Discounted Cash Flow (DCF) Analysis Unlevered

The China Fund, Inc. (CHN)

$11.77

-0.24 (-2.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 874,009.88 | 11.77 | undervalue

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 7.579.275.19106.6112.3669.38389.412,185.6012,266.8268,848.35
Revenue (%)
EBITDA 154.41-121.14112.75105.5711.33429.992,413.3513,545.1076,022.79426,683.09
EBITDA (%)
EBIT ---105.5711.33429.992,413.3513,545.1076,022.79426,683.09
EBIT (%)
Depreciation ----------
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 000.0100.010.040.231.307.2940.91
Total Cash (%)
Account Receivables 0.050.303.1623.022.6714.9884.10472.022,649.2514,869.08
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.741.486.3452.606.1034.23192.131,078.326,052.1533,968.13
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.77
Beta 0.450
Diluted Shares Outstanding 10.66
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.820
Total Debt -
Total Equity 125.41
Total Capital 125.41
Debt Weighting 0.00
Equity Weighting 100.00
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 7.579.275.19106.6112.3669.38389.412,185.6012,266.8268,848.35
EBITDA 154.41-121.14112.75105.5711.33429.992,413.3513,545.1076,022.79426,683.09
EBIT ---105.5711.33429.992,413.3513,545.1076,022.79426,683.09
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ---105.5711.33429.992,413.3513,545.1076,022.79426,683.09
Depreciation ----------
Accounts Receivable --0.25-2.87-19.8620.35-12.31-69.12-387.92-2,177.23-12,219.83
Inventories ----------
Accounts Payable -0.744.8646.26-46.5028.13157.89886.204,973.8327,915.98
Capital Expenditure ----------
UFCF ---131.97-14.81445.812,502.1314,043.3778,819.39442,379.23
WACC
PV UFCF 421.292,234.4711,851.3662,858.22333,392.59
SUM PV UFCF 410,757.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.82
Free cash flow (t + 1) 451,226.81
Terminal Value 11,812,220.24
Present Value of Terminal Value 8,902,105.77

Intrinsic Value

Enterprise Value 9,312,863.69
Net Debt -
Equity Value 9,312,863.69
Shares Outstanding 10.66
Equity Value Per Share 874,009.88