Discounted Cash Flow (DCF) Analysis Unlevered

Multitude SE (FRU.DE)

3.51 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 15.50 | 3.51 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 221.68262.23293.31230.09214.75215.78216.82217.86218.91219.97
Revenue (%)
EBITDA 26.0927.6438.8315.4517.2321.7021.8121.9122.0222.12
EBITDA (%)
EBIT 23.2822.4228.012.10-0.0112.7412.8012.8612.9212.98
EBIT (%)
Depreciation 2.815.2210.8213.3517.248.979.019.059.109.14
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 131.83115.56155.52236.56314.94175.23176.07176.92177.77178.62
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 11.2411.986.6812.964.438.468.508.548.598.63
Accounts Payable (%)
Capital Expenditure -10.86-16.09-13.38-12.50-11.54-11.40-11.45-11.51-11.56-11.62
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.51
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 10.840
Total Debt 143.51
Total Equity 75.74
Total Capital 219.25
Debt Weighting 65.46
Equity Weighting 34.54
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 221.68262.23293.31230.09214.75215.78216.82217.86218.91219.97
EBITDA 26.0927.6438.8315.4517.2321.7021.8121.9122.0222.12
EBIT 23.2822.4228.012.10-0.0112.7412.8012.8612.9212.98
Tax Rate 13.71%13.70%14.14%72.71%171.46%57.14%57.14%57.14%57.14%57.14%
EBIAT 20.0919.3524.050.570.015.465.485.515.545.56
Depreciation 2.815.2210.8213.3517.248.979.019.059.109.14
Accounts Receivable ----------
Inventories ----------
Accounts Payable -0.74-5.296.27-8.524.030.040.040.040.04
Capital Expenditure -10.86-16.09-13.38-12.50-11.54-11.40-11.45-11.51-11.56-11.62
UFCF 12.049.2316.207.70-2.827.063.093.103.123.13
WACC
PV UFCF 6.812.872.782.702.61
SUM PV UFCF 17.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.68
Free cash flow (t + 1) 3.19
Terminal Value 190.04
Present Value of Terminal Value 158.63

Intrinsic Value

Enterprise Value 176.40
Net Debt -158.08
Equity Value 334.48
Shares Outstanding 21.58
Equity Value Per Share 15.50