Dcf Tod's Zener G2,5
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Tabella1
20/07/07 TOD'S
64.20
Target price
72.88
Free risk rate
3.75%
Coeff. Rischio specifico
2.50%
Coef. Rischio settoriale
2.00%
Patrimonio netto - E -
544,000
100.00%
0
0.00%
544,000
100.00%
Posiz. Finanz. netta – D -
1.00
Beta Costo del capitale proprio
0.00%
Costo capitale di terzi Tax rate
Wacc
40.00
0.4
0.00%
8.25%
% di crescita perpetua “g”
2007
2009
Capitale investito - CE -
0.00%
N° azioni / 000
8.25%
0.0825
1.0825
2.50%
0.0250
1.0250
2010
2011
30,435
0.0575
2012
2013
2014
2015
2016
Ricavi
625,640
694,460
770,895
855,694
950,000
1,045,000
1,150,000
1,253,500
1,353,800
1,462,100
0
Ebit
120,760
157,560
183,500
202,900
227,520
247,665
273,700
297,100
320,900
346,520
0
Tax rate
40.00%
40.00%
40.00%
40.00%
44.00%
44.00%
44.00%
44.00%
44.00%
44.00%
Imposte
48,304
63,024
73,400
81,160
100,109
108,973
120,428
130,724
141,196
152,469
0
Ammortamenti
23,700
23,000
24,000
24,000
23,000
23,000
23,000
23,000
23,000
23,000
0
0
0
0
0
0
0
0
0
0
0
0
Variaz. CCN
-29,000
-25,000
-28,000
-25,000
-22,000
-22,000
-22,000
-22,000
-22,000
-22,000
0
Investimenti
-24,800
-26,000
-26,000
-24,000
-23,000
-23,000
-23,000
-23,000
-23,000
-23,000
0
Free Cash Flow
42,356
66,536
80,100
96,740
105,411
116,692
131,272
144,376
157,704
172,051
3,067,000
Anno
1
2
3
4
5
7
8
9
Discount
1.0825
1.1718
1.2685
1.3731
1.4864
1.6090
1.7418
1.8855
2.0410
2.2094
2.2094
D. F. cash Flow
39,128
56,781
63,146
70,452
70,916
72,523
75,366
76,572
77,267
77,872
1,388,144
Somma dfcf
39,128
95,909
159,055
229,507
300,424
372,947
448,313
524,885
602,152
680,023
2,068,168
Accantonamenti
2008
8.25%
6
t.value
10
Multipli Valore finale
2,068,168
2007 Capitalizz.
2008
2009
1,947,828
1,947,828
1,947,828
Indici
-150,000
az. ord.
30,434,820
30,434,820
Minority
0.00
az. risp.
0
0
0 ev/ebitda
Surplus asset
0.00
PFN neg.
0
0
0 ev/sales
2,218,168
PFN pos.
0
0
0 BVPS
PFN
Valore equity
Valore per azione Sconto Valore per azione
72.882 0.00%
72.882
30,434,820 Ev
2007
2008
2009
1,947,828
1,947,828
1,947,828
13.48
10.79
9.39
0
0
0
18.32
19.62
21.16
Ricavi
625,640,000 694,460,000
770,895,000 ROE
12.85%
13.99%
15.10%
EBITDA
144,460,000 180,560,000
207,500,000 ROI
21.66%
26.39%
28.49%
EBIT
120,760,000 157,560,000
183,500,000 ROS
19.30%
22.69%
23.80%
97,250,000 EPS
2.354
2.744
3.195
27.19
23.33
20.03
3.49
3.26
3.02
Utile netto
71,640,000
83,507,000
Patrimonio
557,500,000 597,000,000
644,000,000 PE – PU
557,500,000 597,000,000
644,000,000 PBV
QUOT. ATTUALE
64.000
Cap. inv.
UP/DOWN SIDE
13.88%
Ord.
64.000
64.000
64.000 debt/equity
0.00
0.00
0.00
8.882
Risp.
