Discounted Cash Flow (DCF) Analysis Unlevered
Hanwei Energy Services Corp. (HE.TO)
$0.015
0.00 (-%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 10.56 | 10.71 | 10.30 | 9.54 | 9.23 | 8.93 | 8.64 | 8.36 | 8.09 | 7.83 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -1.11 | -16.57 | -4.45 | 2.25 | 13.35 | -0.72 | -0.70 | -0.68 | -0.65 | -0.63 |
| EBITDA (%) | ||||||||||
| EBIT | -1.34 | -16.78 | -4.78 | 2.04 | 13.13 | -0.93 | -0.90 | -0.87 | -0.84 | -0.82 |
| EBIT (%) | ||||||||||
| Depreciation | 0.22 | 0.21 | 0.33 | 0.21 | 0.22 | 0.21 | 0.20 | 0.20 | 0.19 | 0.18 |
| 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 | 0.98 | 0.61 | 0.18 | 0.27 | 0.09 | 0.37 | 0.35 | 0.34 | 0.33 | 0.32 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 8.54 | 4.42 | 2.32 | 4.18 | 0.02 | 3.37 | 3.26 | 3.16 | 3.05 | 2.95 |
| Account Receivables (%) | ||||||||||
| Inventories | 2 | 1.98 | 1.57 | 1.61 | 1.60 | 1.55 | 1.50 | 1.45 | 1.40 | 1.36 |
| Inventories (%) | ||||||||||
| Accounts Payable | 15.21 | 14.08 | 13.65 | 4.66 | 10.55 | 10.20 | 9.87 | 9.55 | 9.24 | 8.94 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -5.07 | -3.62 | -0.71 | -0.05 | -2.06 | -1.99 | -1.93 | -1.87 | -1.80 | -1.75 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.015 |
|---|---|
| Beta | 0.025 |
| Diluted Shares Outstanding | 194.20 |
| Cost of Debt | |
| Tax Rate | 2,033.04 |
| After-tax Cost of Debt | -4,123.76% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.651 |
| Total Debt | 0.06 |
| Total Equity | 2.91 |
| Total Capital | 2.97 |
| Debt Weighting | 2.02 |
| Equity Weighting | 97.98 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 10.56 | 10.71 | 10.30 | 9.54 | 9.23 | 8.93 | 8.64 | 8.36 | 8.09 | 7.83 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -1.11 | -16.57 | -4.45 | 2.25 | 13.35 | -0.72 | -0.70 | -0.68 | -0.65 | -0.63 |
| EBIT | -1.34 | -16.78 | -4.78 | 2.04 | 13.13 | -0.93 | -0.90 | -0.87 | -0.84 | -0.82 |
| Tax Rate | 45.46% | -0.86% | -8.04% | 128.58% | 2,033.04% | 439.64% | 439.64% | 439.64% | 439.64% | 439.64% |
| EBIAT | -0.73 | -16.92 | -5.16 | -0.58 | -253.86 | 3.16 | 3.06 | 2.96 | 2.87 | 2.77 |
| Depreciation | 0.22 | 0.21 | 0.33 | 0.21 | 0.22 | 0.21 | 0.20 | 0.20 | 0.19 | 0.18 |
| Accounts Receivable | - | 4.12 | 2.09 | -1.85 | 4.16 | -3.35 | 0.11 | 0.11 | 0.10 | 0.10 |
| Inventories | - | 0.02 | 0.41 | -0.04 | 0.01 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Accounts Payable | - | -1.14 | -0.43 | -8.99 | 5.89 | -0.34 | -0.33 | -0.32 | -0.31 | -0.30 |
| Capital Expenditure | -5.07 | -3.62 | -0.71 | -0.05 | -2.06 | -1.99 | -1.93 | -1.87 | -1.80 | -1.75 |
| UFCF | -5.57 | -17.33 | -3.48 | -11.31 | -245.65 | -2.26 | 1.16 | 1.13 | 1.09 | 1.05 |
| WACC | ||||||||||
| PV UFCF | -245.65 | -11.13 | 28.12 | 133.67 | 635.48 | 3,021.07 | ||||
| SUM PV UFCF | 3,807.21 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | -79.65 |
| Free cash flow (t + 1) | 1.08 |
| Terminal Value | -1.32 |
| Present Value of Terminal Value | -3,774.03 |
Intrinsic Value
| Enterprise Value | 33.19 |
|---|---|
| Net Debt | -0.03 |
| Equity Value | 33.21 |
| Shares Outstanding | 194.20 |
| Equity Value Per Share | 0.17 |