Discounted Cash Flow (DCF) Analysis Unlevered
ATIF Holdings Limited (ATIF)
$1.65
+0.04 (+2.48%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 5.31 | 3.08 | 0.69 | 0.94 | 1.67 | 1.65 | 1.62 | 1.60 | 1.58 | 1.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 2.68 | 0.76 | -13.20 | -7.84 | -1.97 | -9.23 | -9.11 | -8.99 | -8.88 | -8.76 |
| EBITDA (%) | ||||||||||
| EBIT | 2.66 | 0.71 | -14.81 | -8.56 | -2.56 | -10.38 | -10.24 | -10.11 | -9.98 | -9.85 |
| EBIT (%) | ||||||||||
| Depreciation | 0.02 | 0.05 | 1.61 | 0.72 | 0.58 | 1.15 | 1.13 | 1.12 | 1.10 | 1.09 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 0.07 | 6.46 | 2.64 | 6.62 | 1.78 | 4.64 | 4.58 | 4.52 | 4.46 | 4.40 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 2.92 | 1.47 | 0.94 | 2.30 | 3.42 | 2.27 | 2.24 | 2.21 | 2.18 | 2.16 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | 0.05 | 0.06 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | 1.07 | 0 | 0 | 0.86 | 0.84 | 0.83 | 0.82 | 0.81 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.03 | -0.73 | -0.53 | -0.11 | -0.10 | -0.39 | -0.38 | -0.38 | -0.37 | -0.37 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.65 |
|---|---|
| Beta | -0.636 |
| Diluted Shares Outstanding | 9.51 |
| Cost of Debt | |
| Tax Rate | 13.67 |
| After-tax Cost of Debt | 21.60% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 0.716 |
| Total Debt | 1.42 |
| Total Equity | 15.69 |
| Total Capital | 17.11 |
| Debt Weighting | 8.29 |
| Equity Weighting | 91.71 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 5.31 | 3.08 | 0.69 | 0.94 | 1.67 | 1.65 | 1.62 | 1.60 | 1.58 | 1.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 2.68 | 0.76 | -13.20 | -7.84 | -1.97 | -9.23 | -9.11 | -8.99 | -8.88 | -8.76 |
| EBIT | 2.66 | 0.71 | -14.81 | -8.56 | -2.56 | -10.38 | -10.24 | -10.11 | -9.98 | -9.85 |
| Tax Rate | 26.91% | 39.21% | 13.54% | -260.68% | 13.67% | -33.47% | -33.47% | -33.47% | -33.47% | -33.47% |
| EBIAT | 1.95 | 0.43 | -12.80 | -30.89 | -2.21 | -13.85 | -13.67 | -13.49 | -13.32 | -13.15 |
| Depreciation | 0.02 | 0.05 | 1.61 | 0.72 | 0.58 | 1.15 | 1.13 | 1.12 | 1.10 | 1.09 |
| Accounts Receivable | - | 1.45 | 0.53 | -1.36 | -1.12 | 1.15 | 0.03 | 0.03 | 0.03 | 0.03 |
| Inventories | - | - | - | -0.02 | -0.05 | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | - | - | - | -1.07 | 0 | 0.85 | -0.01 | -0.01 | -0.01 | -0.01 |
| Capital Expenditure | -0.03 | -0.73 | -0.53 | -0.11 | -0.10 | -0.39 | -0.38 | -0.38 | -0.37 | -0.37 |
| UFCF | 1.94 | 1.20 | -11.19 | -32.72 | -2.89 | -11.09 | -12.90 | -12.74 | -12.57 | -12.41 |
| WACC | ||||||||||
| PV UFCF | -10.82 | -12.29 | -11.84 | -11.41 | -10.99 | |||||
| SUM PV UFCF | -57.36 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 2.45 |
| Free cash flow (t + 1) | -12.66 |
| Terminal Value | -2,812.33 |
| Present Value of Terminal Value | -2,491.76 |
Intrinsic Value
| Enterprise Value | -2,549.13 |
|---|---|
| Net Debt | -0.33 |
| Equity Value | -2,548.79 |
| Shares Outstanding | 9.51 |
| Equity Value Per Share | -267.98 |