Discounted Cash Flow (DCF) Analysis Unlevered
BIT Mining Limited (BTCM)
$2.69
-0.08 (0.00%)
All numbers are in Millions, Currency in USD
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 | 18.33 | 5.67 | 3.34 | 1,326.86 | 650.23 | 64,821.74 | 6,462,140.09 | 644,216,807.43 | 64,222,577,852.94 | 6,402,409,031,433.32 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -28.70 | 0.16 | -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 | 9.30 | 11.30 | 8.11 | 21.55 | 34.77 | 64,807.49 | 6,460,719.45 | 644,075,182.80 | 64,208,459,161.43 | 6,401,001,525,831.84 |
| 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 | 77.79 | 55.08 | 47.25 | 17.67 | 7.81 | 364,675.33 | 36,354,825.32 | 3,624,246,639.97 | 361,304,547,335.99 | 36,018,789,252,881.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0 | 1.49 | 0.06 | 0.74 | 4.12 | 3,706.52 | 369,506.92 | 36,836,490.99 | 3,672,264,341.73 | 366,091,477,067.80 |
| Account Receivables (%) | ||||||||||
| Inventories | -7.04 | -21.50 | -597.48 | 25.50 | 0.13 | -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 | - | 2.23 | 2.05 | 56.73 | 23.43 | 17,607.19 | 1,755,276.93 | 174,985,203.49 | 17,444,439,084.76 | 1,739,052,496,464.46 |
| 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 | 18.33 | 5.67 | 3.34 | 1,326.86 | 650.23 | 64,821.74 | 6,462,140.09 | 644,216,807.43 | 64,222,577,852.94 | 6,402,409,031,433.32 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -28.70 | 0.16 | -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 | 9.30 | 11.30 | 8.11 | 21.55 | 34.77 | 64,807.49 | 6,460,719.45 | 644,075,182.80 | 64,208,459,161.43 | 6,401,001,525,831.84 |
| Accounts Receivable | - | -1.49 | 1.43 | -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 | - | 14.47 | 575.98 | -622.99 | 25.38 | 2,373,679.78 | 234,260,671.78 | 23,353,666,122.64 | 2,328,148,883,139.97 | 232,095,346,126,846.09 |
| Accounts Payable | - | - | -0.18 | 54.67 | -33.30 | 17,583.76 | 1,737,669.74 | 173,229,926.57 | 17,269,453,881.26 | 1,721,608,057,379.70 |
| 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 | -30.96 | 12.74 | 553.38 | -661.31 | -70.99 | 2,268,245.28 | 223,737,831.86 | 22,304,634,339.97 | 2,223,569,920,659.56 | 221,669,771,254,787.19 |
| WACC | ||||||||||
| PV UFCF | 1,950,507.60 | 165,445,395.25 | 14,182,996,518.75 | 1,215,853,665,489.37 | 104,230,451,860,420.86 | |||||
| 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 |