Discounted Cash Flow (DCF) Analysis Unlevered
9F Inc. (JFU)
$4.801
-0.33 (-6.41%)
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 | 1,078.68 | 889.04 | 707.99 | 200.96 | 121.83 | 76.47 | 48 | 30.13 | 18.91 | 11.87 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 153.92 | 384.48 | -367.47 | -271.42 | -20.66 | -22.39 | -14.05 | -8.82 | -5.54 | -3.48 |
| EBITDA (%) | ||||||||||
| EBIT | 152.02 | 381.47 | -373.47 | -275.29 | -25.71 | -23.53 | -14.77 | -9.27 | -5.82 | -3.65 |
| EBIT (%) | ||||||||||
| Depreciation | 1.90 | 3 | 6 | 3.87 | 5.05 | 1.14 | 0.71 | 0.45 | 0.28 | 0.18 |
| 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 | 716.50 | 1,008.41 | 753.28 | 457.68 | 431.44 | 132.77 | 83.33 | 52.31 | 32.83 | 20.61 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 86.09 | 172.71 | 200.26 | 71.26 | 72.38 | 23.03 | 14.45 | 9.07 | 5.69 | 3.57 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 3.20 | 7.60 | 20.07 | 64.92 | 43.80 | 11.05 | 6.93 | 4.35 | 2.73 | 1.71 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -7.63 | -7.77 | -9.07 | -1.92 | -1.16 | -0.73 | -0.46 | -0.29 | -0.18 | -0.11 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 4.801 |
|---|---|
| Beta | 0.318 |
| Diluted Shares Outstanding | 3,971.94 |
| Cost of Debt | |
| Tax Rate | -12.54 |
| After-tax Cost of Debt | 265.29% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.109 |
| Total Debt | 2.87 |
| Total Equity | 19,069.27 |
| Total Capital | 19,072.14 |
| Debt Weighting | 0.02 |
| Equity Weighting | 99.98 |
| 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 | 1,078.68 | 889.04 | 707.99 | 200.96 | 121.83 | 76.47 | 48 | 30.13 | 18.91 | 11.87 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 153.92 | 384.48 | -367.47 | -271.42 | -20.66 | -22.39 | -14.05 | -8.82 | -5.54 | -3.48 |
| EBIT | 152.02 | 381.47 | -373.47 | -275.29 | -25.71 | -23.53 | -14.77 | -9.27 | -5.82 | -3.65 |
| Tax Rate | 44.46% | 16.65% | 7.24% | -31.88% | -12.54% | 4.79% | 4.79% | 4.79% | 4.79% | 4.79% |
| EBIAT | 84.43 | 317.97 | -346.41 | -363.05 | -28.93 | -22.40 | -14.06 | -8.83 | -5.54 | -3.48 |
| Depreciation | 1.90 | 3 | 6 | 3.87 | 5.05 | 1.14 | 0.71 | 0.45 | 0.28 | 0.18 |
| Accounts Receivable | - | -86.62 | -27.55 | 129 | -1.13 | 49.36 | 8.57 | 5.38 | 3.38 | 2.12 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 4.40 | 12.47 | 44.85 | -21.11 | -32.76 | -4.11 | -2.58 | -1.62 | -1.02 |
| Capital Expenditure | -7.63 | -7.77 | -9.07 | -1.92 | -1.24 | -0.73 | -0.46 | -0.29 | -0.18 | -0.11 |
| UFCF | 78.70 | 230.97 | -364.57 | -187.24 | -47.28 | -5.39 | -9.34 | -5.87 | -3.68 | -2.31 |
| WACC | ||||||||||
| PV UFCF | -5.13 | -8.45 | -5.05 | -3.01 | -1.80 | |||||
| SUM PV UFCF | -23.43 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.15 |
| Free cash flow (t + 1) | -2.36 |
| Terminal Value | -74.82 |
| Present Value of Terminal Value | -58.21 |
Intrinsic Value
| Enterprise Value | -81.64 |
|---|---|
| Net Debt | -388.08 |
| Equity Value | 306.44 |
| Shares Outstanding | 3,971.94 |
| Equity Value Per Share | 0.08 |