Discounted Cash Flow (DCF) Analysis Unlevered
Multitude SE (FRU.DE)
3.51 €
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 221.68 | 262.23 | 293.31 | 230.09 | 214.75 | 215.78 | 216.82 | 217.86 | 218.91 | 219.97 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 26.09 | 27.64 | 38.83 | 15.45 | 17.23 | 21.70 | 21.81 | 21.91 | 22.02 | 22.12 |
EBITDA (%) | ||||||||||
EBIT | 23.28 | 22.42 | 28.01 | 2.10 | -0.01 | 12.74 | 12.80 | 12.86 | 12.92 | 12.98 |
EBIT (%) | ||||||||||
Depreciation | 2.81 | 5.22 | 10.82 | 13.35 | 17.24 | 8.97 | 9.01 | 9.05 | 9.10 | 9.14 |
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 | 131.83 | 115.56 | 155.52 | 236.56 | 314.94 | 175.23 | 176.07 | 176.92 | 177.77 | 178.62 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | - | - | - | - | - | - | - | - | - | - |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 11.24 | 11.98 | 6.68 | 12.96 | 4.43 | 8.46 | 8.50 | 8.54 | 8.59 | 8.63 |
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 | 221.68 | 262.23 | 293.31 | 230.09 | 214.75 | 215.78 | 216.82 | 217.86 | 218.91 | 219.97 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 26.09 | 27.64 | 38.83 | 15.45 | 17.23 | 21.70 | 21.81 | 21.91 | 22.02 | 22.12 |
EBIT | 23.28 | 22.42 | 28.01 | 2.10 | -0.01 | 12.74 | 12.80 | 12.86 | 12.92 | 12.98 |
Tax Rate | 13.71% | 13.70% | 14.14% | 72.71% | 171.46% | 57.14% | 57.14% | 57.14% | 57.14% | 57.14% |
EBIAT | 20.09 | 19.35 | 24.05 | 0.57 | 0.01 | 5.46 | 5.48 | 5.51 | 5.54 | 5.56 |
Depreciation | 2.81 | 5.22 | 10.82 | 13.35 | 17.24 | 8.97 | 9.01 | 9.05 | 9.10 | 9.14 |
Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | 0.74 | -5.29 | 6.27 | -8.52 | 4.03 | 0.04 | 0.04 | 0.04 | 0.04 |
Capital Expenditure | -10.86 | -16.09 | -13.38 | -12.50 | -11.54 | -11.40 | -11.45 | -11.51 | -11.56 | -11.62 |
UFCF | 12.04 | 9.23 | 16.20 | 7.70 | -2.82 | 7.06 | 3.09 | 3.10 | 3.12 | 3.13 |
WACC | ||||||||||
PV UFCF | 6.81 | 2.87 | 2.78 | 2.70 | 2.61 | |||||
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 |