Advertising
Advertising
twitter
youtube
facebook
instagram
linkedin
Advertising

XTPL Valuation: A DCF Approach and Peer Comparison

XTPL Valuation: A DCF Approach and Peer Comparison
Aa
Share
facebook
twitter
linkedin

Table of contents

  1. Valuation
    1. Peer valuation
    2. DCF valuation:

Valuation

Our valuation of XTPL is based entirely on the discounted cash flow method. The comparative valuation is shown for presentation purposes only. In our opinion, it is difficult to find entities with similar business profiles and at a similar stage of development as XTPL. Taking into account our forecasts, we set a 12-month target price of PLN 216 per share, 33% above the current market valuation, which implies a Buy recommendation.

 

xtpl valuation a dcf approach and peer comparison grafika numer 1xtpl valuation a dcf approach and peer comparison grafika numer 1

 

Peer valuation

In the peer valuation, we selected companies operating in the broad consumer electronics industry and in semiconductors industry. We note that none of the companies is at a similar stage of development as XTPL. All of the selected entities have a much larger scale of business than XTPL.

 

xtpl valuation a dcf approach and peer comparison grafika numer 2xtpl valuation a dcf approach and peer comparison grafika numer 2

 

DCF valuation:

- 5-year forecast period

Advertising

- Risk-free rate of 5.5% (10-year government bond yields)

- In the valuation, we take net debt at the end of 2023. In the valuation, we do not take into account the FCFF generated in 2023.

- FCFF growth after the forecast period 2.5% - Number of shares takes into account shares issued in 2Q23

 

xtpl valuation a dcf approach and peer comparison grafika numer 3xtpl valuation a dcf approach and peer comparison grafika numer 3

 

xtpl valuation a dcf approach and peer comparison grafika numer 4xtpl valuation a dcf approach and peer comparison grafika numer 4

 

Advertising

GPW’s Analytical Coverage Support Programme 3.0

GPW’s Analytical Coverage Support Programme 3.0

The Warsaw Stock Exchange's (GPW's) Analytical Coverage Support Programme 3.0 supports investment firms in drafting analytical reports which are financed by GPW. The objective of the Programme is to improve the availability of research covering less liquid companies, facilitating investors' informed investment decisions based on a reliable independent source of issuer information. Eligible to participate in the Programme are companies listed on the GPW Main Market (other than WIG20 participants) and on NewConnect. The Programme covers up to 50 issuers.

Twitter | LinkedIn 


Advertising
Advertising