Discounted Cash Flow (DCF) Analysis Levered

USU Software AG (OSP2.DE)

20.8 €

-0.20 (-0.95%)

All numbers are in Millions, Currency in USD

Stock DCF: 1.61 | 20.8 | overvalue

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	84.36	90.49	95.63	107.33	111.90	120.14	128.98	138.48	148.67	159.61
Revenue (%)
Operating Cash Flow	5.17	2	9.52	17.74	13.35	11.23	12.06	12.94	13.90	14.92
Operating Cash Flow (%)
Capital Expenditure	-1.37	-1.14	-1.85	-2.45	-0.86	-1.89	-2.03	-2.18	-2.34	-2.52
Capital Expenditure (%)
Free Cash Flow	3.80	0.85	7.67	15.29	12.49	9.34	10.02	10.76	11.55	12.41

Weighted Average Cost Of Capital

Share price	$ 20.8
Beta	1.114
Diluted Shares Outstanding	107.49
Cost of Debt
Tax Rate	30.54
After-tax Cost of Debt	0.43%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.791
Total Debt	16.82
Total Equity	2,235.71
Total Capital	2,252.53
Debt Weighting	0.75
Equity Weighting	99.25
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	84.36	90.49	95.63	107.33	111.90	120.14	128.98	138.48	148.67	159.61
Operating Cash Flow	5.17	2	9.52	17.74	13.35	11.23	12.06	12.94	13.90	14.92
Capital Expenditure	-1.37	-1.14	-1.85	-2.45	-0.86	-1.89	-2.03	-2.18	-2.34	-2.52
Free Cash Flow	3.80	0.85	7.67	15.29	12.49	9.34	10.02	10.76	11.55	12.41
WACC
PV LFCF						8.59	8.48	8.37	8.27	8.16
SUM PV LFCF										41.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.73
Free cash flow (t + 1)	12.65
Terminal Value	188.02
Present Value of Terminal Value	123.72

Intrinsic Value

Enterprise Value	165.59
Net Debt	-7.46
Equity Value	173.06
Shares Outstanding	107.49
Equity Value Per Share	1.61