0.000
.000
.000 Profit marg
11.45%
12.02%
12.62%
Gain /Loss x share
Pagina 1
20/07/07 TOD'S
64.20
Target price
72.88
Free risk rate
3.75%
Coeff. Rischio specifico
2.50%
Coef. Rischio settoriale
2.00%
Patrimonio netto - E -
544,000
100.00%
0
0.00%
544,000
100.00%
Posiz. Finanz. netta – D -
1.00
Beta Costo del capitale proprio
0.00%
Costo capitale di terzi Tax rate
Wacc
40.00
0.4
0.00%
8.25%
% di crescita perpetua “g”
2007
2009
Capitale investito - CE -
0.00%
N° azioni / 000
8.25%
0.0825
1.0825
2.50%
0.0250
1.0250
2010
2011
30,435
0.0575
2012
2013
2014
2015
2016
Ricavi
625,640
694,460
770,895
855,694
950,000
1,045,000
1,150,000
1,253,500
1,353,800
1,462,100
0
Ebit
120,760
157,560
183,500
202,900
227,520
247,665
273,700
297,100
320,900
346,520
0
Tax rate
40.00%
40.00%
40.00%
40.00%
44.00%
44.00%
44.00%
44.00%
44.00%
44.00%
Imposte
48,304
63,024
73,400
81,160
100,109
108,973
120,428
130,724
141,196
152,469
0
Ammortamenti
23,700
23,000
24,000
24,000
23,000
23,000
23,000
23,000
23,000
23,000
0
0
0
0
0
0
0
0
0
0
0
0
Variaz. CCN
-29,000
-25,000
-28,000
-25,000
-22,000
-22,000
-22,000
-22,000
-22,000
-22,000
0
Investimenti
-24,800
-26,000
-26,000
-24,000
-23,000
-23,000
-23,000
-23,000
-23,000
-23,000
0
Free Cash Flow
42,356
66,536
80,100
96,740
105,411
116,692
131,272
144,376
157,704
172,051
3,067,000
Anno
1
2
3
4
5
7
8
9
Discount
1.0825
1.1718
1.2685
1.3731
1.4864
1.6090
1.7418
1.8855
2.0410
2.2094
2.2094
D. F. cash Flow
39,128
56,781
63,146
70,452
70,916
72,523
75,366
76,572
77,267
77,872
1,388,144
Somma dfcf
39,128
95,909
159,055
229,507
300,424
372,947
448,313
524,885
602,152
680,023
2,068,168
Accantonamenti
2008
8.25%
6
t.value
10
Multipli Valore finale
2,068,168
2007 Capitalizz.
2008
2009
1,947,828
1,947,828
1,947,828
Indici
-150,000
az. ord.
30,434,820
30,434,820
Minority
0.00
az. risp.
0
0
0 ev/ebitda
Surplus asset
0.00
PFN neg.
0
0
0 ev/sales
2,218,168
PFN pos.
0
0
0 BVPS
PFN
Valore equity
Valore per azione Sconto Valore per azione
72.882 0.00%
72.882
30,434,820 Ev
2007
2008
2009
1,947,828
1,947,828
1,947,828
13.48
10.79
9.39
0
0
0
18.32
19.62
21.16
Ricavi
625,640,000 694,460,000
770,895,000 ROE
12.85%
13.99%
15.10%
EBITDA
144,460,000 180,560,000
207,500,000 ROI
21.66%
26.39%
28.49%
EBIT
120,760,000 157,560,000
183,500,000 ROS
19.30%
22.69%
23.80%
97,250,000 EPS
2.354
2.744
3.195
27.19
23.33
20.03
3.49
3.26
3.02
Utile netto
71,640,000
83,507,000
Patrimonio
557,500,000 597,000,000
644,000,000 PE – PU
557,500,000 597,000,000
644,000,000 PBV
QUOT. ATTUALE
64.000
Cap. inv.
UP/DOWN SIDE
13.88%
Ord.
64.000
64.000
64.000 debt/equity
0.00
0.00
0.00
8.882
Risp.
0.000
.000
.000 Profit marg
11.45%
12.02%
12.62%
Gain /Loss x share
Pagina 1
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