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
Stock DCF: -0.17 | 2.03 | overvalue

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 227.88231.66143.53116.6413.068.365.353.432.191.40
Revenue (%)
EBITDA 19.03-3.25-59.06-39.407.29-0.20-0.13-0.08-0.05-0.03
EBITDA (%)
EBIT 10.24-34.17-88.08-57.061.20-1.86-1.19-0.76-0.49-0.31
EBIT (%)
Depreciation 8.7930.9329.0317.666.091.661.060.680.440.28
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 27.9522.4214.4226.940.050.930.590.380.240.16
Total Cash (%)
Account Receivables 14.4010.216.5810.729.821.671.070.680.440.28
Account Receivables (%)
Inventories 17.4217.3114.6019.393.571.160.740.470.300.19
Inventories (%)
Accounts Payable 2.242.512.722.593.810.590.380.240.160.10
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 227.88231.66143.53116.6413.068.365.353.432.191.40
EBITDA 19.03-3.25-59.06-39.407.29-0.20-0.13-0.08-0.05-0.03
EBIT 10.24-34.17-88.08-57.061.20-1.86-1.19-0.76-0.49-0.31
Tax Rate 15.68%-4.46%-1.43%4.98%-482.88%-93.62%-93.62%-93.62%-93.62%-93.62%
EBIAT 8.63-35.70-89.34-54.226.99-3.60-2.31-1.48-0.95-0.61
Depreciation 8.7930.9329.0317.666.091.661.060.680.440.28
Accounts Receivable -4.193.63-4.140.908.160.600.380.250.16
Inventories -0.112.71-4.7915.822.410.420.270.170.11
Accounts Payable -0.280.21-0.141.23-3.22-0.21-0.14-0.09-0.06
Capital Expenditure -10.30-13.84-4.10-11.69-9.79-1.64-1.05-0.67-0.43-0.28
UFCF 7.12-14.03-57.87-57.3221.243.76-1.49-0.96-0.61-0.39
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