Discounted Cash Flow (DCF) Analysis Levered
Cango Inc. (CANG)
$1.15
+0.01 (+0.59%)
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 | 174.63 | 230.41 | 328.39 | 627.47 | 316.87 | 408.80 | 527.40 | 680.40 | 877.80 | 1,132.45 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 29.57 | 67.66 | -99.46 | -64.70 | 4.51 | 5.82 | 7.51 | 9.69 | 12.51 | 16.13 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -2.30 | -6.88 | -0.86 | -3.03 | -4 | -5.16 | -6.66 | -8.59 | -11.08 | -14.30 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 27.26 | 60.78 | -100.32 | -67.73 | 0.51 | 0.66 | 0.86 | 1.10 | 1.42 | 1.84 |
Weighted Average Cost Of Capital
Share price | $ 1.15 |
---|---|
Beta | 0.761 |
Diluted Shares Outstanding | 137.04 |
Cost of Debt | |
Tax Rate | -27.07 |
After-tax Cost of Debt | 1.56% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.402 |
Total Debt | 172.28 |
Total Equity | 157.60 |
Total Capital | 329.88 |
Debt Weighting | 52.23 |
Equity Weighting | 47.77 |
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 | 174.63 | 230.41 | 328.39 | 627.47 | 316.87 | 408.80 | 527.40 | 680.40 | 877.80 | 1,132.45 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 29.57 | 67.66 | -99.46 | -64.70 | 4.51 | 5.82 | 7.51 | 9.69 | 12.51 | 16.13 |
Capital Expenditure | -2.30 | -6.88 | -0.86 | -3.03 | -4 | -5.16 | -6.66 | -8.59 | -11.08 | -14.30 |
Free Cash Flow | 27.26 | 60.78 | -100.32 | -67.73 | 0.51 | 0.66 | 0.86 | 1.10 | 1.42 | 1.84 |
WACC | ||||||||||
PV LFCF | 0.61 | 0.75 | 0.93 | 1.15 | 1.42 | |||||
SUM PV LFCF | 5.08 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.35 |
Free cash flow (t + 1) | 1.87 |
Terminal Value | 79.77 |
Present Value of Terminal Value | 64.47 |
Intrinsic Value
Enterprise Value | 69.55 |
---|---|
Net Debt | 111.65 |
Equity Value | -42.10 |
Shares Outstanding | 137.04 |
Equity Value Per Share | -0.31 |