Discounted Cash Flow (DCF) Analysis Unlevered

9F Inc. (JFU)

$4.801

-0.33 (-6.41%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.08 | 4.801 | 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 1,078.68889.04707.99200.96121.8376.474830.1318.9111.87
Revenue (%)
EBITDA 153.92384.48-367.47-271.42-20.66-22.39-14.05-8.82-5.54-3.48
EBITDA (%)
EBIT 152.02381.47-373.47-275.29-25.71-23.53-14.77-9.27-5.82-3.65
EBIT (%)
Depreciation 1.90363.875.051.140.710.450.280.18
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 716.501,008.41753.28457.68431.44132.7783.3352.3132.8320.61
Total Cash (%)
Account Receivables 86.09172.71200.2671.2672.3823.0314.459.075.693.57
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 3.207.6020.0764.9243.8011.056.934.352.731.71
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 1,078.68889.04707.99200.96121.8376.474830.1318.9111.87
EBITDA 153.92384.48-367.47-271.42-20.66-22.39-14.05-8.82-5.54-3.48
EBIT 152.02381.47-373.47-275.29-25.71-23.53-14.77-9.27-5.82-3.65
Tax Rate 44.46%16.65%7.24%-31.88%-12.54%4.79%4.79%4.79%4.79%4.79%
EBIAT 84.43317.97-346.41-363.05-28.93-22.40-14.06-8.83-5.54-3.48
Depreciation 1.90363.875.051.140.710.450.280.18
Accounts Receivable --86.62-27.55129-1.1349.368.575.383.382.12
Inventories ----------
Accounts Payable -4.4012.4744.85-21.11-32.76-4.11-2.58-1.62-1.02
Capital Expenditure -7.63-7.77-9.07-1.92-1.24-0.73-0.46-0.29-0.18-0.11
UFCF 78.70230.97-364.57-187.24-47.28-5.39-9.34-5.87-3.68-2.31
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