Discounted Cash Flow (DCF) Analysis Levered

Niu Technologies (NIU)

$6.81

-0.49 (-6.71%)
All numbers are in Millions, Currency in USD
Stock DCF: 73.36 | 6.81 | undervalue

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 123.10236.45332.21391.09592.73891.851,341.912,019.113,038.064,571.21
Revenue (%)
Operating Cash Flow 12.811.2428.5974.5053.4784.92127.77192.25289.27435.25
Operating Cash Flow (%)
Capital Expenditure -3.72-8.53-22.56-24.25-45.72-48.75-73.36-110.38-166.08-249.90
Capital Expenditure (%)
Free Cash Flow 9.09-7.286.0350.247.7536.1654.4181.87123.19185.35

Weighted Average Cost Of Capital

Share price $ 6.81
Beta 0.520
Diluted Shares Outstanding 75.45
Cost of Debt
Tax Rate 17.24
After-tax Cost of Debt 1.51%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.247
Total Debt 54.01
Total Equity 513.81
Total Capital 567.81
Debt Weighting 9.51
Equity Weighting 90.49
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 123.10236.45332.21391.09592.73891.851,341.912,019.113,038.064,571.21
Operating Cash Flow 12.811.2428.5974.5053.4784.92127.77192.25289.27435.25
Capital Expenditure -3.72-8.53-22.56-24.25-45.72-48.75-73.36-110.38-166.08-249.90
Free Cash Flow 9.09-7.286.0350.247.7536.1654.4181.87123.19185.35
WACC
PV LFCF 27.1538.9555.8880.16114.99
SUM PV LFCF 402.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.89
Free cash flow (t + 1) 189.06
Terminal Value 6,541.78
Present Value of Terminal Value 5,152.59

Intrinsic Value

Enterprise Value 5,555.23
Net Debt 20.67
Equity Value 5,534.56
Shares Outstanding 75.45
Equity Value Per Share 73.36