CTF Services Limited

NWS.F · Industrials · Engineering & Construction · Valued as of 2026-11-04 · Statements 2024-06-30

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

2.46B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

5.89B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

5.30B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

4.55B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

4.81B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.95×

the ratio the screener ranks by

Margin of Safety

-5.8%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 2.46B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)2.56B USD
−②Net Debt Today101.48M USD
+③Growth Value0 USD
=Value2.46B USD

EPV of the Operations (NOPAT over WACC)

2.56B USD

Net debt today

-101.48M USD

Growth Value

0 USD

Value

2.46B USD

①EPV (Earnings Power Value)

2.56B USD

②Net Debt Today

101.48M USD

③Growth Value

0 USD

Market value

Market Cap4.81B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-95.4%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 5.89B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE4.10B USD
+②Equity at Year 15, Today1.79B USD
=Value5.89B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROE on new investment rising to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

4.10B USD

②Equity at Year 15, Today

1.79B USD

Market value

Market Cap4.81B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+18.3%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 5.30B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (an operating profit at or below zero in the latest three years), so the value is the book value today, 5.30B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Debt Today

Not in the value

Market value

Market Cap4.81B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+9.2%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 4.82%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.42×Market Risk Premium 6.00%= 7.03%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 89.81M USDPretax Income 425.65M USD= 21.10%

The tax the interest saves.

Interest Expense =EBIT 569.44M USD−Pretax Income 425.65M USD= 143.79M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 143.79M USDTotal Debt 4.55B USD×(1 − Tax Rate for WACC 21.10%)= 2.49%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 4.55B USDMarket Cap + Total Debt 4.81B USD + 4.55B USD= 48.59%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 51.41%×Cost of Equity 7.03%+Debt Weight 48.59%×Cost of Debt 2.49%= 4.82%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2025-12-31.

Total Assets 23.44B USD − Total Liabilities 18.14B USD = Book Value Today 5.30B USD

Total Debt 4.55B USD − Cash and Short-Term Investments 4.45B USD = Net Debt Today 101.48M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 14.6%at most 5%passes4,500,614,028 / 4,302,251,633
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets-0.1%at least -10.0%passes(313.89M USD − 325.86M USD) ÷ 23.44B USD
Price to bookMarket Cap ÷ Book Value Today0.91×at most 3×passes4.81B USD ÷ 5.30B USD
Operating marginOperating Income ÷ Revenue6.2%above 10.0%does not pass208.70M USD ÷ 3.39B USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-2.2%above 10.0%does not pass3.39B USD / 3.46B USD
Net cash(Cash − Total Debt) ÷ Market Cap-38.5%above -30%does not pass(2.69B USD − 4.55B USD) ÷ 4.81B USD
Operating efficiencyOperating Income ÷ Gross Profit41.4%above 25.0%passes208.70M USD ÷ 504.53M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

0.94 EUR

Enterprise value

457.81M EUR

the provider's own figure

EV / EBITDA

0.12×

Price / book

0.95×

the provider's book

Price / earnings

15.67×

Return on equity

6.3%

the provider's figure, not this page's

Profit margin

9.5%

Revenue growth

17.2%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2023202420252026

Revenue

3.46B3.39B—3.46B

Gross profit

455.68M504.53M—513.15M

Operating income

285.80M208.70M—-474.24M

EBITDA

operating income before depreciation and amortisation

686.77M794.85M—847.31M

Pretax income

363.56M425.65M—417.89M

Net income

262.92M325.86M—328.35M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

472.22M450.43M—-53.08M

R&D

————
Balance sheet, year end (USD)2023202420252026

Total assets

19.73B19.88B—24.41B

Total liabilities

12.61B14.32B—19.03B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

7.11B5.55B—5.37B

Total debt

3.16B3.93B—4.21B

Cash and equivalents

2.46B1.90B—2.65B

Net PP&E

fixed assets after depreciation

320.42M285.42M—248.72M

Working capital

current assets less current liabilities

-4.09B-6.27B—-8.97B
Cash flow (USD)2023202420252026

Operating cash flow

674.94M313.89M—207.99M

Capital expenditure

paid out, so below zero

-65.99M-62.85M—-222.54M

Depreciation and amortisation

214.20M225.41M—245.11M

Free cash flow

operating cash flow plus capital expenditure

608.94M251.04M—-14.54M