Discounted Cash Flow (DCF) Analysis Levered
Xunlei Limited (XNET)
$1.58
-0.07 (-4.24%)
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 | 200.58 | 230.60 | 180.67 | 186.37 | 238.78 | 253.46 | 269.04 | 285.58 | 303.14 | 321.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -14.22 | -35.61 | -45.65 | -13.91 | 19.48 | -23.88 | -25.34 | -26.90 | -28.56 | -30.31 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -9.42 | -6.18 | -15.11 | -13.61 | -13.29 | -14.50 | -15.40 | -16.34 | -17.35 | -18.41 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -23.64 | -41.79 | -60.76 | -27.52 | 6.19 | -38.38 | -40.74 | -43.25 | -45.90 | -48.73 |
Weighted Average Cost Of Capital
| Share price | $ 1.58 |
|---|---|
| Beta | 1.298 |
| Diluted Shares Outstanding | 67.49 |
| Cost of Debt | |
| Tax Rate | -21.16 |
| After-tax Cost of Debt | 0.47% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.922 |
| Total Debt | 20.19 |
| Total Equity | 106.63 |
| Total Capital | 126.82 |
| Debt Weighting | 15.92 |
| Equity Weighting | 84.08 |
| 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 | 200.58 | 230.60 | 180.67 | 186.37 | 238.78 | 253.46 | 269.04 | 285.58 | 303.14 | 321.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -14.22 | -35.61 | -45.65 | -13.91 | 19.48 | -23.88 | -25.34 | -26.90 | -28.56 | -30.31 |
| Capital Expenditure | -9.42 | -6.18 | -15.11 | -13.61 | -13.29 | -14.50 | -15.40 | -16.34 | -17.35 | -18.41 |
| Free Cash Flow | -23.64 | -41.79 | -60.76 | -27.52 | 6.19 | -38.38 | -40.74 | -43.25 | -45.90 | -48.73 |
| WACC | ||||||||||
| PV LFCF | -35.68 | -35.20 | -34.73 | -34.27 | -33.81 | |||||
| SUM PV LFCF | -173.70 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.58 |
| Free cash flow (t + 1) | -49.70 |
| Terminal Value | -890.69 |
| Present Value of Terminal Value | -618.11 |
Intrinsic Value
| Enterprise Value | -791.81 |
|---|---|
| Net Debt | -103.17 |
| Equity Value | -688.65 |
| Shares Outstanding | 67.49 |
| Equity Value Per Share | -10.20 |