Discounted Cash Flow (DCF) Analysis Levered

Multitude SE (FRU.DE)

3.46 €

+0.02 (+0.58%)

All numbers are in Millions, Currency in USD

Stock DCF: 92.55 | 3.46 | undervalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	221.68	262.23	293.31	230.09	214.75	215.78	216.82	217.86	218.91	219.97
Revenue (%)
Operating Cash Flow	33.32	-40.36	20.07	140.36	71.72	43.54	43.75	43.96	44.17	44.38
Operating Cash Flow (%)
Capital Expenditure	-10.86	-16.09	-13.38	-12.50	-11.54	-11.40	-11.45	-11.51	-11.56	-11.62
Capital Expenditure (%)
Free Cash Flow	22.46	-56.45	6.69	127.86	60.18	32.14	32.30	32.45	32.61	32.77

Weighted Average Cost Of Capital

Share price	$ 3.46
Beta	1.551
Diluted Shares Outstanding	21.58
Cost of Debt
Tax Rate	171.46
After-tax Cost of Debt	-0.10%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.854
Total Debt	143.51
Total Equity	74.66
Total Capital	218.17
Debt Weighting	65.78
Equity Weighting	34.22
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	221.68	262.23	293.31	230.09	214.75	215.78	216.82	217.86	218.91	219.97
Operating Cash Flow	33.32	-40.36	20.07	140.36	71.72	43.54	43.75	43.96	44.17	44.38
Capital Expenditure	-10.86	-16.09	-13.38	-12.50	-11.54	-11.40	-11.45	-11.51	-11.56	-11.62
Free Cash Flow	22.46	-56.45	6.69	127.86	60.18	32.14	32.30	32.45	32.61	32.77
WACC
PV LFCF						31.01	30.06	29.14	28.25	27.39
SUM PV LFCF										145.86

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.65
Free cash flow (t + 1)	33.42
Terminal Value	2,025.50
Present Value of Terminal Value	1,693.11

Intrinsic Value

Enterprise Value	1,838.97
Net Debt	-158.08
Equity Value	1,997.05
Shares Outstanding	21.58
Equity Value Per Share	92.55