Discounted Cash Flow (DCF) Analysis Unlevered

Dunxin Financial Holdings Limited (DXF)

$0.52

-0.01 (-1.48%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.98 | 0.52 | 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 13.1718.5415.8013.39-0.06-0.04-0.03-0.03-0.02-0.02
Revenue (%)
EBITDA 12.818.2911.156.52-12.50-1.96-1.52-1.18-0.92-0.71
EBITDA (%)
EBIT 12.748.1610.686.05-12.97-2.04-1.58-1.22-0.95-0.74
EBIT (%)
Depreciation 0.070.130.470.480.480.070.060.040.030.03
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 3.470.510.0100.060.010000
Total Cash (%)
Account Receivables 6.3425.6843.8360.4863.789.817.615.904.583.55
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.730.822.845.788.751.351.050.810.630.49
Accounts Payable (%)
Capital Expenditure -2.39-2.94-0.04-1.530.010.010000
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.52
Beta 1.619
Diluted Shares Outstanding 20.87
Cost of Debt
Tax Rate 20.00
After-tax Cost of Debt 10.58%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.440
Total Debt 25.85
Total Equity 10.85
Total Capital 36.70
Debt Weighting 70.44
Equity Weighting 29.56
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 13.1718.5415.8013.39-0.06-0.04-0.03-0.03-0.02-0.02
EBITDA 12.818.2911.156.52-12.50-1.96-1.52-1.18-0.92-0.71
EBIT 12.748.1610.686.05-12.97-2.04-1.58-1.22-0.95-0.74
Tax Rate 44.29%75.09%20.00%20.00%20.00%35.88%35.88%35.88%35.88%35.88%
EBIAT 7.102.038.544.84-10.38-1.31-1.01-0.79-0.61-0.47
Depreciation 0.070.130.470.480.480.070.060.040.030.03
Accounts Receivable --19.34-18.15-16.65-3.3053.962.201.711.321.03
Inventories ----------
Accounts Payable -0.092.012.942.97-7.40-0.30-0.24-0.18-0.14
Capital Expenditure -2.39-2.94-0.04-1.530.010.010000
UFCF 4.78-20.02-7.17-9.92-10.2345.340.950.730.570.44
WACC
PV UFCF 41.020.770.540.380.27
SUM PV UFCF 42.98

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.54
Free cash flow (t + 1) 0.45
Terminal Value 5.27
Present Value of Terminal Value 3.20

Intrinsic Value

Enterprise Value 46.18
Net Debt 25.80
Equity Value 20.38
Shares Outstanding 20.87
Equity Value Per Share 0.98