Discounted Cash Flow (DCF) Analysis Levered

AMTD International Inc. (HKIB)

$3.9

-0.06 (-1.52%)

All numbers are in Millions, Currency in USD

Stock DCF: 207.76 | 3.9 | undervalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected
Revenue	1,033.16	723.23	1,204.17	1,118.54	1,228.12	1,348.43	1,480.54	1,625.58	1,784.83
Revenue (%)
Operating Cash Flow	84.33	79.11	709.50	1,993.98	786.88	863.97	948.61	1,041.54	1,143.57
Operating Cash Flow (%)
Capital Expenditure	-0.14	-0.01	-0.01	-0.11	-0.08	-0.09	-0.10	-0.11	-0.12
Capital Expenditure (%)
Free Cash Flow	84.19	79.10	709.49	1,993.87	786.80	863.88	948.51	1,041.43	1,143.45

Weighted Average Cost Of Capital

Share price	$ 3.9
Beta	0.000
Diluted Shares Outstanding	200
Cost of Debt
Tax Rate	-13.73
After-tax Cost of Debt	6.41%
Risk-Free Rate
Market Risk Premium
Cost of Equity	3.693
Total Debt	335.56
Total Equity	780
Total Capital	1,115.56
Debt Weighting	30.08
Equity Weighting	69.92
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected
Revenue	1,033.16	723.23	1,204.17	1,118.54	1,228.12	1,348.43	1,480.54	1,625.58	1,784.83
Operating Cash Flow	84.33	79.11	709.50	1,993.98	786.88	863.97	948.61	1,041.54	1,143.57
Capital Expenditure	-0.14	-0.01	-0.01	-0.11	-0.08	-0.09	-0.10	-0.11	-0.12
Free Cash Flow	84.19	79.10	709.49	1,993.87	786.80	863.88	948.51	1,041.43	1,143.45
WACC
PV LFCF					786.80	826.60	868.41	912.34	958.49
SUM PV LFCF									4,164.80

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.51
Free cash flow (t + 1)	1,166.32
Terminal Value	46,467.10
Present Value of Terminal Value	37,269.73

Intrinsic Value

Enterprise Value	41,434.53
Net Debt	-118.41
Equity Value	41,552.94
Shares Outstanding	200
Equity Value Per Share	207.76