Discounted Cash Flow (DCF) Analysis Levered

Fuwei Films (Holdings) Co., Ltd. (FFHL)

$7.49

+0.20 (+2.74%)
All numbers are in Millions, Currency in USD
Stock DCF: 90.47 | 7.49 | undervalue

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 46.5153.3653.7053.8863.4968.8174.5880.8387.6094.94
Revenue (%)
Operating Cash Flow 1.734.068.7018.8112.7911.3712.3213.3514.4715.68
Operating Cash Flow (%)
Capital Expenditure -0.53-0.74-2.07-1.80-1.28-1.61-1.75-1.89-2.05-2.23
Capital Expenditure (%)
Free Cash Flow 1.213.326.631711.519.7510.5711.4612.4213.46

Weighted Average Cost Of Capital

Share price $ 7.49
Beta 0.955
Diluted Shares Outstanding 3.27
Cost of Debt
Tax Rate 6.32
After-tax Cost of Debt 4.11%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.200
Total Debt 18.42
Total Equity 24.46
Total Capital 42.88
Debt Weighting 42.96
Equity Weighting 57.04
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 46.5153.3653.7053.8863.4968.8174.5880.8387.6094.94
Operating Cash Flow 1.734.068.7018.8112.7911.3712.3213.3514.4715.68
Capital Expenditure -0.53-0.74-2.07-1.80-1.28-1.61-1.75-1.89-2.05-2.23
Free Cash Flow 1.213.326.631711.519.7510.5711.4612.4213.46
WACC
PV LFCF 9.169.339.509.679.85
SUM PV LFCF 47.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.44
Free cash flow (t + 1) 13.73
Terminal Value 309.13
Present Value of Terminal Value 226.26

Intrinsic Value

Enterprise Value 273.77
Net Debt -21.68
Equity Value 295.45
Shares Outstanding 3.27
Equity Value Per Share 90.47