Discounted Cash Flow (DCF) Analysis Unlevered
BlueCity Holdings Limited (BLCT)
$1.54
0.00 (-%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 80.21 | 121.42 | 165.01 | 172.25 | 224.89 | 293.62 | 383.34 | 500.48 | 653.42 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| EBITDA | -22.74 | -7.90 | -34.83 | -46.72 | -46.71 | -60.99 | -79.63 | -103.96 | -135.73 |
| EBITDA (%) | |||||||||
| EBIT | -23.13 | -8.32 | -35.73 | -49.11 | -48.27 | -63.02 | -82.27 | -107.41 | -140.24 |
| EBIT (%) | |||||||||
| Depreciation | 0.39 | 0.42 | 0.90 | 2.39 | 1.55 | 2.03 | 2.65 | 3.46 | 4.51 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 69.57 | 60.85 | 97.88 | 55.97 | 128.56 | 167.84 | 219.13 | 286.10 | 373.52 |
|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||
| Account Receivables | 4.72 | 3.98 | 7.16 | 2.06 | 8.26 | 10.79 | 14.08 | 18.39 | 24.01 |
| Account Receivables (%) | |||||||||
| Inventories | - | - | 1.10 | 1.18 | 1.52 | 1.98 | 2.59 | 3.38 | 4.42 |
| Inventories (%) | |||||||||
| Accounts Payable | 1.52 | 2.98 | 3.26 | 4.56 | 5.05 | 6.59 | 8.60 | 11.23 | 14.67 |
| Accounts Payable (%) | |||||||||
| Capital Expenditure | -0.56 | -0.94 | -1.72 | -1.12 | -1.78 | -2.32 | -3.03 | -3.96 | -5.17 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.54 |
|---|---|
| Beta | 0.345 |
| Diluted Shares Outstanding | 31.43 |
| Cost of Debt | |
| Tax Rate | -0.27 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.146 |
| Total Debt | - |
| Total Equity | 48.40 |
| Total Capital | 48.40 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 80.21 | 121.42 | 165.01 | 172.25 | 224.89 | 293.62 | 383.34 | 500.48 | 653.42 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -22.74 | -7.90 | -34.83 | -46.72 | -46.71 | -60.99 | -79.63 | -103.96 | -135.73 |
| EBIT | -23.13 | -8.32 | -35.73 | -49.11 | -48.27 | -63.02 | -82.27 | -107.41 | -140.24 |
| Tax Rate | 0.00% | -1.79% | 0.65% | -0.27% | -0.35% | -0.35% | -0.35% | -0.35% | -0.35% |
| EBIAT | -23.13 | -8.47 | -35.50 | -49.24 | -48.44 | -63.24 | -82.56 | -107.79 | -140.73 |
| Depreciation | 0.39 | 0.42 | 0.90 | 2.39 | 1.55 | 2.03 | 2.65 | 3.46 | 4.51 |
| Accounts Receivable | - | 0.74 | -3.19 | 5.10 | -6.20 | -2.52 | -3.30 | -4.30 | -5.62 |
| Inventories | - | - | - | -0.09 | -0.34 | -0.46 | -0.61 | -0.79 | -1.03 |
| Accounts Payable | - | 1.46 | 0.28 | 1.30 | 0.49 | 1.54 | 2.01 | 2.63 | 3.43 |
| Capital Expenditure | -0.56 | -0.94 | -1.72 | -1.12 | -1.78 | -2.32 | -3.03 | -3.96 | -5.17 |
| UFCF | -23.30 | -6.79 | -39.22 | -41.65 | -54.71 | -64.98 | -84.84 | -110.76 | -144.61 |
| WACC | |||||||||
| PV UFCF | -54.71 | -61.80 | -76.73 | -95.27 | -118.29 | ||||
| SUM PV UFCF | -386.88 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.15 |
| Free cash flow (t + 1) | -147.50 |
| Terminal Value | -4,682.59 |
| Present Value of Terminal Value | -3,642.84 |
Intrinsic Value
| Enterprise Value | -4,029.72 |
|---|---|
| Net Debt | -55.97 |
| Equity Value | -3,973.76 |
| Shares Outstanding | 31.43 |
| Equity Value Per Share | -126.44 |