Discounted Cash Flow (DCF) Analysis Unlevered

ECMOHO Limited (MOHO)

$0.0999

-0.07 (-%)
All numbers are in Millions, Currency in USD
Stock DCF: -8.36 | 0.0999 | 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 98.24199.02329.48304.94130.75164.60207.22260.87328.42413.45
Revenue (%)
EBITDA 3.638.077.78-8.31-54.51-11.29-14.22-17.90-22.53-28.37
EBITDA (%)
EBIT 3.127.475.15-10.66-56.69-12.63-15.90-20.02-25.20-31.72
EBIT (%)
Depreciation 0.510.612.632.342.191.341.682.122.673.36
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 10.6910.3449.1045.2843.6226.0732.8241.3252.0265.48
Total Cash (%)
Account Receivables 12.5133.9052.1845.4119.2124.7531.1639.2349.3962.18
Account Receivables (%)
Inventories 17.3753.6849.8933.2621.8228.7736.2245.6057.4072.26
Inventories (%)
Accounts Payable 1223.5426.4424.1935.8522.1927.9435.1844.2855.75
Accounts Payable (%)
Capital Expenditure -0.34-1.62-0.81-0.26-0.27-0.56-0.70-0.89-1.12-1.41
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.0,999
Beta 0.825
Diluted Shares Outstanding 34.90
Cost of Debt
Tax Rate 5.06
After-tax Cost of Debt 15.65%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.424
Total Debt 11.49
Total Equity 3.49
Total Capital 14.98
Debt Weighting 76.72
Equity Weighting 23.28
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 98.24199.02329.48304.94130.75164.60207.22260.87328.42413.45
EBITDA 3.638.077.78-8.31-54.51-11.29-14.22-17.90-22.53-28.37
EBIT 3.127.475.15-10.66-56.69-12.63-15.90-20.02-25.20-31.72
Tax Rate -0.76%6.75%-5.13%1.43%5.06%1.47%1.47%1.47%1.47%1.47%
EBIAT 3.156.965.42-10.50-53.83-12.44-15.67-19.72-24.83-31.26
Depreciation 0.510.612.632.342.191.341.682.122.673.36
Accounts Receivable --21.39-18.286.7726.21-5.55-6.41-8.07-10.16-12.79
Inventories --36.323.7916.6311.44-6.95-7.45-9.38-11.81-14.86
Accounts Payable -11.542.90-2.2511.66-13.665.757.239.1111.47
Capital Expenditure -0.34-1.62-0.81-0.26-0.27-0.56-0.70-0.89-1.12-1.41
UFCF 3.32-40.22-4.3612.73-2.60-37.82-22.80-28.70-36.13-45.49
WACC
PV UFCF -33.25-17.63-19.51-21.60-23.91
SUM PV UFCF -115.90

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.73
Free cash flow (t + 1) -46.40
Terminal Value -395.56
Present Value of Terminal Value -207.89

Intrinsic Value

Enterprise Value -323.79
Net Debt -32.13
Equity Value -291.66
Shares Outstanding 34.90
Equity Value Per Share -8.36