Discounted Cash Flow (DCF) Analysis Levered

Fang Holdings Limited (SFUN)

$2.8

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 124.03 | 2.8 | undervalue

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	916.39	444.30	303.02	219.71	216.15	155.40	111.72	80.32	57.74	41.51
Revenue (%)
Operating Cash Flow	131.24	126.89	55.01	69.26	50.02	35.96	25.85	18.59	13.36	9.61
Operating Cash Flow (%)
Capital Expenditure	-24.58	-100.15	-96.12	-12.10	-33.75	-24.26	-17.44	-12.54	-9.02	-6.48
Capital Expenditure (%)
Free Cash Flow	106.66	26.74	-41.11	57.16	16.27	11.70	8.41	6.05	4.35	3.12

Weighted Average Cost Of Capital

Share price	$ 2.8
Beta	0.933
Diluted Shares Outstanding	9.01
Cost of Debt
Tax Rate	40.93
After-tax Cost of Debt	1.94%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.944
Total Debt	728.83
Total Equity	25.22
Total Capital	754.05
Debt Weighting	96.66
Equity Weighting	3.34
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	916.39	444.30	303.02	219.71	216.15	155.40	111.72	80.32	57.74	41.51
Operating Cash Flow	131.24	126.89	55.01	69.26	50.02	35.96	25.85	18.59	13.36	9.61
Capital Expenditure	-24.58	-100.15	-96.12	-12.10	-33.75	-24.26	-17.44	-12.54	-9.02	-6.48
Free Cash Flow	106.66	26.74	-41.11	57.16	16.27	11.70	8.41	6.05	4.35	3.12
WACC
PV LFCF						11.21	7.88	5.55	3.90	2.75
SUM PV LFCF										31.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	2.17
Free cash flow (t + 1)	3.19
Terminal Value	1,874.85
Present Value of Terminal Value	1,684.03

Intrinsic Value

Enterprise Value	1,715.99
Net Debt	598.78
Equity Value	1,117.22
Shares Outstanding	9.01
Equity Value Per Share	124.03