Discounted Cash Flow (DCF) Analysis Unlevered

USU Software AG (OSP2.DE)

21 €

+0.20 (+0.96%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.61 | 21 | overvalue

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 84.3690.4995.63107.33111.90120.14128.98138.48148.67159.61
Revenue (%)
EBITDA 6.735.619.9213.2414.5611.9912.8713.8214.8315.93
EBITDA (%)
EBIT 3.112.814.056.889.836.306.777.277.808.37
EBIT (%)
Depreciation 3.612.805.876.364.735.686.106.557.037.55
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 15.7310.4810.5518.7724.5819.3920.8222.362425.77
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.510.470.380.350.370.520.560.600.650.70
Inventories (%)
Accounts Payable 3.573.694.784.174.465.095.465.866.306.76
Accounts Payable (%)
Capital Expenditure -1.37-1.14-1.85-2.45-0.86-1.89-2.03-2.18-2.34-2.52
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 21
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 8.884
Total Debt 16.82
Total Equity 2,257.21
Total Capital 2,274.03
Debt Weighting 0.74
Equity Weighting 99.26
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 84.3690.4995.63107.33111.90120.14128.98138.48148.67159.61
EBITDA 6.735.619.9213.2414.5611.9912.8713.8214.8315.93
EBIT 3.112.814.056.889.836.306.777.277.808.37
Tax Rate -8.16%65.81%-30.20%19.34%30.54%15.47%15.47%15.47%15.47%15.47%
EBIAT 3.370.965.275.556.835.335.726.146.597.08
Depreciation 3.612.805.876.364.735.686.106.557.037.55
Accounts Receivable ----------
Inventories -0.040.080.03-0.02-0.15-0.04-0.04-0.04-0.05
Accounts Payable -0.121.09-0.610.280.630.370.400.430.46
Capital Expenditure -1.38-1.15-1.85-2.45-0.85-1.89-2.03-2.18-2.34-2.52
UFCF 5.612.7810.468.8810.969.6010.1310.8711.6712.53
WACC
PV UFCF 8.828.558.448.328.21
SUM PV UFCF 42.35

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.82
Free cash flow (t + 1) 12.78
Terminal Value 187.43
Present Value of Terminal Value 122.83

Intrinsic Value

Enterprise Value 165.18
Net Debt -7.46
Equity Value 172.64
Shares Outstanding 107.49
Equity Value Per Share 1.61