Discounted Cash Flow (DCF) Analysis Levered
LAIX Inc. (LAIX)
$3.1
0.00 (-%)
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 | 26.49 | 101.96 | 163.71 | 155.62 | 109.59 | 194.78 | 346.18 | 615.29 | 1,093.58 | 1,943.66 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -9.62 | -18.07 | -23.71 | -48.42 | -24.82 | -47.63 | -84.66 | -150.48 | -267.45 | -475.35 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1.72 | -6.89 | -8.27 | -1.49 | -0.92 | -7.82 | -13.91 | -24.71 | -43.93 | -78.07 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -11.33 | -24.96 | -31.97 | -49.91 | -25.75 | -55.46 | -98.57 | -175.19 | -311.37 | -553.42 |
Weighted Average Cost Of Capital
| Share price | $ 3.1 |
|---|---|
| Beta | 0.778 |
| Diluted Shares Outstanding | 107.49 |
| Cost of Debt | |
| Tax Rate | 2.77 |
| After-tax Cost of Debt | -36.46% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.190 |
| Total Debt | 1.62 |
| Total Equity | 333.21 |
| Total Capital | 334.82 |
| Debt Weighting | 0.48 |
| Equity Weighting | 99.52 |
| 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 | 26.49 | 101.96 | 163.71 | 155.62 | 109.59 | 194.78 | 346.18 | 615.29 | 1,093.58 | 1,943.66 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -9.62 | -18.07 | -23.71 | -48.42 | -24.82 | -47.63 | -84.66 | -150.48 | -267.45 | -475.35 |
| Capital Expenditure | -1.72 | -6.89 | -8.27 | -1.49 | -0.92 | -7.82 | -13.91 | -24.71 | -43.93 | -78.07 |
| Free Cash Flow | -11.33 | -24.96 | -31.97 | -49.91 | -25.75 | -55.46 | -98.57 | -175.19 | -311.37 | -553.42 |
| WACC | ||||||||||
| PV LFCF | -51.84 | -86.13 | -143.09 | -237.72 | -394.95 | |||||
| SUM PV LFCF | -913.72 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.98 |
| Free cash flow (t + 1) | -564.49 |
| Terminal Value | -11,335.06 |
| Present Value of Terminal Value | -8,089.30 |
Intrinsic Value
| Enterprise Value | -9,003.02 |
|---|---|
| Net Debt | -8.52 |
| Equity Value | -8,994.50 |
| Shares Outstanding | 107.49 |
| Equity Value Per Share | -83.68 |