Discounted Cash Flow (DCF) Analysis Unlevered

Fuwei Films (Holdings) Co., Ltd. (FFHL)

$7.06

-0.43 (-5.74%)
All numbers are in Millions, Currency in USD
Stock DCF: 87.21 | 7.06 | 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 46.5153.3653.7053.8863.4968.8174.5880.8387.6094.94
Revenue (%)
EBITDA 1.235.8010.3310.2818.1111.0611.9812.9914.0815.26
EBITDA (%)
EBIT -5.72-1.413.613.5216.053.253.523.824.134.48
EBIT (%)
Depreciation 6.947.216.726.762.067.818.469.179.9410.78
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 2.071.439.7418.1540.1016.8018.2119.7421.3923.19
Total Cash (%)
Account Receivables 3.363.714.405.274.785.465.926.426.957.54
Account Receivables (%)
Inventories 3.933.953.774.075.675.425.876.366.907.48
Inventories (%)
Accounts Payable 2.803.323.134.123.624.324.685.075.505.96
Accounts Payable (%)
Capital Expenditure -0.53-0.74-2.07-1.80-1.28-1.61-1.75-1.89-2.05-2.23
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.06
Beta 0.955
Diluted Shares Outstanding 3.27
Cost of Debt
Tax Rate 6.32
After-tax Cost of Debt 4.11%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.192
Total Debt 18.42
Total Equity 23.06
Total Capital 41.48
Debt Weighting 44.41
Equity Weighting 55.59
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 46.5153.3653.7053.8863.4968.8174.5880.8387.6094.94
EBITDA 1.235.8010.3310.2818.1111.0611.9812.9914.0815.26
EBIT -5.72-1.413.613.5216.053.253.523.824.134.48
Tax Rate -1.79%-19.50%16.99%-45.31%6.32%-8.66%-8.66%-8.66%-8.66%-8.66%
EBIAT -5.82-1.6835.1115.033.533.824.154.494.87
Depreciation 6.947.216.726.762.067.818.469.179.9410.78
Accounts Receivable --0.35-0.69-0.870.49-0.68-0.46-0.50-0.54-0.58
Inventories --0.020.17-0.30-1.600.26-0.45-0.49-0.53-0.58
Accounts Payable -0.52-0.190.99-0.500.700.360.390.430.46
Capital Expenditure -0.53-0.74-2.07-1.80-1.28-1.61-1.75-1.89-2.05-2.23
UFCF 0.604.956.949.8914.21109.9910.8311.7412.72
WACC
PV UFCF 9.408.838.999.169.34
SUM PV UFCF 45.72

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.38
Free cash flow (t + 1) 12.97
Terminal Value 296.20
Present Value of Terminal Value 217.41

Intrinsic Value

Enterprise Value 263.13
Net Debt -21.68
Equity Value 284.81
Shares Outstanding 3.27
Equity Value Per Share 87.21