Discounted Cash Flow (DCF) Analysis Unlevered

China Education Resources Inc. (CHN.V)

$0.02

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.37 | 0.02 | undervalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 13.4211.8311.869.397.436.445.584.834.193.63
Revenue (%)
EBITDA 1.430.98-0.090.460.760.430.370.320.280.24
EBITDA (%)
EBIT 1.400.95-0.120.420.700.400.350.300.260.23
EBIT (%)
Depreciation 0.030.030.040.030.060.030.020.020.020.01
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 3.842.863.381.842.411.721.491.291.120.97
Total Cash (%)
Account Receivables 3.866.034.153.773.052.522.191.901.641.42
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 3.942.322.222.061.741.451.261.090.950.82
Accounts Payable (%)
Capital Expenditure -0.01-0.05-0.01-0-0.01-0.01-0.01-0.01-0.01-0.01
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.02
Beta 0.000
Diluted Shares Outstanding 47.36
Cost of Debt
Tax Rate 20.91
After-tax Cost of Debt 3.37%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.262
Total Debt 1.21
Total Equity 0.95
Total Capital 2.16
Debt Weighting 56.05
Equity Weighting 43.95
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 13.4211.8311.869.397.436.445.584.834.193.63
EBITDA 1.430.98-0.090.460.760.430.370.320.280.24
EBIT 1.400.95-0.120.420.700.400.350.300.260.23
Tax Rate 36.76%-56.03%47.73%15.69%20.91%13.01%13.01%13.01%13.01%13.01%
EBIAT 0.881.47-0.060.360.550.350.300.260.230.20
Depreciation 0.030.030.040.030.060.030.020.020.020.01
Accounts Receivable --2.171.880.370.720.530.340.290.250.22
Inventories ----------
Accounts Payable --1.62-0.10-0.17-0.32-0.28-0.19-0.17-0.15-0.13
Capital Expenditure -0.01-0.05-0.01-0-0.01-0.01-0.01-0.01-0.01-0.01
UFCF 0.90-2.331.750.601.010.610.460.400.350.30
WACC
PV UFCF 0.590.430.360.300.25
SUM PV UFCF 1.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.76
Free cash flow (t + 1) 0.31
Terminal Value 17.38
Present Value of Terminal Value 14.45

Intrinsic Value

Enterprise Value 16.38
Net Debt -1.20
Equity Value 17.58
Shares Outstanding 47.36
Equity Value Per Share 0.37