Discounted Cash Flow (DCF) Analysis Unlevered

Euro Tech Holdings Company Limited (CLWT)

$1.52

-0.01 (-0.65%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.93 | 1.52 | 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 17.3520.1017.4013.3621.3923.4925.8028.3331.1234.18
Revenue (%)
EBITDA 0.57-0.16-0.040.930.940.640.700.770.850.93
EBITDA (%)
EBIT 0.51-0.22-0.110.880.900.570.620.680.750.82
EBIT (%)
Depreciation 0.060.060.070.050.040.070.080.090.100.11
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 3.385.275.993.525.276.166.767.438.168.96
Total Cash (%)
Account Receivables 4.116.224.283.913.935.966.547.197.898.67
Account Receivables (%)
Inventories 0.500.400.590.340.550.630.690.760.830.91
Inventories (%)
Accounts Payable 3.684.903.912.393.154.735.205.716.276.89
Accounts Payable (%)
Capital Expenditure -0.02-0.08-0.02-0.01-0-0.04-0.04-0.04-0.05-0.05
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.52
Beta 1.013
Diluted Shares Outstanding 7.73
Cost of Debt
Tax Rate 22.49
After-tax Cost of Debt 0.40%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.191
Total Debt 0.59
Total Equity 11.75
Total Capital 12.34
Debt Weighting 4.80
Equity Weighting 95.20
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 17.3520.1017.4013.3621.3923.4925.8028.3331.1234.18
EBITDA 0.57-0.16-0.040.930.940.640.700.770.850.93
EBIT 0.51-0.22-0.110.880.900.570.620.680.750.82
Tax Rate 183.87%109.14%15.61%-54.42%22.49%55.34%55.34%55.34%55.34%55.34%
EBIAT -0.430.02-0.091.350.700.250.280.310.330.37
Depreciation 0.060.060.070.050.040.070.080.090.100.11
Accounts Receivable --2.111.940.37-0.02-2.03-0.59-0.64-0.71-0.78
Inventories -0.10-0.190.24-0.21-0.08-0.06-0.07-0.07-0.08
Accounts Payable -1.22-0.99-1.520.761.580.470.510.560.62
Capital Expenditure -0.02-0.09-0.02-0.01-0-0.04-0.04-0.04-0.05-0.05
UFCF -0.39-0.800.730.491.26-0.230.140.150.170.18
WACC
PV UFCF -0.220.120.120.120.13
SUM PV UFCF 0.27

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.82
Free cash flow (t + 1) 0.19
Terminal Value 3.23
Present Value of Terminal Value 2.22

Intrinsic Value

Enterprise Value 2.49
Net Debt -4.68
Equity Value 7.17
Shares Outstanding 7.73
Equity Value Per Share 0.93