Discounted Cash Flow (DCF) Analysis Levered

Akso Health Group (HX)

$2.24

-0.10 (-4.27%)

All numbers are in Millions, Currency in USD

Stock DCF: 1.97 | 2.24 | 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	22.92	107.26	61.33	11.44	1.75	2.45	3.43	4.79	6.70	9.37
Revenue (%)
Operating Cash Flow	8.19	87.72	-1.73	-55.87	10.06	0.98	1.37	1.91	2.67	3.73
Operating Cash Flow (%)
Capital Expenditure	-0.29	-0.46	-0.94	-0.31	-0.03	-0.04	-0.05	-0.07	-0.10	-0.14
Capital Expenditure (%)
Free Cash Flow	7.90	87.27	-2.68	-56.18	10.03	0.94	1.32	1.84	2.57	3.59

Weighted Average Cost Of Capital

Share price	$ 2.24
Beta	1.465
Diluted Shares Outstanding	16.25
Cost of Debt
Tax Rate	-12.09
After-tax Cost of Debt	21.55%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.707
Total Debt	10
Total Equity	36.41
Total Capital	46.41
Debt Weighting	21.55
Equity Weighting	78.45
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	22.92	107.26	61.33	11.44	1.75	2.45	3.43	4.79	6.70	9.37
Operating Cash Flow	8.19	87.72	-1.73	-55.87	10.06	0.98	1.37	1.91	2.67	3.73
Capital Expenditure	-0.29	-0.46	-0.94	-0.31	-0.03	-0.04	-0.05	-0.07	-0.10	-0.14
Free Cash Flow	7.90	87.27	-2.68	-56.18	10.03	0.94	1.32	1.84	2.57	3.59
WACC
PV LFCF						0.84	1.04	1.30	1.62	2.02
SUM PV LFCF										6.82

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	12.26
Free cash flow (t + 1)	3.67
Terminal Value	35.72
Present Value of Terminal Value	20.04

Intrinsic Value

Enterprise Value	26.85
Net Debt	-5.13
Equity Value	31.98
Shares Outstanding	16.25
Equity Value Per Share	1.97