TRP.RO · BVB · Financial statements
TeraPlast: cash-flow calculator
A discounted cash flow model turns assumptions about future free cash flow into a single amount today. Here the assumptions are yours: the page shows what they add up to, and, the other way round, what yearly growth a share price takes for granted.
- Free cash flow
- -75.0M RON
- FY 2025
- 5-year average
- -82.9M RON
- FY 2021–2025
- Net debt
- 343M RON
- FY 2025
- Diluted shares
- 2.18B
- FY 2022
- Last close
- 0.396 RON
- 2026-10-28
A cash-flow model does not fit these figures well
- Free cash flow was negative in 2025. Growing a negative number gives a negative value, so the latest year is no base for this model.
You can still enter your own starting free cash flow below, for example what you expect once heavy investment ends. That is your assumption, not a figure from the reports.
Your assumptions
money in RONGrowth usually slows as a company gets bigger.
For ever, so it is usually kept at or below long-run growth of the economy, often 0–3%.
The yearly return you require: a risk-free rate plus a premium for risk. Higher means later cash counts for less.
From the FY 2025 balance sheet. Negative means more cash than debt.
Weighted average, diluted, FY 2022.
Close of 2026-10-28. Bucharest Stock Exchange (bvb.ro), end-of-day close, adjusted for bonus shares and splits.
Growing a starting free cash flow of zero or less only gives zero or less, so the model has no meaningful answer here. Pick a positive base above, or type your own starting figure under “My own”.
What the price implies
The reverse calculation needs a positive starting free cash flow.
- Your assumption, years 1–55.0%
- Revenue, FY 2020–202522.3%
- Revenue, FY 2022–202515.1%
Multiples at each fiscal year-end
The close on the last trading day up to each period end, times the latest diluted share count (prices are adjusted for bonus shares and splits), against that year's figures. Empty where the denominator is zero or negative.
| FY | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|---|---|---|
| Price (RON) | 0.280 | 0.787 | 0.440 | 0.412 | 0.366 | 0.430 | |
| Market value | 611M RON | 1.7B RON | 959M RON | 898M RON | 797M RON | 938M RON | |
| P/E | 7.9x | 7.4x | 62.4x | 788.9x | — | 779.8x | |
| P/S | 1.5x | 2.8x | 1.3x | 1.3x | 0.9x | 0.9x | |
| P/B | 1.8x | 2.9x | 3.1x | 2.9x | 2.0x | 2.3x | |
| FCF yield | 6.5% | -10.5% | -6.3% | -7.3% | -4.3% | -8.0% |
Prices: Bucharest Stock Exchange (bvb.ro), end-of-day close, adjusted for bonus shares and splits. Figures: Bucharest Stock Exchange (ESEF), annual reports. Buybacks or new shares since a given year make that year's market value less exact.
Where the starting figures come from
Operating cash flow and free cash flow
| FY | Revenue | Op. cash flow | Capex | Free cash flow |
|---|---|---|---|---|
| 2025 | 1.1B RON | -12.4M RON | 62.6M RON | -75.0M RON |
| 2024 | 898M RON | 29.8M RON | 63.8M RON | -34.0M RON |
| 2023 | 672M RON | 38.9M RON | 104M RON | -65.1M RON |
| 2022 | 711M RON | 30.1M RON | 90.6M RON | -60.5M RON |
| 2021 | 615M RON | -52.8M RON | 127M RON | -180M RON |
| 2020 | 396M RON | 63.9M RON | 24.0M RON | 40.0M RON |
Free cash flow = operating cash flow − capital expenditure. Source: Bucharest Stock Exchange (ESEF), annual reports.
How it works: free cash flow (operating cash flow minus capital expenditure) grows at your stage 1 rate for years 1–5 and your stage 2 rate for years 6–10; after that, a terminal value assumes your terminal growth for ever. Each year is discounted at your rate, net debt (financial debt minus cash, latest balance sheet) is subtracted and the total is divided by diluted shares. The reverse calculation finds, by bisection, the stage 1 growth at which this equals the share price. Operating cash flow is after interest, so subtracting net debt as well is a simplification you can switch off.
The output is arithmetic on your inputs. It is not an EdgeScore estimate of what the shares are worth and not a price target. Figures: Bucharest Stock Exchange (ESEF), annual reports, with the fiscal year shown next to each one.
For information and education only, not investment advice. Data may contain errors.