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 916.39444.30303.02219.71216.15155.40111.7280.3257.7441.51
Revenue (%)
Operating Cash Flow 131.24126.8955.0169.2650.0235.9625.8518.5913.369.61
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 106.6626.74-41.1157.1616.2711.708.416.054.353.12

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 916.39444.30303.02219.71216.15155.40111.7280.3257.7441.51
Operating Cash Flow 131.24126.8955.0169.2650.0235.9625.8518.5913.369.61
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 106.6626.74-41.1157.1616.2711.708.416.054.353.12
WACC
PV LFCF 11.217.885.553.902.75
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