Discounted Cash Flow (DCF) Analysis Levered
Huize Holding Limited (HUIZ)
$1.24
+0.12 (+10.71%)
All numbers are in Millions, Currency in USD
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 | 42.13 | 81.41 | 158.93 | 195.24 | 359.20 | 624.36 | 1,085.24 | 1,886.35 | 3,278.81 | 5,699.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -13.66 | 10.70 | 18.88 | 22.03 | -28.15 | -4.93 | -8.56 | -14.88 | -25.87 | -44.96 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -0.42 | -0.18 | -0.97 | -1.31 | -6.09 | -5.25 | -9.12 | -15.85 | -27.55 | -47.89 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -14.08 | 10.51 | 17.92 | 20.72 | -34.24 | -10.17 | -17.68 | -30.73 | -53.42 | -92.85 |
Weighted Average Cost Of Capital
| Share price | $ 1.24 |
|---|---|
| Beta | 0.951 |
| Diluted Shares Outstanding | 107.49 |
| Cost of Debt | |
| Tax Rate | 2.46 |
| After-tax Cost of Debt | 0.62% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.614 |
| Total Debt | 80.12 |
| Total Equity | 133.28 |
| Total Capital | 213.41 |
| Debt Weighting | 37.55 |
| Equity Weighting | 62.45 |
| 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 | 42.13 | 81.41 | 158.93 | 195.24 | 359.20 | 624.36 | 1,085.24 | 1,886.35 | 3,278.81 | 5,699.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -13.66 | 10.70 | 18.88 | 22.03 | -28.15 | -4.93 | -8.56 | -14.88 | -25.87 | -44.96 |
| Capital Expenditure | -0.42 | -0.18 | -0.97 | -1.31 | -6.09 | -5.25 | -9.12 | -15.85 | -27.55 | -47.89 |
| Free Cash Flow | -14.08 | 10.51 | 17.92 | 20.72 | -34.24 | -10.17 | -17.68 | -30.73 | -53.42 | -92.85 |
| WACC | ||||||||||
| PV LFCF | -9.69 | -16.04 | -26.56 | -43.97 | -72.79 | |||||
| SUM PV LFCF | -169.04 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.99 |
| Free cash flow (t + 1) | -94.71 |
| Terminal Value | -3,167.61 |
| Present Value of Terminal Value | -2,483.09 |
Intrinsic Value
| Enterprise Value | -2,652.13 |
|---|---|
| Net Debt | 19.14 |
| Equity Value | -2,671.27 |
| Shares Outstanding | 107.49 |
| Equity Value Per Share | -24.85 |