Discounted Cash Flow (DCF) Analysis Levered

Puxin Limited (NEW)

$1.36

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -407.72 | 1.36 | overvalue

Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 70.27205.21356.50496.63464.63811.501,417.322,475.444,323.497,551.22
Revenue (%)
Operating Cash Flow 13.0312.84-14.863.95-32.5323.4040.8771.38124.68217.75
Operating Cash Flow (%)
Capital Expenditure -3.37-10.35-13.39-18.49-11.35-32.09-56.04-97.88-170.96-298.59
Capital Expenditure (%)
Free Cash Flow 9.652.49-28.26-14.54-43.89-8.69-15.17-26.50-46.28-80.84

Weighted Average Cost Of Capital

Share price $ 1.36
Beta 1.642
Diluted Shares Outstanding 8.71
Cost of Debt
Tax Rate -17.26
After-tax Cost of Debt 3.95%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.630
Total Debt 325.07
Total Equity 11.84
Total Capital 336.91
Debt Weighting 96.48
Equity Weighting 3.52
Wacc

Build Up Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 70.27205.21356.50496.63464.63811.501,417.322,475.444,323.497,551.22
Operating Cash Flow 13.0312.84-14.863.95-32.5323.4040.8771.38124.68217.75
Capital Expenditure -3.37-10.35-13.39-18.49-11.35-32.09-56.04-97.88-170.96-298.59
Free Cash Flow 9.652.49-28.26-14.54-43.89-8.69-15.17-26.50-46.28-80.84
WACC
PV LFCF -6.79-11.39-19.10-32.02-53.68
SUM PV LFCF -150.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.18
Free cash flow (t + 1) -82.46
Terminal Value -3,782.39
Present Value of Terminal Value -3,082.08

Intrinsic Value

Enterprise Value -3,233
Net Debt 317.31
Equity Value -3,550.31
Shares Outstanding 8.71
Equity Value Per Share -407.72