Discounted Cash Flow (DCF) Analysis Levered
BIT Mining Limited (BTCM)
$2.91
+0.16 (+5.82%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 126.09 | 39.69 | 21.82 | 1,326.86 | 650.23 | 10,107.39 | 157,113.19 | 2,442,229.37 | 37,962,977 | 590,111,495.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -160.51 | -163.04 | -68.06 | -34.27 | -1,386.04 | -21,545.20 | -334,907.09 | -5,205,927.92 | -80,922,997.88 | -1,257,899,012.10 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -36.68 | -3.76 | -1.47 | -56.60 | -80.56 | -1,252.25 | -19,465.48 | -302,579.13 | -4,703,409.37 | -73,111,651.24 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -197.18 | -166.80 | -69.53 | -90.87 | -1,466.60 | -22,797.45 | -354,372.57 | -5,508,507.05 | -85,626,407.25 | -1,331,010,663.34 |
Weighted Average Cost Of Capital
| Share price | $ 2.91 |
|---|---|
| Beta | 2.887 |
| Diluted Shares Outstanding | 8.71 |
| Cost of Debt | |
| Tax Rate | 1.74 |
| After-tax Cost of Debt | 5.10% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 17.324 |
| Total Debt | 4.20 |
| Total Equity | 25.35 |
| Total Capital | 29.55 |
| Debt Weighting | 14.23 |
| Equity Weighting | 85.77 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 126.09 | 39.69 | 21.82 | 1,326.86 | 650.23 | 10,107.39 | 157,113.19 | 2,442,229.37 | 37,962,977 | 590,111,495.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -160.51 | -163.04 | -68.06 | -34.27 | -1,386.04 | -21,545.20 | -334,907.09 | -5,205,927.92 | -80,922,997.88 | -1,257,899,012.10 |
| Capital Expenditure | -36.68 | -3.76 | -1.47 | -56.60 | -80.56 | -1,252.25 | -19,465.48 | -302,579.13 | -4,703,409.37 | -73,111,651.24 |
| Free Cash Flow | -197.18 | -166.80 | -69.53 | -90.87 | -1,466.60 | -22,797.45 | -354,372.57 | -5,508,507.05 | -85,626,407.25 | -1,331,010,663.34 |
| WACC | ||||||||||
| PV LFCF | -9,557.95 | -128,534.07 | -1,728,509.61 | -23,244,775.09 | -312,592,747.36 | |||||
| SUM PV LFCF | -696,847,398.40 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 15.59 |
| Free cash flow (t + 1) | -1,357,630,876.61 |
| Terminal Value | -9,989,925,508.50 |
| Present Value of Terminal Value | -4,841,288,137.53 |
Intrinsic Value
| Enterprise Value | -5,538,135,535.93 |
|---|---|
| Net Debt | -1.24 |
| Equity Value | -5,538,135,534.69 |
| Shares Outstanding | 8.71 |
| Equity Value Per Share | -635,809,812.18 |