Discounted Cash Flow (DCF) Analysis Unlevered

BIT Mining Limited (BTCM)

$2.87

+0.01 (+0.35%)
All numbers are in Millions, Currency in USD
Stock DCF: -1,501,912,964.16 | 2.87 | overvalue

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 126.0939.6921.821,326.86650.2310,107.39157,113.192,442,229.3737,962,977590,111,495.04
Revenue (%)
EBITDA -407.30-579.86-173.87-36.19-169.41-52,757.91-820,089.80-12,747,799.43-198,156,824.76-3,080,227,878.78
EBITDA (%)
EBIT -471.27-658.91-226.88-57.74-973.32-65,254.25-1,014,337.87-15,767,268.12-245,092,637.62-3,809,816,675.11
EBIT (%)
Depreciation 63.9879.0553.0121.55803.9112,496.34194,248.073,019,468.6946,935,812.85729,588,796.33
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 535.13385.07308.6817.677.8156,847.03883,652.6913,735,846.06213,515,411.463,318,967,811.05
Total Cash (%)
Account Receivables 49.8337.9920.420.744.124,640.5072,133.801,121,276.2717,429,560.86270,931,971.90
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable --13.4056.7323.432,335.0836,297.34564,220.228,770,461.68136,331,517.23
Accounts Payable (%)
Capital Expenditure -36.68-3.76-1.47-56.60-80.56-1,252.25-19,465.48-302,579.13-4,703,409.37-73,111,651.24
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.87
Beta 2.887
Diluted Shares Outstanding 8.71
Cost of Debt
Tax Rate 1.74
After-tax Cost of Debt 5.10%
Risk-Free Rate
Market Risk Premium
Cost of Equity 17.359
Total Debt 4.20
Total Equity 25
Total Capital 29.20
Debt Weighting 14.40
Equity Weighting 85.60
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 126.0939.6921.821,326.86650.2310,107.39157,113.192,442,229.3737,962,977590,111,495.04
EBITDA -407.30-579.86-173.87-36.19-169.41-52,757.91-820,089.80-12,747,799.43-198,156,824.76-3,080,227,878.78
EBIT -471.27-658.91-226.88-57.74-973.32-65,254.25-1,014,337.87-15,767,268.12-245,092,637.62-3,809,816,675.11
Tax Rate 8.07%1.61%0.68%5.63%1.74%3.55%3.55%3.55%3.55%3.55%
EBIAT -433.23-648.30-225.34-54.49-956.34-62,939.22-978,352.12-15,207,891.38-236,397,464.80-3,674,655,477.59
Depreciation 63.9879.0553.0121.55803.9112,496.34194,248.073,019,468.6946,935,812.85729,588,796.33
Accounts Receivable -11.8417.5719.69-3.38-4,636.38-67,493.30-1,049,142.47-16,308,284.59-253,502,411.04
Inventories ----------
Accounts Payable ---43.33-33.302,311.6533,962.27527,922.878,206,241.46127,561,055.55
Capital Expenditure -36.68-3.76-1.47-56.60-80.56-1,252.25-19,465.48-302,579.13-4,703,409.37-73,111,651.24
UFCF -405.93-561.16-156.24-26.52-269.67-54,019.86-837,100.56-13,012,221.42-202,267,104.44-3,144,119,687.98
WACC
PV UFCF -46,734.03-626,523.12-8,425,402.43-113,303,728.74-1,523,693,979.04
SUM PV UFCF -1,646,096,367.36

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 15.59
Free cash flow (t + 1) -3,207,002,081.74
Terminal Value -23,598,249,313.73
Present Value of Terminal Value -11,436,113,749.97

Intrinsic Value

Enterprise Value -13,082,210,117.34
Net Debt -1.24
Equity Value -13,082,210,116.09
Shares Outstanding 8.71
Equity Value Per Share -1,501,912,964.16