Discounted Cash Flow (DCF) Analysis Levered
Glory Star New Media Group Holdings... (GSMG)
$0.405
+0.06 (+17.12%)
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 | 57.80 | 65.78 | 123.76 | 153.01 | 157.08 | 207.44 | 273.95 | 361.78 | 477.77 | 630.95 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -10.59 | 26.09 | 8.74 | 46.46 | 7.74 | 26.43 | 34.90 | 46.09 | 60.87 | 80.39 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -0.15 | -15.32 | -2.78 | -2.79 | -7.99 | -13.57 | -17.92 | -23.67 | -31.25 | -41.28 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -10.74 | 10.77 | 5.96 | 43.67 | -0.25 | 12.86 | 16.98 | 22.43 | 29.62 | 39.11 |
Weighted Average Cost Of Capital
| Share price | $ 0.405 |
|---|---|
| Beta | -0.856 |
| Diluted Shares Outstanding | 31.29 |
| Cost of Debt | |
| Tax Rate | -0.14 |
| After-tax Cost of Debt | 4.11% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 0.070 |
| Total Debt | 5.10 |
| Total Equity | 12.67 |
| Total Capital | 17.77 |
| Debt Weighting | 28.70 |
| Equity Weighting | 71.30 |
| 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 | 57.80 | 65.78 | 123.76 | 153.01 | 157.08 | 207.44 | 273.95 | 361.78 | 477.77 | 630.95 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -10.59 | 26.09 | 8.74 | 46.46 | 7.74 | 26.43 | 34.90 | 46.09 | 60.87 | 80.39 |
| Capital Expenditure | -0.15 | -15.32 | -2.78 | -2.79 | -7.99 | -13.57 | -17.92 | -23.67 | -31.25 | -41.28 |
| Free Cash Flow | -10.74 | 10.77 | 5.96 | 43.67 | -0.25 | 12.86 | 16.98 | 22.43 | 29.62 | 39.11 |
| WACC | ||||||||||
| PV LFCF | 12.70 | 16.57 | 21.62 | 28.20 | 36.79 | |||||
| SUM PV LFCF | 115.89 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 1.23 |
| Free cash flow (t + 1) | 39.89 |
| Terminal Value | -5,180.98 |
| Present Value of Terminal Value | -4,873.77 |
Intrinsic Value
| Enterprise Value | -4,757.89 |
|---|---|
| Net Debt | -65.38 |
| Equity Value | -4,692.51 |
| Shares Outstanding | 31.29 |
| Equity Value Per Share | -149.98 |