Discounted Cash Flow (DCF) Analysis Unlevered

TD Holdings, Inc. (GLG)

$1.09

-0.01 (-0.91%)

All numbers are in Millions, Currency in USD

Stock DCF: 3,875,192.69 | 1.09 | undervalue

Operating Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	0.49	2.49	28.27	201.13	156.84	954.41	5,807.96	35,343.81	215,081.60	1,308,859.76
Revenue (%)
EBITDA	7.62	-6.56	-3.07	6.80	8.61	2,474.86	15,060.51	91,649.40	557,724.19	3,393,980.51
EBITDA (%)
EBIT	7.52	-6.92	-3.59	2.83	8.30	2,399.57	14,602.36	88,861.37	540,757.88	3,290,733.50
EBIT (%)
Depreciation	0.10	0.36	0.51	3.97	0.31	75.29	458.15	2,788.03	16,966.32	103,247.01
Depreciation (%)

Balance Sheet Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Total Cash	1.52	2.45	2.70	4.31	0.89	805.96	4,904.60	29,846.48	181,628.10	1,105,281.47
Total Cash (%)
Account Receivables	-	5.27	74.27	126.66	280.71	1,708.22	10,395.23	63,259.27	384,958.59	2,342,630.93
Account Receivables (%)
Inventories	-	-	-	-	0.46	2.79	16.97	103.25	628.31	3,823.52
Inventories (%)
Accounts Payable	-	-	-	3.34	0	7.92	48.21	293.40	1,785.47	10,865.34
Accounts Payable (%)
Capital Expenditure	-2.12	-2.07	-73.23	-521.05	-406.29	-2,472.43	-15,045.76	-91,559.62	-557,177.82	-3,390,655.63
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 1.09
Beta	0.415
Diluted Shares Outstanding	58.59
Cost of Debt
Tax Rate	39.72
After-tax Cost of Debt	157.65%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.337
Total Debt	0.20
Total Equity	63.86
Total Capital	64.06
Debt Weighting	0.31
Equity Weighting	99.69
Wacc

Build Up Free Cash

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	0.49	2.49	28.27	201.13	156.84	954.41	5,807.96	35,343.81	215,081.60	1,308,859.76
EBITDA	7.62	-6.56	-3.07	6.80	8.61	2,474.86	15,060.51	91,649.40	557,724.19	3,393,980.51
EBIT	7.52	-6.92	-3.59	2.83	8.30	2,399.57	14,602.36	88,861.37	540,757.88	3,290,733.50
Tax Rate	415.41%	-0.09%	-2,575.71%	189.49%	39.72%	-386.24%	-386.24%	-386.24%	-386.24%	-386.24%
EBIAT	-23.72	-6.92	-96.02	-2.53	5	11,667.58	71,002	432,076.28	2,629,361.38	16,000,742.62
Depreciation	0.10	0.36	0.51	3.97	0.31	75.29	458.15	2,788.03	16,966.32	103,247.01
Accounts Receivable	-	-	-69.01	-52.39	-154.05	-1,427.51	-8,687.01	-52,864.03	-321,699.32	-1,957,672.34
Inventories	-	-	-	-	-	-2.33	-14.18	-86.28	-525.06	-3,195.21
Accounts Payable	-	-	-	-	-3.34	7.92	40.29	245.19	1,492.07	9,079.87
Capital Expenditure	-2.12	-2.07	-73.23	-6.04	-406.29	-2,472.43	-15,045.76	-91,559.62	-557,177.82	-3,390,655.63
UFCF	-25.74	-8.63	-237.74	-571.99	-558.36	7,848.51	47,753.49	290,599.57	1,768,417.56	10,761,546.32
WACC
PV UFCF						7,417.55	42,653.21	245,309.75	1,410,840.64	8,114,114.04
SUM PV UFCF										9,820,335.20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.81
Free cash flow (t + 1)	10,976,777.25
Terminal Value	288,104,389.66
Present Value of Terminal Value	217,228,249.97

Intrinsic Value

Enterprise Value	227,048,585.17
Net Debt	-0.69
Equity Value	227,048,585.86
Shares Outstanding	58.59
Equity Value Per Share	3,875,192.69