Discounted Cash Flow (DCF) Analysis Unlevered
Nano Labs Ltd (NA)
$1.38
+0.11 (+8.66%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 0.34 | 6.31 | 157.31 | 3,419.34 | 74,325.23 | 1,615,586.86 | 35,117,563.65 | 763,340,744.73 |
---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||
EBITDA | -5.93 | -27.02 | 3.31 | -24,727.32 | -537,490.85 | -11,683,289.58 | -253,956,426.49 | -5,520,180,433.25 |
EBITDA (%) | ||||||||
EBIT | -6.55 | -32.55 | -6.12 | -27,880.90 | -606,039.37 | -13,173,309.74 | -286,344,581.46 | -6,224,192,778.08 |
EBIT (%) | ||||||||
Depreciation | 0.62 | 5.53 | 9.43 | 3,153.58 | 68,548.52 | 1,490,020.15 | 32,388,154.96 | 704,012,344.83 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Total Cash | 5.65 | 42.52 | 14.05 | 26,717.94 | 580,760.40 | 12,623,827.81 | 274,400,645.04 | 5,964,570,743.71 |
---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||
Account Receivables | 1.17 | 5.29 | 3.80 | 4,914.95 | 106,834.84 | 2,322,239.40 | 50,477,873.97 | 1,097,223,551.41 |
Account Receivables (%) | ||||||||
Inventories | 1.16 | 34.22 | 16.35 | 10,178.32 | 221,243.23 | 4,809,102.78 | 104,534,133.90 | 2,272,229,486.59 |
Inventories (%) | ||||||||
Accounts Payable | 0.90 | 0.45 | 2.45 | 3,109.95 | 67,600.18 | 1,469,406.46 | 31,940,080.84 | 694,272,681.80 |
Accounts Payable (%) | ||||||||
Capital Expenditure | -0.94 | -8.69 | -66.82 | -5,192.08 | -112,858.74 | -2,453,179.06 | -53,324,073.13 | -1,159,090,593.62 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 1.38 |
---|---|
Beta | 0.000 |
Diluted Shares Outstanding | 53.66 |
Cost of Debt | |
Tax Rate | -54.14 |
After-tax Cost of Debt | 27.10% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 4.597 |
Total Debt | 3.79 |
Total Equity | 74.06 |
Total Capital | 77.84 |
Debt Weighting | 4.86 |
Equity Weighting | 95.14 |
Wacc |
Build Up Free Cash
Year A/P | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 0.34 | 6.31 | 157.31 | 3,419.34 | 74,325.23 | 1,615,586.86 | 35,117,563.65 | 763,340,744.73 |
---|---|---|---|---|---|---|---|---|
EBITDA | -5.93 | -27.02 | 3.31 | -24,727.32 | -537,490.85 | -11,683,289.58 | -253,956,426.49 | -5,520,180,433.25 |
EBIT | -6.55 | -32.55 | -6.12 | -27,880.90 | -606,039.37 | -13,173,309.74 | -286,344,581.46 | -6,224,192,778.08 |
Tax Rate | -0.01% | -0.78% | -54.14% | -18.31% | -18.31% | -18.31% | -18.31% | -18.31% |
EBIAT | -6.56 | -32.81 | -9.44 | -32,985.58 | -716,998.50 | -15,585,197.62 | -338,771,119.68 | -7,363,773,904.18 |
Depreciation | 0.62 | 5.53 | 9.43 | 3,153.58 | 68,548.52 | 1,490,020.15 | 32,388,154.96 | 704,012,344.83 |
Accounts Receivable | - | -4.12 | 1.50 | -4,911.15 | -101,919.90 | -2,215,404.55 | -48,155,634.57 | -1,046,745,677.45 |
Inventories | - | -33.06 | 17.87 | -10,161.96 | -211,064.92 | -4,587,859.55 | -99,725,031.12 | -2,167,695,352.69 |
Accounts Payable | - | -0.44 | 1.99 | 3,107.51 | 64,490.23 | 1,401,806.28 | 30,470,674.38 | 662,332,600.96 |
Capital Expenditure | -0.94 | -8.69 | -66.82 | -5,192.08 | -112,858.74 | -2,453,179.06 | -53,324,073.13 | -1,159,090,593.62 |
UFCF | -6.87 | -73.60 | -45.47 | -46,989.69 | -1,009,803.30 | -21,949,814.36 | -477,117,029.16 | -10,370,960,582.15 |
WACC | ||||||||
PV UFCF | -49,663.40 | -1,009,803.30 | -20,768,108.96 | -427,127,094.82 | -8,784,504,909.67 | |||
SUM PV UFCF | -8,266,023,898.83 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.69 |
Free cash flow (t + 1) | -10,578,379,793.79 |
Terminal Value | -286,676,959,181.35 |
Present Value of Terminal Value | -217,381,859,640.60 |
Intrinsic Value
Enterprise Value | -225,647,883,539.43 |
---|---|
Net Debt | -10.26 |
Equity Value | -225,647,883,529.17 |
Shares Outstanding | 53.66 |
Equity Value Per Share | -4,204,749,530.03 |