Discounted Cash Flow (DCF) Analysis Unlevered

Bright Scholar Education Holdings L... (BEDU)

$2.95

-0.02 (-0.67%)
All numbers are in Millions, Currency in USD
Stock DCF: -93.80 | 2.95 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 212.54275.02410.08538.64224.28253.16285.75322.54364.06410.93
Revenue (%)
EBITDA 46.5764.0472.4069.9969.2554.0360.9968.8477.7187.71
EBITDA (%)
EBIT 34.0850.3051.4738.4033.7734.9739.4744.5550.2956.76
EBIT (%)
Depreciation 12.4913.7420.9331.5935.4819.0721.5224.2927.4230.95
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 302.30504.62558.12542.62135.15315.34355.94401.76453.49511.87
Total Cash (%)
Account Receivables 1.773.5116.6218.04335.3980.5390.90102.60115.81130.71
Account Receivables (%)
Inventories 1.381.474.204.481.211.812.042.312.602.94
Inventories (%)
Accounts Payable 8.1410.1815.0914.8911.759.7310.9812.3913.9915.79
Accounts Payable (%)
Capital Expenditure -15.54-18.81-24.83-23.96-25.39-18.21-20.56-23.21-26.19-29.57
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.95
Beta 0.662
Diluted Shares Outstanding 30.04
Cost of Debt
Tax Rate 88.00
After-tax Cost of Debt 0.46%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.929
Total Debt 714.66
Total Equity 88.62
Total Capital 803.27
Debt Weighting 88.97
Equity Weighting 11.03
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 212.54275.02410.08538.64224.28253.16285.75322.54364.06410.93
EBITDA 46.5764.0472.4069.9969.2554.0360.9968.8477.7187.71
EBIT 34.0850.3051.4738.4033.7734.9739.4744.5550.2956.76
Tax Rate 26.09%21.93%27.72%33.95%88.00%39.54%39.54%39.54%39.54%39.54%
EBIAT 25.1939.2737.2025.364.0521.1423.8626.9430.4034.32
Depreciation 12.4913.7420.9331.5935.4819.0721.5224.2927.4230.95
Accounts Receivable --1.74-13.11-1.42-317.34254.86-10.37-11.70-13.21-14.91
Inventories --0.09-2.73-0.283.27-0.60-0.23-0.26-0.30-0.34
Accounts Payable -2.034.91-0.19-3.15-2.021.251.411.601.80
Capital Expenditure -15.54-18.81-24.83-23.96-25.39-18.21-20.56-23.21-26.19-29.57
UFCF 22.1434.4022.3731.09-303.08274.2415.4817.4719.7222.26
WACC
PV UFCF 271.0715.1216.8718.8221
SUM PV UFCF 342.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 1.17
Free cash flow (t + 1) 22.71
Terminal Value -2,735.60
Present Value of Terminal Value -2,581.04

Intrinsic Value

Enterprise Value -2,238.15
Net Debt 579.51
Equity Value -2,817.66
Shares Outstanding 30.04
Equity Value Per Share -93.80