Latest news with #DOKA
India Today
4 days ago
- Business
- India Today
5 things to know about Anji Khad Bridge: A key link on Delhi-Srinagar rail route
When Prime Minister Narendra Modi flags off the much-awaited Delhi-Srinagar rail service, it will mark a weighty chapter in India's transport history. The Anji Khad Bridge, named after the Anji river itself, will be the centre of attraction along with the Chenab Bridge, the world's highest railway arch bridge. The bridges are part of the USBRL rail link between Delhi and Srinagar via the Katra. Among the key highlights of this launch by Narendra Modi will be the inauguration of the Anji Khad Bridge, a one-of-its-kind structure that stands tall in the Reasi district of Jammu and Anji Khad Bridge is the first cable-stayed railway bridge in the country, and a crucial part of the Udhampur-Srinagar-Baramulla Rail Link (USBRL) project, which aims to connect the Kashmir Valley with the rest of India by rail. Alongside the iconic Chenab Bridge, this engineering marvel is expected to redefine connectivity in the region.1. A LANDMARK IN RAILWAY ENGINEERINGStretching over 725 metres and rising 331 metres above the riverbed, the bridge connects Katra and Reasi. Its most striking feature is the 193-metre-high single main pylon that supports 96 cables of varying lengths. This design ensures structural stability in a region known for complex geology and seismic activity.2. MADE FOR THE MOUNTAINS Built to handle tough weather and terrain, the bridge can withstand wind speeds of over 200 km/h. It includes a single railway track, a 3.75-metre-wide service road, and pedestrian paths on both sides. It's a project shaped by the demands of the Himalayan landscape.3. TECHNOLOGY MEETS TERRAINadvertisementThe construction integrated advanced systems such as the DOKA jump-form shuttering and a 40-tonne tower crane imported from Spain. These innovations helped improve safety and reduce construction time by nearly a third.4. INTERNATIONAL GRADE SAFETYWith design standards blending Indian and European codes, the bridge has undergone extensive proof-checking by global consultants, including teams from the UK and Italy. Sensors embedded in the structure will continuously monitor its health throughout its service life.5. NEW LIFELINE FOR KASHMIRThis bridge isn't just infrastructure -- it's a step toward economic inclusion. Once operational, the Delhi-Srinagar train will open up new avenues for tourism, trade, and mobility across Jammu and Anji Khad Bridge stands not only as a technical achievement but also as a symbol of India's growing capability in transforming aspirations into concrete Watch
Yahoo
23-05-2025
- Business
- Yahoo
Are Investors Undervaluing dormakaba Holding AG (VTX:DOKA) By 48%?
dormakaba Holding's estimated fair value is CHF1,402 based on 2 Stage Free Cash Flow to Equity Current share price of CHF735 suggests dormakaba Holding is potentially 48% undervalued The CHF710 analyst price target for DOKA is 49% less than our estimate of fair value In this article we are going to estimate the intrinsic value of dormakaba Holding AG (VTX:DOKA) by taking the expected future cash flows and discounting them to today's value. Our analysis will employ the Discounted Cash Flow (DCF) model. Don't get put off by the jargon, the math behind it is actually quite straightforward. Remember though, that there are many ways to estimate a company's value, and a DCF is just one method. Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model. We've discovered 2 warning signs about dormakaba Holding. View them for free. We use what is known as a 2-stage model, which simply means we have two different periods of growth rates for the company's cash flows. Generally the first stage is higher growth, and the second stage is a lower growth phase. To start off with, we need to estimate the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years. A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, and so the sum of these future cash flows is then discounted to today's value: 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Levered FCF (CHF, Millions) CHF212.0m CHF245.2m CHF260.0m CHF298.1m CHF310.3m CHF318.7m CHF325.2m CHF330.2m CHF334.2m CHF337.4m Growth Rate Estimate Source Analyst x4 Analyst x4 Analyst x4 Analyst x1 Analyst x1 Est @ 2.71% Est @ 2.02% Est @ 1.54% Est @ 1.21% Est @ 0.97% Present Value (CHF, Millions) Discounted @ 5.7% CHF201 CHF220 CHF220 CHF239 CHF235 CHF229 CHF221 CHF212 CHF203 CHF194 ("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF) = CHF2.2b We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country's GDP growth. In this case we have used the 5-year average of the 10-year government bond yield (0.4%) to estimate future growth. In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 5.7%. Terminal Value (TV)= FCF2034 × (1 + g) ÷ (r – g) = CHF337m× (1 + 0.4%) ÷ (5.7%– 0.4%) = CHF6.4b Present Value of Terminal Value (PVTV)= TV / (1 + r)10= CHF6.4b÷ ( 1 + 5.7%)10= CHF3.7b The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is CHF5.9b. The last step is to then divide the equity value by the number of shares outstanding. Relative to the current share price of CHF735, the company appears quite good value at a 48% discount to where the stock price trades currently. Remember though, that this is just an approximate valuation, and like any complex formula - garbage in, garbage out. We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows. You don't have to agree with these inputs, I recommend redoing the calculations yourself and playing with them. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at dormakaba Holding as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 5.7%, which is based on a levered beta of 1.216. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business. See our latest analysis for dormakaba Holding Strength Earnings growth over the past year exceeded the industry. Debt is well covered by earnings and cashflows. Weakness Dividend is low compared to the top 25% of dividend payers in the Building market. Opportunity Annual earnings are forecast to grow faster than the Swiss market. Trading below our estimate of fair value by more than 20%. Threat Annual revenue is forecast to grow slower than the Swiss market. Valuation is only one side of the coin in terms of building your investment thesis, and it ideally won't be the sole piece of analysis you scrutinize for a company. The DCF model is not a perfect stock valuation tool. Preferably you'd apply different cases and assumptions and see how they would impact the company's valuation. For instance, if the terminal value growth rate is adjusted slightly, it can dramatically alter the overall result. Can we work out why the company is trading at a discount to intrinsic value? For dormakaba Holding, we've put together three further aspects you should look at: Risks: We feel that you should assess the 2 warning signs for dormakaba Holding we've flagged before making an investment in the company. Future Earnings: How does DOKA's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart. Other Solid Businesses: Low debt, high returns on equity and good past performance are fundamental to a strong business. Why not explore our interactive list of stocks with solid business fundamentals to see if there are other companies you may not have considered! PS. Simply Wall St updates its DCF calculation for every Swiss stock every day, so if you want to find the intrinsic value of any other stock just search here. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
23-05-2025
- Business
- Yahoo
Are Investors Undervaluing dormakaba Holding AG (VTX:DOKA) By 48%?
