Discounted Cash Flow (DCF) Analysis Levered
VNET Group, Inc. (VNET)
$5.29
+0.12 (+2.32%)
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 | 542.83 | 544.17 | 606.23 | 772.64 | 990.37 | 1,156.95 | 1,351.55 | 1,578.88 | 1,844.45 | 2,154.69 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 64.37 | 112.79 | 128.47 | 114.28 | 222.07 | 210.54 | 245.96 | 287.33 | 335.66 | 392.11 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -66.39 | -72.50 | -207.97 | -400.55 | -452.15 | -364.10 | -425.34 | -496.89 | -580.47 | -678.10 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -2.02 | 40.30 | -79.50 | -286.27 | -230.09 | -153.56 | -179.39 | -209.56 | -244.81 | -285.99 |
Weighted Average Cost Of Capital
| Share price | $ 5.29 |
|---|---|
| Beta | 0.011 |
| Diluted Shares Outstanding | 151.93 |
| Cost of Debt | |
| Tax Rate | 24.82 |
| After-tax Cost of Debt | 2.26% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 2.940 |
| Total Debt | 1,779.51 |
| Total Equity | 803.72 |
| Total Capital | 2,583.23 |
| Debt Weighting | 68.89 |
| Equity Weighting | 31.11 |
| 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 | 542.83 | 544.17 | 606.23 | 772.64 | 990.37 | 1,156.95 | 1,351.55 | 1,578.88 | 1,844.45 | 2,154.69 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 64.37 | 112.79 | 128.47 | 114.28 | 222.07 | 210.54 | 245.96 | 287.33 | 335.66 | 392.11 |
| Capital Expenditure | -66.39 | -72.50 | -207.97 | -400.55 | -452.15 | -364.10 | -425.34 | -496.89 | -580.47 | -678.10 |
| Free Cash Flow | -2.02 | 40.30 | -79.50 | -286.27 | -230.09 | -153.56 | -179.39 | -209.56 | -244.81 | -285.99 |
| WACC | ||||||||||
| PV LFCF | -142.72 | -162.71 | -185.49 | -211.47 | -241.09 | |||||
| SUM PV LFCF | -990.66 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 2.47 |
| Free cash flow (t + 1) | -291.71 |
| Terminal Value | -62,065.43 |
| Present Value of Terminal Value | -54,937.15 |
Intrinsic Value
| Enterprise Value | -55,927.81 |
|---|---|
| Net Debt | 1,559.92 |
| Equity Value | -57,487.72 |
| Shares Outstanding | 151.93 |
| Equity Value Per Share | -378.38 |