Financials Multitude SE Deutsche Boerse AG

Equities

FRU

FI4000106299

Consumer Lending

Real-time Estimate Tradegate Other stock markets 06:02:15 18/07/2024 pm IST			5-day change	1st Jan Change
6.405 ^EUR	+3.31%		+6.38%	+42.17%

01/07	Multitude Se Announces Completion of Transfer of Registered Office to Malta	CI
26/06	Multitude SE commences an Equity Buyback for 2,172,396 shares, representing 10% of its issued share capital, under the authorization approved on April 25, 2024.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	202.8	109.2	82.64	61.71	96.42	136	-	-
Enterprise Value (EV) ¹	273	51.85	-75.44	-44.82	-139.5	13.18	-7.072	-25.57
P/E ratio	8.55 x	253 x	-31.9 x	7.33 x	8.75 x	9.55 x	6.15 x	5.38 x
Yield	-	-	-	-	-	4.03%	5.09%	6.25%
Capitalization / Revenue	0.69 x	0.48 x	0.39 x	0.29 x	0.42 x	0.58 x	0.54 x	0.52 x
EV / Revenue	0.93 x	0.23 x	-0.35 x	-0.21 x	-0.61 x	0.06 x	-0.03 x	-0.1 x
EV / EBITDA	4.84 x	1.43 x	-1.83 x	-0.91 x	-2.3 x	0.18 x	-0.08 x	-0.28 x
EV / FCF	40.8 x	0.41 x	-1.25 x	1.21 x	-	-2.64 x	-0.54 x	-
FCF Yield	2.45%	247%	-79.8%	82.7%	-	-37.9%	-184%	-
Price to Book	1.57 x	0.87 x	0.49 x	0.34 x	0.52 x	0.7 x	0.65 x	0.6 x
Nbr of stocks (in thousands)	21,578	21,578	21,578	21,578	21,618	21,618	-	-
Reference price ²	9.400	5.060	3.830	2.860	4.460	6.290	6.290	6.290
Announcement Date	18/03/20	11/03/21	15/03/22	16/03/23	14/03/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	293.1	229.6	213.7	212.4	230.5	234.2	250.1	263.6
EBITDA ¹	56.35	36.33	41.14	49.13	60.62	75	87.4	92.15
EBIT ¹	45.53	23	23.9	31.6	45.6	59.2	72.2	76.9
Operating Margin	15.53%	10.02%	11.18%	14.88%	19.78%	25.27%	28.87%	29.17%
Earnings before Tax (EBT) ¹	27.54	1.8	3.6	13.8	19	24.02	33.97	38.27
Net income ¹	23.6	0.485	-2.6	12	1.052	14.23	22.12	25.38
Net margin	8.05%	0.21%	-1.22%	5.65%	0.46%	6.08%	8.85%	9.63%
EPS ²	1.100	0.0200	-0.1200	0.3900	0.5100	0.6586	1.023	1.170
Free Cash Flow ¹	6.685	127.9	60.18	-37.05	-	-5	13	-
FCF margin	2.28%	55.69%	28.16%	-17.45%	-	-2.13%	5.2%	-
FCF Conversion (EBITDA)	11.86%	351.93%	146.29%	-	-	-	14.87%	-
FCF Conversion (Net income)	28.33%	26,362.47%	-	-	-	-	58.76%	-
Dividend per Share ²	-	-	-	-	-	0.2533	0.3200	0.3933
Announcement Date	18/03/20	11/03/21	15/03/22	16/03/23	14/03/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q2	2022 S1	2022 Q3
Net sales	55.05	-	-	-
EBITDA	-	-	-	-
EBIT	-	-	-	-
Operating Margin	-	-	-	-
Earnings before Tax (EBT) ¹	-1.014	0.501	2.919	4.824
Net income ¹	-5.317	0.036	2.045	3.922
Net margin	-9.66%	-	-	-
EPS	-	-	-	-
Dividend per Share	-	-	-	-
Announcement Date	15/03/22	18/08/22	18/08/22	17/11/22

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	70.2	-	-	-	-	-	-	-
Net Cash position ¹	-	57.3	158	107	236	123	143	162
Leverage (Debt/EBITDA)	1.245 x	-	-	-	-	-	-	-
Free Cash Flow ¹	6.69	128	60.2	-37.1	-	-5	13	-
ROE (net income / shareholders' equity)	20%	0.39%	0.83%	6.72%	9.04%	8.47%	11.7%	12.3%
ROA (Net income/ Total Assets)	4.23%	0.08%	0.16%	1.52%	-	1.6%	2%	2.3%
Assets ¹	558.4	645	-1,583	790.2	-	889.4	1,106	1,103
Book Value Per Share ²	5.980	5.820	7.850	8.430	8.500	8.950	9.740	10.60
Cash Flow per Share ²	-	-	3.320	-1.210	-	-2.750	0.6700	1.050
Capex ¹	13.4	12.5	11.5	10.9	11.8	7.5	8	8
Capex / Sales	4.57%	5.45%	5.4%	5.13%	5.14%	3.2%	3.2%	3.03%
Announcement Date	18/03/20	11/03/21	15/03/22	16/03/23	14/03/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Multitude SE

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.29 EUR

Average target price

8.967 EUR

Spread / Average Target

+42.55%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

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