Discounted Cash Flow (DCF) Analysis Levered
Secoo Holding Limited (SECO)
$0.7999
-0.01 (-1.61%)
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 | 598.47 | 862.01 | 1,095.29 | 963.15 | 501.06 | 514.91 | 529.14 | 543.77 | 558.80 | 574.24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -28.32 | -104.23 | -39.09 | -144.30 | -61.03 | -48.97 | -50.33 | -51.72 | -53.15 | -54.62 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -3.09 | -7.16 | -5.67 | -2.75 | -2.22 | -2.67 | -2.75 | -2.82 | -2.90 | -2.98 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -31.41 | -111.39 | -44.76 | -147.05 | -63.26 | -51.65 | -53.07 | -54.54 | -56.05 | -57.60 |
Weighted Average Cost Of Capital
| Share price | $ 0.7,999 |
|---|---|
| Beta | 0.470 |
| Diluted Shares Outstanding | 6.13 |
| Cost of Debt | |
| Tax Rate | 23.01 |
| After-tax Cost of Debt | 7.62% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.911 |
| Total Debt | 224.42 |
| Total Equity | 4.90 |
| Total Capital | 229.32 |
| Debt Weighting | 97.86 |
| Equity Weighting | 2.14 |
| 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 | 598.47 | 862.01 | 1,095.29 | 963.15 | 501.06 | 514.91 | 529.14 | 543.77 | 558.80 | 574.24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -28.32 | -104.23 | -39.09 | -144.30 | -61.03 | -48.97 | -50.33 | -51.72 | -53.15 | -54.62 |
| Capital Expenditure | -3.09 | -7.16 | -5.67 | -2.75 | -2.22 | -2.67 | -2.75 | -2.82 | -2.90 | -2.98 |
| Free Cash Flow | -31.41 | -111.39 | -44.76 | -147.05 | -63.26 | -51.65 | -53.07 | -54.54 | -56.05 | -57.60 |
| WACC | ||||||||||
| PV LFCF | -48 | -45.85 | -43.79 | -41.83 | -39.95 | |||||
| SUM PV LFCF | -219.43 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.59 |
| Free cash flow (t + 1) | -58.75 |
| Terminal Value | -1,050.97 |
| Present Value of Terminal Value | -729 |
Intrinsic Value
| Enterprise Value | -948.43 |
|---|---|
| Net Debt | 199.45 |
| Equity Value | -1,147.88 |
| Shares Outstanding | 6.13 |
| Equity Value Per Share | -187.38 |