Discounted Cash Flow (DCF) Analysis Unlevered

BIT Mining Limited (BTCM)

$2.69

-0.08 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 97,520,929,092,208.39 | 2.69 | undervalue

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 18.335.673.341,326.86650.2364,821.746,462,140.09644,216,807.4364,222,577,852.946,402,409,031,433.32
Revenue (%)
EBITDA -28.700.16-24.15-35.94-42.09-114,884.84-11,452,977.86-1,141,758,106.66-113,822,936,702.42-11,347,115,333,746.73
EBITDA (%)
EBIT -38-11.13-32.27-57.50-76.86-179,692.33-17,913,697.31-1,785,833,289.47-178,031,395,863.85-17,748,116,859,578.58
EBIT (%)
Depreciation 9.3011.308.1121.5534.7764,807.496,460,719.45644,075,182.8064,208,459,161.436,401,001,525,831.84
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 77.7955.0847.2517.677.81364,675.3336,354,825.323,624,246,639.97361,304,547,335.9936,018,789,252,881.92
Total Cash (%)
Account Receivables 01.490.060.744.123,706.52369,506.9236,836,490.993,672,264,341.73366,091,477,067.80
Account Receivables (%)
Inventories -7.04-21.50-597.4825.500.13-2,373,679.65-236,634,351.43-23,590,300,474.08-2,351,739,183,614.05-234,447,085,310,460.13
Inventories (%)
Accounts Payable -2.232.0556.7323.4317,607.191,755,276.93174,985,203.4917,444,439,084.761,739,052,496,464.46
Accounts Payable (%)
Capital Expenditure -5.33-0.54-0.23-56.60-13.78-6,699.64-667,893.52-66,582,931.50-6,637,714,900.60-661,720,025,082.44
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.69
Beta 2.892
Diluted Shares Outstanding 8.71
Cost of Debt
Tax Rate -4.96
After-tax Cost of Debt 5.19%
Risk-Free Rate
Market Risk Premium
Cost of Equity 18.278
Total Debt 4.20
Total Equity 23.43
Total Capital 27.63
Debt Weighting 15.21
Equity Weighting 84.79
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 18.335.673.341,326.86650.2364,821.746,462,140.09644,216,807.4364,222,577,852.946,402,409,031,433.32
EBITDA -28.700.16-24.15-35.94-42.09-114,884.84-11,452,977.86-1,141,758,106.66-113,822,936,702.42-11,347,115,333,746.73
EBIT -38-11.13-32.27-57.50-76.86-179,692.33-17,913,697.31-1,785,833,289.47-178,031,395,863.85-17,748,116,859,578.58
Tax Rate 8.07%1.18%1.63%0.39%-4.96%1.26%1.26%1.26%1.26%1.26%
EBIAT -34.93-11-31.74-57.27-80.67-177,423.70-17,687,535.20-1,763,286,976.48-175,783,732,771.75-17,524,045,217,461.96
Depreciation 9.3011.308.1121.5534.7764,807.496,460,719.45644,075,182.8064,208,459,161.436,401,001,525,831.84
Accounts Receivable --1.491.43-0.68-3.38-3,702.40-365,800.39-36,466,984.07-3,635,427,850.74-362,419,212,726.07
Inventories -14.47575.98-622.9925.382,373,679.78234,260,671.7823,353,666,122.642,328,148,883,139.97232,095,346,126,846.09
Accounts Payable ---0.1854.67-33.3017,583.761,737,669.74173,229,926.5717,269,453,881.261,721,608,057,379.70
Capital Expenditure -5.33-0.54-0.23-56.60-13.78-6,699.64-667,893.52-66,582,931.50-6,637,714,900.60-661,720,025,082.44
UFCF -30.9612.74553.38-661.31-70.992,268,245.28223,737,831.8622,304,634,339.972,223,569,920,659.56221,669,771,254,787.19
WACC
PV UFCF 1,950,507.60165,445,395.2514,182,996,518.751,215,853,665,489.37104,230,451,860,420.86
SUM PV UFCF 105,460,655,918,331.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 16.29
Free cash flow (t + 1) 226,103,166,679,882.94
Terminal Value 1,582,247,492,511,427
Present Value of Terminal Value 743,982,231,613,920.63

Intrinsic Value

Enterprise Value 849,442,887,532,252.50
Net Debt -1.24
Equity Value 849,442,887,532,253.63
Shares Outstanding 8.71
Equity Value Per Share 97,520,929,092,208.39