Discounted Cash Flow (DCF) Analysis Unlevered
BIT Mining Limited (BTCM)
$2.87
+0.01 (+0.35%)
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 | 126.09 | 39.69 | 21.82 | 1,326.86 | 650.23 | 10,107.39 | 157,113.19 | 2,442,229.37 | 37,962,977 | 590,111,495.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 63.98 | 79.05 | 53.01 | 21.55 | 803.91 | 12,496.34 | 194,248.07 | 3,019,468.69 | 46,935,812.85 | 729,588,796.33 |
| 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 | 535.13 | 385.07 | 308.68 | 17.67 | 7.81 | 56,847.03 | 883,652.69 | 13,735,846.06 | 213,515,411.46 | 3,318,967,811.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 49.83 | 37.99 | 20.42 | 0.74 | 4.12 | 4,640.50 | 72,133.80 | 1,121,276.27 | 17,429,560.86 | 270,931,971.90 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | 13.40 | 56.73 | 23.43 | 2,335.08 | 36,297.34 | 564,220.22 | 8,770,461.68 | 136,331,517.23 |
| 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 | 126.09 | 39.69 | 21.82 | 1,326.86 | 650.23 | 10,107.39 | 157,113.19 | 2,442,229.37 | 37,962,977 | 590,111,495.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 63.98 | 79.05 | 53.01 | 21.55 | 803.91 | 12,496.34 | 194,248.07 | 3,019,468.69 | 46,935,812.85 | 729,588,796.33 |
| Accounts Receivable | - | 11.84 | 17.57 | 19.69 | -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 | -33.30 | 2,311.65 | 33,962.27 | 527,922.87 | 8,206,241.46 | 127,561,055.55 |
| 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 |