Discounted Cash Flow (DCF) Analysis Unlevered
Meten Holding Group Ltd. (METX)
$0.1978
-0.00 (-1.05%)
All numbers are in Millions, Currency in USD
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 | 227.88 | 231.66 | 143.53 | 116.64 | 13.06 | 8.36 | 5.35 | 3.43 | 2.19 | 1.40 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 20.27 | -2.25 | -34.83 | -46.69 | 14.60 | 0.93 | 0.59 | 0.38 | 0.24 | 0.16 |
| EBITDA (%) | ||||||||||
| EBIT | 11.47 | -33.17 | -63.85 | -64.34 | 8.50 | -0.73 | -0.47 | -0.30 | -0.19 | -0.12 |
| EBIT (%) | ||||||||||
| Depreciation | 8.79 | 30.93 | 29.03 | 17.66 | 6.09 | 1.66 | 1.06 | 0.68 | 0.44 | 0.28 |
| 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 | 27.95 | 22.42 | 14.42 | 26.94 | 0.05 | 0.93 | 0.59 | 0.38 | 0.24 | 0.16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 14.40 | 10.21 | 9.46 | 10.72 | 9.82 | 1.70 | 1.09 | 0.70 | 0.45 | 0.29 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.24 | 2.51 | 2.72 | 2.59 | 3.81 | 0.59 | 0.38 | 0.24 | 0.16 | 0.10 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -10.30 | -13.84 | -4.10 | -11.69 | -9.79 | -1.64 | -1.05 | -0.67 | -0.43 | -0.28 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.1,978 |
|---|---|
| Beta | -0.030 |
| Diluted Shares Outstanding | 65.84 |
| Cost of Debt | |
| Tax Rate | -694.80 |
| After-tax Cost of Debt | 2.35% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.652 |
| Total Debt | 0.96 |
| Total Equity | 13.02 |
| Total Capital | 13.98 |
| Debt Weighting | 6.86 |
| Equity Weighting | 93.14 |
| 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 | 227.88 | 231.66 | 143.53 | 116.64 | 13.06 | 8.36 | 5.35 | 3.43 | 2.19 | 1.40 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 20.27 | -2.25 | -34.83 | -46.69 | 14.60 | 0.93 | 0.59 | 0.38 | 0.24 | 0.16 |
| EBIT | 11.47 | -33.17 | -63.85 | -64.34 | 8.50 | -0.73 | -0.47 | -0.30 | -0.19 | -0.12 |
| Tax Rate | 15.68% | -1.83% | -0.98% | 5.47% | -694.80% | -135.29% | -135.29% | -135.29% | -135.29% | -135.29% |
| EBIAT | 9.68 | -33.78 | -64.48 | -60.82 | 67.59 | -1.72 | -1.10 | -0.71 | -0.45 | -0.29 |
| Depreciation | 8.79 | 30.93 | 29.03 | 17.66 | 6.09 | 1.66 | 1.06 | 0.68 | 0.44 | 0.28 |
| Accounts Receivable | - | 4.19 | 0.75 | -1.26 | 0.90 | 8.12 | 0.61 | 0.39 | 0.25 | 0.16 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.28 | 0.21 | -0.14 | 1.23 | -3.22 | -0.21 | -0.14 | -0.09 | -0.06 |
| Capital Expenditure | -10.30 | -13.84 | -4.10 | -11.69 | -9.79 | -1.64 | -1.05 | -0.67 | -0.43 | -0.28 |
| UFCF | 8.17 | -12.22 | -38.60 | -56.26 | 66.02 | 3.19 | -0.69 | -0.44 | -0.28 | -0.18 |
| WACC | ||||||||||
| PV UFCF | 3.08 | -0.65 | -0.40 | -0.25 | -0.15 | |||||
| SUM PV UFCF | 1.63 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.56 |
| Free cash flow (t + 1) | -0.19 |
| Terminal Value | -11.91 |
| Present Value of Terminal Value | -10 |
Intrinsic Value
| Enterprise Value | -8.37 |
|---|---|
| Net Debt | 0.91 |
| Equity Value | -9.27 |
| Shares Outstanding | 65.84 |
| Equity Value Per Share | -0.14 |