TTS.RO · BVB · Financial statements

TTS (Transport Trade Services): 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: 75.5M RON; FY 2025
5-year average: 186M RON; FY 2021–2025
Net debt: 20.9M RON; FY 2025
Diluted shares: 179.9M; FY 2025
Last close: 7.000 RON; 2026-10-28

Read the result with care

Free cash flow swings widely from year to year. An average of several years is a steadier base than the latest year.

Your assumptions

money in RON

Starting free cash flow

Operating cash flow minus capital expenditure, from the annual reports.

Growth per year, years 1–5

Growth per year, years 6–10

Growth usually slows as a company gets bigger.

Terminal growth, after year 10

For ever, so it is usually kept at or below long-run growth of the economy, often 0–3%.

Discount rate

The yearly return you require: a risk-free rate plus a premium for risk. Higher means later cash counts for less.

Net debt (debt minus cash)

M RON

From the FY 2025 balance sheet. Negative means more cash than debt.

Subtract net debt from the total

Diluted shares

Weighted average, diluted, FY 2025.

Share price

RON

Close of 2026-10-28. Bucharest Stock Exchange (bvb.ro), end-of-day close, adjusted for bonus shares and splits.

Present value per share, with your assumptions

7.05 RON

Starting from 75.5M RON of free cash flow, growing 5.0% a year for five years, 3.0% for the next five and 2.0% after that, all discounted at 9.0%. The share price entered is 7.00 RON.

Years 1–10, discounted: 602.9M
After year 10, discounted: 687.4M
Minus net debt: -20.9M
For shareholders: 1.27B
Divided by shares: 179.9M

What the price implies

At 7.00 RON, the discounted cash flows equal the price if free cash flow grows 4.8% a year in years 1–5, with your other assumptions unchanged. This describes what the price assumes, not what will happen.

Implied by the price, years 1–54.8%
Your assumption, years 1–55.0%
Free cash flow, FY 2020–2025-6.8%
Free cash flow, FY 2022–2025-30.5%
Revenue, FY 2020–20254.6%
Revenue, FY 2022–2025-11.3%

Past growth is the compound yearly change between the fiscal years shown, from the annual reports. The past does not set the future; the comparison only shows how the price's assumption sits against what the company has done.

Implied growth in years 1–5 at other discount rates
Discount rate	7%	8%	9%	10%	11%
Implied growth	-2.8%	1.2%	4.8%	8.1%	11.2%

Sensitivity: value per share

Rows: terminal growth. Columns: discount rate. Other assumptions as entered, values in RON.

g \ r	7%	8%	9%	10%	11%
1.0%	8.88	7.54	6.54	5.77	5.15
1.5%	9.39	7.89	6.78	5.94	5.28
2.0%	10.01	8.28	7.05	6.13	5.42
2.5%	10.76	8.75	7.37	6.35	5.58
3.0%	11.70	9.32	7.73	6.60	5.76

“—”: terminal growth at or above the discount rate has no finite answer.

Year by year

Year	Growth	Free cash flow	Discount factor	Discounted
1	5.0%	79.3M	0.917	72.7M
2	5.0%	83.2M	0.842	70.0M
3	5.0%	87.4M	0.772	67.5M
4	5.0%	91.8M	0.708	65.0M
5	5.0%	96.3M	0.650	62.6M
6	3.0%	99.2M	0.596	59.2M
7	3.0%	102.2M	0.547	55.9M
8	3.0%	105.3M	0.502	52.8M
9	3.0%	108.4M	0.460	49.9M
10	3.0%	111.7M	0.422	47.2M
After 10	2.0%	1.63B	0.422	687.4M

Terminal value = free cash flow in year 10 × (1 + terminal growth) ÷ (discount rate − terminal growth). Amounts in millions of RON.

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	2021	2022	2023	2024	2025
Price (RON)	3.717	3.820	9.000	4.790	5.470
Market value	669M RON	687M RON	1.6B RON	862M RON	984M RON
P/E	11.1x	4.2x	5.7x	45.2x	—
P/S	1.1x	0.7x	1.4x	1.2x	1.5x
P/B	1.2x	1.0x	1.7x	0.9x	1.1x
EV/EBITDA	4.5x	2.1x	3.4x	5.6x	10.8x
FCF yield	18.3%	32.7%	25.4%	11.2%	7.7%

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

Operating cash flowFree cash flow

FY	Revenue	Op. cash flow	Capex	Free cash flow
2025	651M RON	75.5M RON	—	75.5M RON
2024	734M RON	96.8M RON	—	96.8M RON
2023	1.2B RON	412M RON	—	412M RON
2022	934M RON	225M RON	—	225M RON
2021	599M RON	122M RON	—	122M RON
2020	520M RON	108M RON	—	108M 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.