Discounted Cash Flow (DCF) Analysis Unlevered

Akso Health Group (HX)

$2.24

-0.10 (-4.27%)
All numbers are in Millions, Currency in USD
Stock DCF: -20.28 | 2.24 | overvalue

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 22.92107.2661.3311.441.752.453.434.796.709.37
Revenue (%)
EBITDA 10.1976.687.81-63.84-32.17-11.10-15.52-21.69-30.32-42.39
EBITDA (%)
EBIT 10.0976.517.41-64.42-32.19-11.14-15.57-21.76-30.42-42.52
EBIT (%)
Depreciation 0.090.170.410.580.020.040.050.070.100.13
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 19.23132.6257.3710.9315.136.188.6312.0716.8723.58
Total Cash (%)
Account Receivables 6.3629.2536.9737.8014.406.218.6912.1416.9723.72
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 22.92107.2661.3311.441.752.453.434.796.709.37
EBITDA 10.1976.687.81-63.84-32.17-11.10-15.52-21.69-30.32-42.39
EBIT 10.0976.517.41-64.42-32.19-11.14-15.57-21.76-30.42-42.52
Tax Rate 15.08%14.44%25.29%-6.38%-12.09%7.27%7.27%7.27%7.27%7.27%
EBIAT 8.5765.465.53-68.53-36.08-10.33-14.44-20.18-28.21-39.43
Depreciation 0.090.170.410.580.020.040.050.070.100.13
Accounts Receivable --22.90-7.72-0.8323.408.19-2.47-3.46-4.83-6.75
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 8.3842.28-2.73-69.09-12.69-2.14-16.91-23.64-33.04-46.19
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