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
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 | 13.17 | 18.54 | 15.80 | 13.39 | -0.06 | -0.04 | -0.03 | -0.03 | -0.02 | -0.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 12.81 | 8.29 | 11.15 | 6.52 | -12.50 | -1.96 | -1.52 | -1.18 | -0.92 | -0.71 |
| EBITDA (%) | ||||||||||
| EBIT | 12.74 | 8.16 | 10.68 | 6.05 | -12.97 | -2.04 | -1.58 | -1.22 | -0.95 | -0.74 |
| EBIT (%) | ||||||||||
| Depreciation | 0.07 | 0.13 | 0.47 | 0.48 | 0.48 | 0.07 | 0.06 | 0.04 | 0.03 | 0.03 |
| 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 | 3.47 | 0.51 | 0.01 | 0 | 0.06 | 0.01 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 6.34 | 25.68 | 43.83 | 60.48 | 63.78 | 9.81 | 7.61 | 5.90 | 4.58 | 3.55 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.73 | 0.82 | 2.84 | 5.78 | 8.75 | 1.35 | 1.05 | 0.81 | 0.63 | 0.49 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.39 | -2.94 | -0.04 | -1.53 | 0.01 | 0.01 | 0 | 0 | 0 | 0 |
| 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 | 13.17 | 18.54 | 15.80 | 13.39 | -0.06 | -0.04 | -0.03 | -0.03 | -0.02 | -0.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 12.81 | 8.29 | 11.15 | 6.52 | -12.50 | -1.96 | -1.52 | -1.18 | -0.92 | -0.71 |
| EBIT | 12.74 | 8.16 | 10.68 | 6.05 | -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 | 7.10 | 2.03 | 8.54 | 4.84 | -10.38 | -1.31 | -1.01 | -0.79 | -0.61 | -0.47 |
| Depreciation | 0.07 | 0.13 | 0.47 | 0.48 | 0.48 | 0.07 | 0.06 | 0.04 | 0.03 | 0.03 |
| Accounts Receivable | - | -19.34 | -18.15 | -16.65 | -3.30 | 53.96 | 2.20 | 1.71 | 1.32 | 1.03 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.09 | 2.01 | 2.94 | 2.97 | -7.40 | -0.30 | -0.24 | -0.18 | -0.14 |
| Capital Expenditure | -2.39 | -2.94 | -0.04 | -1.53 | 0.01 | 0.01 | 0 | 0 | 0 | 0 |
| UFCF | 4.78 | -20.02 | -7.17 | -9.92 | -10.23 | 45.34 | 0.95 | 0.73 | 0.57 | 0.44 |
| WACC | ||||||||||
| PV UFCF | 41.02 | 0.77 | 0.54 | 0.38 | 0.27 | |||||
| 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 |