Discounted Cash Flow (DCF) Analysis Levered

Dunxin Financial Holdings Limited (DXF)

$0.52

-0.01 (-1.48%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.17 | 0.52 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 13.1718.5415.8013.39-0.06-0.04-0.03-0.03-0.02-0.02
Revenue (%)
Operating Cash Flow 7.074.362.41-0.101.640.250.190.150.110.09
Operating Cash Flow (%)
Capital Expenditure -2.39-2.94-0.04-1.530.010.010000
Capital Expenditure (%)
Free Cash Flow 4.681.422.37-1.631.640.250.190.150.120.09

Weighted Average Cost Of Capital

Share price $ 0.52
Beta 1.619
Diluted Shares Outstanding 20.87
Cost of Debt
Tax Rate 20.00
After-tax Cost of Debt 10.58%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.440
Total Debt 25.85
Total Equity 10.85
Total Capital 36.70
Debt Weighting 70.44
Equity Weighting 29.56
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 13.1718.5415.8013.39-0.06-0.04-0.03-0.03-0.02-0.02
Operating Cash Flow 7.074.362.41-0.101.640.250.190.150.110.09
Capital Expenditure -2.39-2.94-0.04-1.530.010.010000
Free Cash Flow 4.681.422.37-1.631.640.250.190.150.120.09
WACC
PV LFCF 0.230.160.110.080.06
SUM PV LFCF 0.63

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.54
Free cash flow (t + 1) 0.09
Terminal Value 1.08
Present Value of Terminal Value 0.66

Intrinsic Value

Enterprise Value 1.29
Net Debt 25.80
Equity Value -24.51
Shares Outstanding 20.87
Equity Value Per Share -1.17