472,000
544,450,000
584,000,000 PE – PU
22.38
20.44
18.75
Cap. inv.
707,884,000
739,450,000
754,000,000 PBV
2.57
2.38
2.22
Ord.
12.694
12.694
Risp.
0.000
.000
Pagina 1
12.694 debt/equity .000 Profit margin
0.40
0.36
0.29
6.02%
6.21%
6.45%
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