Discounted Cash Flow (DCF) Analysis Unlevered
Fujian Blue Hat Interactive Enterta... (BHAT)
$1.02
-0.02 (-1.92%)
All numbers are in Millions, Currency in USD
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 | 14.14 | 18.53 | 23.83 | 30.19 | 15.16 | 16.54 | 18.05 | 19.69 | 21.49 | 23.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 6.47 | 9.13 | 10.62 | 11.24 | -55.66 | -6.30 | -6.87 | -7.50 | -8.19 | -8.93 |
| EBITDA (%) | ||||||||||
| EBIT | 6.26 | 8.67 | 9.70 | 10.50 | -59.52 | -7.48 | -8.16 | -8.91 | -9.72 | -10.61 |
| EBIT (%) | ||||||||||
| Depreciation | 0.21 | 0.46 | 0.92 | 0.74 | 3.86 | 1.18 | 1.29 | 1.41 | 1.54 | 1.68 |
| 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 | 19.76 | 11.83 | 10.48 | 15.80 | 0.14 | 9.95 | 10.85 | 11.84 | 12.93 | 14.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 6.58 | 12.13 | 14.40 | 19.58 | 6.08 | 9.18 | 10.01 | 10.93 | 11.92 | 13.01 |
| Account Receivables (%) | ||||||||||
| Inventories | 0.60 | 0.27 | 0.13 | 0.12 | 0.11 | 0.24 | 0.26 | 0.29 | 0.32 | 0.34 |
| Inventories (%) | ||||||||||
| Accounts Payable | 5.71 | 1.40 | 0.29 | 0.94 | 0.96 | 1.94 | 2.11 | 2.31 | 2.52 | 2.75 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.02 | -4.48 | -6.64 | -11.86 | -16.53 | -7.10 | -7.75 | -8.46 | -9.23 | -10.07 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.02 |
|---|---|
| Beta | 1.201 |
| Diluted Shares Outstanding | 39.86 |
| Cost of Debt | |
| Tax Rate | 2.21 |
| After-tax Cost of Debt | 25.38% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.372 |
| Total Debt | 1.54 |
| Total Equity | 40.66 |
| Total Capital | 42.19 |
| Debt Weighting | 3.64 |
| Equity Weighting | 96.36 |
| 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 | 14.14 | 18.53 | 23.83 | 30.19 | 15.16 | 16.54 | 18.05 | 19.69 | 21.49 | 23.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 6.47 | 9.13 | 10.62 | 11.24 | -55.66 | -6.30 | -6.87 | -7.50 | -8.19 | -8.93 |
| EBIT | 6.26 | 8.67 | 9.70 | 10.50 | -59.52 | -7.48 | -8.16 | -8.91 | -9.72 | -10.61 |
| Tax Rate | 15.71% | 7.10% | 4.76% | 17.66% | 2.21% | 9.49% | 9.49% | 9.49% | 9.49% | 9.49% |
| EBIAT | 5.28 | 8.05 | 9.24 | 8.64 | -58.20 | -6.77 | -7.39 | -8.06 | -8.80 | -9.60 |
| Depreciation | 0.21 | 0.46 | 0.92 | 0.74 | 3.86 | 1.18 | 1.29 | 1.41 | 1.54 | 1.68 |
| Accounts Receivable | - | -5.55 | -2.27 | -5.18 | 13.51 | -3.10 | -0.84 | -0.91 | -1 | -1.09 |
| Inventories | - | 0.32 | 0.15 | 0.01 | 0.01 | -0.13 | -0.02 | -0.02 | -0.03 | -0.03 |
| Accounts Payable | - | -4.30 | -1.11 | 0.64 | 0.02 | 0.98 | 0.18 | 0.19 | 0.21 | 0.23 |
| Capital Expenditure | -2.02 | -4.48 | -6.64 | -11.86 | -16.53 | -7.10 | -7.75 | -8.46 | -9.23 | -10.07 |
| UFCF | 3.47 | -5.49 | 0.29 | -7.01 | -57.33 | -14.94 | -14.53 | -15.86 | -17.30 | -18.88 |
| WACC | ||||||||||
| PV UFCF | -13.59 | -12.02 | -11.93 | -11.83 | -11.74 | |||||
| SUM PV UFCF | -61.11 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.96 |
| Free cash flow (t + 1) | -19.26 |
| Terminal Value | -241.94 |
| Present Value of Terminal Value | -150.50 |
Intrinsic Value
| Enterprise Value | -211.61 |
|---|---|
| Net Debt | 1.40 |
| Equity Value | -213.01 |
| Shares Outstanding | 39.86 |
| Equity Value Per Share | -5.34 |