Discounted Cash Flow (DCF) Analysis Unlevered

CBAK Energy Technology, Inc. (CBAT)

$1.21

-0.02 (-1.63%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.93 | 1.21 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 58.3824.4322.1937.570.050.040.030.020.020.01
Revenue (%)
EBITDA -19.881.36-6.63-3.754.130.620.470.350.270.20
EBITDA (%)
EBIT -21.47-1.11-9.38-6.450.0700000
EBIT (%)
Depreciation 1.592.472.752.704.060.620.460.350.270.20
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 1.640.451.6111.928.151.230.930.700.530.40
Total Cash (%)
Account Receivables 63.5127.3212.1929.5749.917.575.714.323.262.46
Account Receivables (%)
Inventories 9.839.628.675.2530.134.563.442.601.961.48
Inventories (%)
Accounts Payable 29.8152.5011.1628.350.050.040.030.020.020.01
Accounts Payable (%)
Capital Expenditure -12.05-7.36-2.45-5.71-19.21-2.91-2.20-1.66-1.25-0.95
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.21
Beta 2.759
Diluted Shares Outstanding 61.99
Cost of Debt
Tax Rate -14.23
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.782
Total Debt 10.49
Total Equity 75.01
Total Capital 85.50
Debt Weighting 12.27
Equity Weighting 87.73
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 58.3824.4322.1937.570.050.040.030.020.020.01
EBITDA -19.881.36-6.63-3.754.130.620.470.350.270.20
EBIT -21.47-1.11-9.38-6.450.0700000
Tax Rate 0.00%0.73%0.79%0.00%-14.23%-2.54%-2.54%-2.54%-2.54%-2.54%
EBIAT -21.47-1.10-9.31-6.450.0800000
Depreciation 1.592.472.752.704.060.620.460.350.270.20
Accounts Receivable -36.2015.12-17.38-20.3442.341.851.401.060.80
Inventories -0.210.963.41-24.8825.571.120.840.640.48
Accounts Payable -22.69-41.3417.20-28.30-0.01-0.01-0.01-0.01-0
Capital Expenditure -12.05-7.36-2.45-5.71-19.21-2.91-2.20-1.66-1.25-0.95
UFCF -31.9253.10-34.27-6.22-88.5965.611.230.930.700.53
WACC
PV UFCF 56.880.920.600.400.26
SUM PV UFCF 59.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 15.34
Free cash flow (t + 1) 0.54
Terminal Value 4.05
Present Value of Terminal Value 1.98

Intrinsic Value

Enterprise Value 61.05
Net Debt 3.13
Equity Value 57.92
Shares Outstanding 61.99
Equity Value Per Share 0.93