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Tabella1

20/07/07

TOD'S 64.20

Target price 72.88

Free risk rate 3.75% Patrimonio netto - E - 544,000 100.00%


Coeff. Rischio specifico 2.50%
Coef. Rischio settoriale 2.00% Posiz. Finanz. netta – D - 0 0.00%
Beta 1.00
Costo del capitale proprio 8.25% Capitale investito - CE - 544,000 100.00%

Costo capitale di terzi 0.00% 0.00% N° azioni / 000 30,435


Tax rate 40.00 0.4

Wacc 0.00% 8.25% 8.25% 0.0825 1.0825

% di crescita perpetua “g” 2.50% 0.0250 1.0250 0.0575

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 t.value
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

Accantonamenti 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 6 7 8 9 10

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

Multipli
Valore finale 2,068,168 2007 2008 2009

Capitalizz. 1,947,828 1,947,828 1,947,828 Indici 2007 2008 2009

PFN -150,000 az. ord. 30,434,820 30,434,820 30,434,820 Ev 1,947,828 1,947,828 1,947,828

Minority 0.00 az. risp. 0 0 0 ev/ebitda 13.48 10.79 9.39

Surplus asset 0.00 PFN neg. 0 0 0 ev/sales 0 0 0

Valore equity 2,218,168 PFN pos. 0 0 0 BVPS 18.32 19.62 21.16

Ricavi 625,640,000 694,460,000 770,895,000 ROE 12.85% 13.99% 15.10%

Valore per azione 72.882 EBITDA 144,460,000 180,560,000 207,500,000 ROI 21.66% 26.39% 28.49%

Sconto 0.00% EBIT 120,760,000 157,560,000 183,500,000 ROS 19.30% 22.69% 23.80%

Valore per azione 72.882 Utile netto 71,640,000 83,507,000 97,250,000 EPS 2.354 2.744 3.195

Patrimonio 557,500,000 597,000,000 644,000,000 PE – PU 27.19 23.33 20.03

QUOT. ATTUALE 64.000 Cap. inv. 557,500,000 597,000,000 644,000,000 PBV 3.49 3.26 3.02

UP/DOWN SIDE 13.88% Ord. 64.000 64.000 64.000 debt/equity 0.00 0.00 0.00

Gain /Loss x share 8.882 Risp. 0.000 .000 .000 Profit marg 11.45% 12.02% 12.62%

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