GenusPlus seems UnderValued

GenusPlus Group (GNP.AX)

Financial Position
MC ~ $172m
S/O ~ 154.7m
Cash ~ $34.18m
Debt ~ $6.84
Net Debt ~ - $27.34m
EV ~ $144.6m
EV/ LTM EBITDA ~ 6.9x
EV/ NTM EBITDA ~ 4.2x

Financial Overview
Revenues EBITDA EBITDA MARGINS % EBIT NPAT FCF (Calculated as NPAT + D&A - Capex) FCF/SHARE
FY17 ~ $48.8m $7.59 15.5% $6.61m $4.54m $3.73m $0.02c
FY 18 ~ $51.2m $7.93m 15.5% $6.76m $4.80m $5.26m $0.03c
FY19 ~ $99.17m $12.05m 12% $9.08m $6.01m $5.44m $0.035c
FY20 ~ $169.9m $16.97m 9.9% $15.81m $10.69m $8.42m $0.05c
FY21 ~ $318.2m $21.2m 6.6% $19.86m $13.35m $9.30m $0.06c
CAGR = 45% CAGR 23% AVG.12% CAGR 24.6% CAGR 24% CAGR 20% CAGR 24.5%

Estimates:
FY22 FY23 FY24 FY25
Rev's ~ $400m $480m $576 $691
EBITDA ~ $34-$38m $57m $69m $82m
NPAT ~ $24m $29m $34m $41m
FCF ~ $18m $22m $27m $32m
FCF/SHARE ~ $0.11c $0.14c $0.17c $0.20c
FCF YIELD ~ 9.9% 12.6% 15% 18%

Valuation:
FY25 EBITDA $82m
Lets assign an EBITDA multiple of 4x (conservative)
82 x 4 = $328 MC or $2.12/share
Estimated FY25 share price = $2.12.
Today's share price = $1.11
Assuming my estimates are correct there appears to be a 90% return over the next 4yrs or 17.5% IRR.

As always DYOR!!