Discounted Cash Flow (DCF) Analysis Unlevered

Metalpha Technology Holding Limited (MATH)

$1.77

-0.07 (-3.80%)
All numbers are in Millions, Currency in USD
Stock DCF: 391,045,315.57 | 1.77 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 2.760.010.232.165.6945.90370.152,984.9624,071.01194,111.21
Revenue (%)
EBITDA -1.28-1.33-3.46-12.22-11.59-1,303.67-10,512.92-84,777.34-683,653.52-5,513,054.88
EBITDA (%)
EBIT -1.39-1.42-3.53-12.29-11.69-1,378.05-11,112.77-89,614.55-722,661.27-5,827,617.59
EBIT (%)
Depreciation 0.100.090.080.060.1074.38599.844,837.2139,007.76314,562.71
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 9.500.020.985.299.47122.37986.827,957.8364,172.80517,496.31
Total Cash (%)
Account Receivables 2.159.7314.489.520.168,574.4269,145.07557,593.254,496,491.4536,260,186.57
Account Receivables (%)
Inventories --0.76-5.440.385.17-1,041.77-8,400.91-67,745.81-546,309.40-4,405,497.26
Inventories (%)
Accounts Payable 0.010.730.020.0111.61616.434,970.9440,086.21323,259.492,606,799.01
Accounts Payable (%)
Capital Expenditure -0.03-0-0-0.02-0.06-0.52-4.21-33.92-273.53-2,205.80
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.77
Beta -0.544
Diluted Shares Outstanding 26.99
Cost of Debt
Tax Rate -75.68
After-tax Cost of Debt 6.35%
Risk-Free Rate
Market Risk Premium
Cost of Equity 1.705
Total Debt 0.13
Total Equity 47.77
Total Capital 47.91
Debt Weighting 0.28
Equity Weighting 99.72
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 2.760.010.232.165.6945.90370.152,984.9624,071.01194,111.21
EBITDA -1.28-1.33-3.46-12.22-11.59-1,303.67-10,512.92-84,777.34-683,653.52-5,513,054.88
EBIT -1.39-1.42-3.53-12.29-11.69-1,378.05-11,112.77-89,614.55-722,661.27-5,827,617.59
Tax Rate 27.64%2.73%1.23%-0.14%-75.68%-8.85%-8.85%-8.85%-8.85%-8.85%
EBIAT -1-1.38-3.49-12.30-20.54-1,499.94-12,095.71-97,541.11-786,581.92-6,343,080.51
Depreciation 0.100.090.080.060.1074.38599.844,837.2139,007.76314,562.71
Accounts Receivable --7.58-4.754.959.36-8,574.26-60,570.65-488,448.18-3,938,898.20-31,763,695.12
Inventories --4.68-5.82-4.791,046.947,359.1459,344.90478,563.593,859,187.86
Accounts Payable -0.72-0.71-0.0211.61604.824,354.5135,115.27283,173.282,283,539.52
Capital Expenditure -0.03-0-0-0.29-0-0.52-4.21-33.92-273.53-2,205.80
UFCF -0.93-8.16-4.19-13.14-4.34-8,348.59-60,357.07-486,725.83-3,925,009.03-31,651,691.34
WACC
PV UFCF -8,207.42-58,333.15-462,450.60-3,666,192.41-29,064,654.48
SUM PV UFCF -33,259,838.06

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 1.72
Free cash flow (t + 1) -32,284,725.17
Terminal Value 11,530,258,989.63
Present Value of Terminal Value 10,587,838,418.56

Intrinsic Value

Enterprise Value 10,554,578,580.50
Net Debt -6.61
Equity Value 10,554,578,587.12
Shares Outstanding 26.99
Equity Value Per Share 391,045,315.57