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Separating maintenance from growth capex is the most useful split in a capital budget: maintenance capex is non-discretionary and roughly tracks depreciation, while growth capex is the discretionary portion that has to earn a return. Capex intensity against revenue is the standard comparability measure.
Total budget
Total = (Maintenance + Growth) x (1 + Contingency %)
Capex intensity
Intensity % = Total capex / Revenue x 100
5-10% for well-defined replacement programmes, 15-25% for first-of-a-kind projects with immature scope.
Over a long cycle they converge, but inflation and technology change mean replacement usually costs more than the historical cost being depreciated.