dormakaba Holding's estimated fair value is CHF1,402 based on 2 Stage Free Cash Flow to Equity Current share price of CHF735 suggests dormakaba Holding is potentially 48% undervalued The CHF710 analyst price target for DOKA is 49% less than our estimate of fair value In this article we are going to estimate the intrinsic value of dormakaba Holding AG (VTX:DOKA) by taking the expected future cash flows and discounting them to today's value. Our analysis will employ the Discounted Cash Flow (DCF) model. Don't get put off by the jargon, the math behind it is actually quite straightforward. Remember though, that there are many ways to estimate a company's value, and a DCF is just one method. Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model. We've discovered 2 warning signs about dormakaba Holding. View them for free. We use what is known as a 2-stage model, which simply means we have two different periods of growth rates for the company's cash flows. Generally the first stage is higher growth, and the second stage is a lower growth phase. To start off with, we need to estimate the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years. A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, and so the sum of these future cash flows is then discounted to today's value: 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Levered FCF (CHF, Millions) CHF212.0m CHF245.2m CHF260.0m CHF298.1m CHF310.3m CHF318.7m CHF325.2m CHF330.2m CHF334.2m CHF337.4m Growth Rate Estimate Source Analyst x4 Analyst x4 Analyst x4 Analyst x1 Analyst x1 Est @ 2.71% Est @ 2.02% Est @ 1.54% Est @ 1.21% Est @ 0.97% Present Value (CHF, Millions) Discounted @ 5.7% CHF201 CHF220 CHF220 CHF239 CHF235 CHF229 CHF221 CHF212 CHF203 CHF194 ("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF) = CHF2.2b We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country's GDP growth. In this case we have used the 5-year average of the 10-year government bond yield (0.4%) to estimate future growth. In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 5.7%. Terminal Value (TV)= FCF2034 × (1 + g) ÷ (r – g) = CHF337m× (1 + 0.4%) ÷ (5.7%– 0.4%) = CHF6.4b Present Value of Terminal Value (PVTV)= TV / (1 + r)10= CHF6.4b÷ ( 1 + 5.7%)10= CHF3.7b The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is CHF5.9b. The last step is to then divide the equity value by the number of shares outstanding. Relative to the current share price of CHF735, the company appears quite good value at a 48% discount to where the stock price trades currently. Remember though, that this is just an approximate valuation, and like any complex formula - garbage in, garbage out. We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows. You don't have to agree with these inputs, I recommend redoing the calculations yourself and playing with them. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at dormakaba Holding as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 5.7%, which is based on a levered beta of 1.216. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business. See our latest analysis for dormakaba Holding Strength Earnings growth over the past year exceeded the industry. Debt is well covered by earnings and cashflows. Weakness Dividend is low compared to the top 25% of dividend payers in the Building market. Opportunity Annual earnings are forecast to grow faster than the Swiss market. Trading below our estimate of fair value by more than 20%. Threat Annual revenue is forecast to grow slower than the Swiss market. Valuation is only one side of the coin in terms of building your investment thesis, and it ideally won't be the sole piece of analysis you scrutinize for a company. The DCF model is not a perfect stock valuation tool. Preferably you'd apply different cases and assumptions and see how they would impact the company's valuation. For instance, if the terminal value growth rate is adjusted slightly, it can dramatically alter the overall result. Can we work out why the company is trading at a discount to intrinsic value? For dormakaba Holding, we've put together three further aspects you should look at: Risks: We feel that you should assess the 2 warning signs for dormakaba Holding we've flagged before making an investment in the company. Future Earnings: How does DOKA's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart. Other Solid Businesses: Low debt, high returns on equity and good past performance are fundamental to a strong business. Why not explore our interactive list of stocks with solid business fundamentals to see if there are other companies you may not have considered! PS. Simply Wall St updates its DCF calculation for every Swiss stock every day, so if you want to find the intrinsic value of any other stock just search here. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
