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
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 | 13.42 | 11.83 | 11.86 | 9.39 | 7.43 | 6.44 | 5.58 | 4.83 | 4.19 | 3.63 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 1.43 | 0.98 | -0.09 | -0.44 | 0.45 | 0.25 | 0.22 | 0.19 | 0.16 | 0.14 |
| EBITDA (%) | ||||||||||
| EBIT | 1.40 | 0.95 | -0.12 | -0.47 | 0.39 | 0.23 | 0.20 | 0.17 | 0.15 | 0.13 |
| EBIT (%) | ||||||||||
| Depreciation | 0.03 | 0.03 | 0.04 | 0.03 | 0.06 | 0.03 | 0.02 | 0.02 | 0.02 | 0.01 |
| 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 | 3.84 | 2.86 | 3.38 | 1.84 | 2.41 | 1.72 | 1.49 | 1.29 | 1.12 | 0.97 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 3.86 | 6.03 | 4.15 | 3.77 | 3.05 | 2.52 | 2.19 | 1.90 | 1.64 | 1.42 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 3.94 | 2.32 | 2.22 | 2.06 | 1.74 | 1.45 | 1.26 | 1.09 | 0.95 | 0.82 |
| 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 | 46.48 |
| After-tax Cost of Debt | 2.26% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.380 |
| 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 | 13.42 | 11.83 | 11.86 | 9.39 | 7.43 | 6.44 | 5.58 | 4.83 | 4.19 | 3.63 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 1.43 | 0.98 | -0.09 | -0.44 | 0.45 | 0.25 | 0.22 | 0.19 | 0.16 | 0.14 |
| EBIT | 1.40 | 0.95 | -0.12 | -0.47 | 0.39 | 0.23 | 0.20 | 0.17 | 0.15 | 0.13 |
| Tax Rate | 36.76% | -56.03% | 47.73% | -13.14% | 46.48% | 12.36% | 12.36% | 12.36% | 12.36% | 12.36% |
| EBIAT | 0.88 | 1.47 | -0.06 | -0.53 | 0.21 | 0.20 | 0.17 | 0.15 | 0.13 | 0.11 |
| Depreciation | 0.03 | 0.03 | 0.04 | 0.03 | 0.06 | 0.03 | 0.02 | 0.02 | 0.02 | 0.01 |
| Accounts Receivable | - | -2.17 | 1.88 | 0.37 | 0.72 | 0.53 | 0.34 | 0.29 | 0.25 | 0.22 |
| 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 | -2.33 | 1.75 | -0.29 | 0.67 | 0.46 | 0.33 | 0.29 | 0.25 | 0.21 |
| WACC | ||||||||||
| PV UFCF | 0.45 | 0.31 | 0.26 | 0.22 | 0.19 | |||||
| SUM PV UFCF | 1.43 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 2.75 |
| Free cash flow (t + 1) | 0.22 |
| Terminal Value | 29.17 |
| Present Value of Terminal Value | 25.47 |
Intrinsic Value
| Enterprise Value | 26.90 |
|---|---|
| Net Debt | -1.20 |
| Equity Value | 28.10 |
| Shares Outstanding | 47.36 |
| Equity Value Per Share | 0.59 |