Discounted Cash Flow (DCF) Analysis Unlevered

Hanwei Energy Services Corp. (HE.TO)

$0.015

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 2.03 | 0.015 | undervalue

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 10.5610.7110.309.549.238.938.648.368.097.83
Revenue (%)
EBITDA -1.11-16.57-4.452.25-0.52-3.41-3.29-3.19-3.08-2.98
EBITDA (%)
EBIT -1.34-16.78-4.782.04-0.74-3.62-3.50-3.38-3.27-3.17
EBIT (%)
Depreciation 0.220.210.330.210.220.210.200.200.190.18
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 0.980.610.180.270.090.370.350.340.330.32
Total Cash (%)
Account Receivables 8.544.422.324.180.023.373.263.163.052.95
Account Receivables (%)
Inventories 21.981.571.611.601.551.501.451.401.36
Inventories (%)
Accounts Payable 15.2114.0813.654.6610.5510.209.879.559.248.94
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 3.923
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 10.5610.7110.309.549.238.938.648.368.097.83
EBITDA -1.11-16.57-4.452.25-0.52-3.41-3.29-3.19-3.08-2.98
EBIT -1.34-16.78-4.782.04-0.74-3.62-3.50-3.38-3.27-3.17
Tax Rate 45.46%-0.86%-8.04%128.58%2,033.04%439.64%439.64%439.64%439.64%439.64%
EBIAT -0.73-16.92-5.16-0.5814.2312.2811.8811.4911.1210.76
Depreciation 0.220.210.330.210.220.210.200.200.190.18
Accounts Receivable -4.122.09-1.854.16-3.350.110.110.100.10
Inventories -0.020.41-0.040.010.050.050.050.050.05
Accounts Payable --1.14-0.43-8.995.89-0.34-0.33-0.32-0.31-0.30
Capital Expenditure -5.07-3.62-0.71-0.05-2.06-1.99-1.93-1.87-1.80-1.75
UFCF -5.57-17.33-3.48-11.3122.446.859.989.669.349.04
WACC
PV UFCF 22.4433.22234.761,101.455,167.7424,245.75
SUM PV UFCF 30,782.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -79.38
Free cash flow (t + 1) 9.22
Terminal Value -11.33
Present Value of Terminal Value -30,389.12

Intrinsic Value

Enterprise Value 393.80
Net Debt -0.03
Equity Value 393.83
Shares Outstanding 194.20
Equity Value Per Share 2.03