Discounted Cash Flow (DCF) Analysis Unlevered
Meten Holding Group Ltd. (METX)
$2.03
+0.12 (+6.28%)
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 | 19.03 | -3.25 | -59.06 | -39.40 | 7.29 | -0.20 | -0.13 | -0.08 | -0.05 | -0.03 |
| EBITDA (%) | ||||||||||
| EBIT | 10.24 | -34.17 | -88.08 | -57.06 | 1.20 | -1.86 | -1.19 | -0.76 | -0.49 | -0.31 |
| 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 | 6.58 | 10.72 | 9.82 | 1.67 | 1.07 | 0.68 | 0.44 | 0.28 |
| Account Receivables (%) | ||||||||||
| Inventories | 17.42 | 17.31 | 14.60 | 19.39 | 3.57 | 1.16 | 0.74 | 0.47 | 0.30 | 0.19 |
| 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 | $ 2.03 |
|---|---|
| Beta | 0.063 |
| Diluted Shares Outstanding | 65.84 |
| Cost of Debt | |
| Tax Rate | -482.88 |
| After-tax Cost of Debt | 2.35% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.871 |
| Total Debt | 0.96 |
| Total Equity | 133.66 |
| Total Capital | 134.62 |
| Debt Weighting | 0.71 |
| Equity Weighting | 99.29 |
| 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 | 19.03 | -3.25 | -59.06 | -39.40 | 7.29 | -0.20 | -0.13 | -0.08 | -0.05 | -0.03 |
| EBIT | 10.24 | -34.17 | -88.08 | -57.06 | 1.20 | -1.86 | -1.19 | -0.76 | -0.49 | -0.31 |
| Tax Rate | 15.68% | -4.46% | -1.43% | 4.98% | -482.88% | -93.62% | -93.62% | -93.62% | -93.62% | -93.62% |
| EBIAT | 8.63 | -35.70 | -89.34 | -54.22 | 6.99 | -3.60 | -2.31 | -1.48 | -0.95 | -0.61 |
| 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 | 3.63 | -4.14 | 0.90 | 8.16 | 0.60 | 0.38 | 0.25 | 0.16 |
| Inventories | - | 0.11 | 2.71 | -4.79 | 15.82 | 2.41 | 0.42 | 0.27 | 0.17 | 0.11 |
| 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 | 7.12 | -14.03 | -57.87 | -57.32 | 21.24 | 3.76 | -1.49 | -0.96 | -0.61 | -0.39 |
| WACC | ||||||||||
| PV UFCF | 3.58 | -1.36 | -0.83 | -0.51 | -0.31 | |||||
| SUM PV UFCF | 0.58 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.85 |
| Free cash flow (t + 1) | -0.40 |
| Terminal Value | -14.03 |
| Present Value of Terminal Value | -11.08 |
Intrinsic Value
| Enterprise Value | -10.50 |
|---|---|
| Net Debt | 0.91 |
| Equity Value | -11.40 |
| Shares Outstanding | 65.84 |
| Equity Value Per Share | -0.17 |