Discounted Cash Flow (DCF) Analysis Unlevered

LightInTheBox Holding Co., Ltd. (LITB)

$1.1

-0.03 (-2.65%)
All numbers are in Millions, Currency in USD
Stock DCF: -2.98 | 1.1 | 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 319.88227.54243.63398.15446.10505.96573.85650.86738.19837.24
Revenue (%)
EBITDA -8.12-58.693.7019.2726.24-16.28-18.47-20.95-23.76-26.95
EBITDA (%)
EBIT -8.89-59.561.1816.8322.94-19.33-21.92-24.87-28.20-31.99
EBIT (%)
Depreciation 0.770.872.522.443.303.053.453.924.445.04
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 68.4438.8137.7461.4855.9482.9094.02106.64120.95137.18
Total Cash (%)
Account Receivables 5.892.856.174.374.587.848.9010.0911.4412.98
Account Receivables (%)
Inventories 11.848.487.369.921215.8217.9420.3423.0726.17
Inventories (%)
Accounts Payable 22.4312.9417.6416.9523.5329.8333.8338.3743.5249.36
Accounts Payable (%)
Capital Expenditure -0.56-0.39-0.92-3.86-1.90-2.14-2.43-2.75-3.12-3.54
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.1
Beta 0.362
Diluted Shares Outstanding 113.28
Cost of Debt
Tax Rate 43.55
After-tax Cost of Debt 0.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.279
Total Debt 11.69
Total Equity 124.61
Total Capital 136.30
Debt Weighting 8.58
Equity Weighting 91.42
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 319.88227.54243.63398.15446.10505.96573.85650.86738.19837.24
EBITDA -8.12-58.693.7019.2726.24-16.28-18.47-20.95-23.76-26.95
EBIT -8.89-59.561.1816.8322.94-19.33-21.92-24.87-28.20-31.99
Tax Rate 1.31%0.32%205.49%20.56%43.55%54.25%54.25%54.25%54.25%54.25%
EBIAT -8.77-59.37-1.2413.3712.95-8.84-10.03-11.38-12.90-14.63
Depreciation 0.770.872.522.443.303.053.453.924.445.04
Accounts Receivable -3.04-3.321.80-0.21-3.27-1.05-1.19-1.35-1.54
Inventories -3.361.12-2.56-2.08-3.82-2.12-2.41-2.73-3.10
Accounts Payable --9.494.70-0.696.586.2944.545.155.84
Capital Expenditure -0.56-0.39-0.92-3.86-1.90-2.14-2.43-2.75-3.12-3.54
UFCF -8.56-61.982.8610.5018.65-8.73-8.18-9.27-10.52-11.93
WACC
PV UFCF -8.33-7.44-8.05-8.71-9.42
SUM PV UFCF -41.95

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.83
Free cash flow (t + 1) -12.17
Terminal Value -429.98
Present Value of Terminal Value -339.64

Intrinsic Value

Enterprise Value -381.59
Net Debt -44.25
Equity Value -337.34
Shares Outstanding 113.28
Equity Value Per Share -2.98