Discounted Cash Flow (DCF) Analysis Unlevered
Akso Health Group (HX)
$2.24
-0.10 (-4.27%)
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 | 22.92 | 107.26 | 61.33 | 11.44 | 1.75 | 2.45 | 3.43 | 4.79 | 6.70 | 9.37 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 10.19 | 76.68 | 7.81 | -63.84 | -32.17 | -11.10 | -15.52 | -21.69 | -30.32 | -42.39 |
| EBITDA (%) | ||||||||||
| EBIT | 10.09 | 76.51 | 7.41 | -64.42 | -32.19 | -11.14 | -15.57 | -21.76 | -30.42 | -42.52 |
| EBIT (%) | ||||||||||
| Depreciation | 0.09 | 0.17 | 0.41 | 0.58 | 0.02 | 0.04 | 0.05 | 0.07 | 0.10 | 0.13 |
| 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 | 19.23 | 132.62 | 57.37 | 10.93 | 15.13 | 6.18 | 8.63 | 12.07 | 16.87 | 23.58 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 6.36 | 29.25 | 36.97 | 37.80 | 14.40 | 6.21 | 8.69 | 12.14 | 16.97 | 23.72 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.29 | -0.46 | -0.94 | -0.31 | -0.03 | -0.04 | -0.05 | -0.07 | -0.10 | -0.14 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.24 |
|---|---|
| Beta | 1.465 |
| Diluted Shares Outstanding | 16.25 |
| Cost of Debt | |
| Tax Rate | -12.09 |
| After-tax Cost of Debt | 21.55% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.756 |
| Total Debt | 10 |
| Total Equity | 36.41 |
| Total Capital | 46.41 |
| Debt Weighting | 21.55 |
| Equity Weighting | 78.45 |
| 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 | 22.92 | 107.26 | 61.33 | 11.44 | 1.75 | 2.45 | 3.43 | 4.79 | 6.70 | 9.37 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 10.19 | 76.68 | 7.81 | -63.84 | -32.17 | -11.10 | -15.52 | -21.69 | -30.32 | -42.39 |
| EBIT | 10.09 | 76.51 | 7.41 | -64.42 | -32.19 | -11.14 | -15.57 | -21.76 | -30.42 | -42.52 |
| Tax Rate | 15.08% | 14.44% | 25.29% | -6.38% | -12.09% | 7.27% | 7.27% | 7.27% | 7.27% | 7.27% |
| EBIAT | 8.57 | 65.46 | 5.53 | -68.53 | -36.08 | -10.33 | -14.44 | -20.18 | -28.21 | -39.43 |
| Depreciation | 0.09 | 0.17 | 0.41 | 0.58 | 0.02 | 0.04 | 0.05 | 0.07 | 0.10 | 0.13 |
| Accounts Receivable | - | -22.90 | -7.72 | -0.83 | 23.40 | 8.19 | -2.47 | -3.46 | -4.83 | -6.75 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -0.29 | -0.46 | -0.94 | -0.31 | -0.03 | -0.04 | -0.05 | -0.07 | -0.10 | -0.14 |
| UFCF | 8.38 | 42.28 | -2.73 | -69.09 | -12.69 | -2.14 | -16.91 | -23.64 | -33.04 | -46.19 |
| WACC | ||||||||||
| PV UFCF | -1.91 | -13.41 | -16.69 | -20.78 | -25.86 | |||||
| SUM PV UFCF | -78.64 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 12.30 |
| Free cash flow (t + 1) | -47.11 |
| Terminal Value | -457.38 |
| Present Value of Terminal Value | -256.08 |
Intrinsic Value
| Enterprise Value | -334.72 |
|---|---|
| Net Debt | -5.13 |
| Equity Value | -329.59 |
| Shares Outstanding | 16.25 |
| Equity Value Per Share | -20.28 |