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How does this work?
A valuation is an assessment of the value of one share in a company, it is not necessarily the same as the price listed in the sharemarket. You can use a variety of methods to value a company, Valuecruncher uses Discounted Cash Flow (DCF) analysis to help people create the valuations you see below.
Valuecruncher Valuation
-31.06%
from latest share price
Your Valuation
| Valuation | Compared to price | Member |
 Created
|
Views |
|---|---|---|---|---|
| $1.11 |
-31.06%
|
Valuecruncher | 23 Nov 2008 | 0 |
| $1.69 |
-7.65%
|
NZXCrunchBlog | 01 Nov 2008 | 16 |
| $1.69 |
-5.59%
|
KiwiEMH | 24 Oct 2008 | 11 |
| $2.16 |
 6.93%
|
KiwiEMH | 06 Sep 2008 | 28 |
| $1.90 |
-12.44%
|
Sam | 24 Apr 2008 | 49 |
| $1.82 |
-16.89%
|
jeremy | 21 Apr 2008 | 68 |
Recent Comments
| Updated: | 1 hour ago |
| Ticker: | AIA |
| Market: | NZE |
This valuation is part of this blog post:
http://blog.valuecruncher.com/2008/11/running-the-numbers-auckland-international-airport-aianz/
Assumptions
Revenue: Reuters aggregates 10 analysts covering $AIA.NZ and the mean estimates of 2009 revenues are NZ$364.8 million. For our analysis we have used NZ$365.0 million in 2009, NZ$385.0 million in 2010 and NZ$415.0 million in 2011.
Profitability: We have used a flat EBITDA margin of 75% to 2011. Reuters has $AIA.NZ‘s EBITD margin at 78.6% last year and an average of 77.7% over the last five-years.
Capital Expenditure: We have assumed capital expenditures of NZ$85.0 million to 2011 then NZ$75.0 million per annum moving forward.
Discount Rate: 10.0%. The PwC New Zealand cost of capital report has $AIA.NZ at a WACC of 10.3% with the wider NZ market at 9.5%.
Terminal Growth Rate: 4.25%.
Our analysis incorporates the cash and debt the $AIA.NZ balance sheet – Valuecruncher calculates a net debt number.
The independent valuation report completed as part of the failed Canadian Pension Plan bid for AIA contains some interesting future scenarios for AIA.
http://www.auckland-airport.co.nz/PDF/Auckland_Airport_TCS.pdf