Discounted Cash Flow (DCF) Analysis Unlevered

Nano Labs Ltd (NA)

$2.35

-0.02 (-0.84%)
All numbers are in Millions, Currency in USD
Stock DCF: -5,553,067,957.25 | 2.35 | overvalue

Operating Data

Year
A/P
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 0.346.31157.313,419.3474,325.231,615,586.8635,117,563.65763,340,744.73
Revenue (%)
EBITDA -5.93-27.026.01-24,707.79-537,066.30-11,674,061.25-253,755,832.86-5,515,820,185.12
EBITDA (%)
EBIT -6.03-27.91-28.06-25,448.24-553,161.37-12,023,915.28-261,360,512.83-5,681,121,005.08
EBIT (%)
Depreciation 0.100.8834.06740.4616,095.07349,854.037,604,679.96165,300,819.96
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 5.6542.5214.0526,717.94580,760.4012,623,827.81274,400,645.045,964,570,743.71
Total Cash (%)
Account Receivables 1.175.29337.277,331.15159,355.243,463,860.7075,292,979.711,636,622,624.92
Account Receivables (%)
Inventories 1.1634.2216.3510,178.32221,243.234,809,102.78104,534,133.902,272,229,486.59
Inventories (%)
Accounts Payable 0.900.452.453,109.9567,600.181,469,406.4631,940,080.84694,272,681.80
Accounts Payable (%)
Capital Expenditure -0.15-1.39-51.98-1,129.90-24,560.25-533,859.40-11,604,353.79-252,240,620.98
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.35
Beta 0.000
Diluted Shares Outstanding 53.66
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 27.10%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.810
Total Debt 3.79
Total Equity 126.11
Total Capital 129.90
Debt Weighting 2.92
Equity Weighting 97.08
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 0.346.31157.313,419.3474,325.231,615,586.8635,117,563.65763,340,744.73
EBITDA -5.93-27.026.01-24,707.79-537,066.30-11,674,061.25-253,755,832.86-5,515,820,185.12
EBIT -6.03-27.91-28.06-25,448.24-553,161.37-12,023,915.28-261,360,512.83-5,681,121,005.08
Tax Rate -0.01%0.00%0.00%-0.00%-0.00%-0.00%-0.00%-0.00%
EBIAT -6.03-27.91-28.06-25,448.76-553,172.58-12,024,159.04-261,365,811.42-5,681,236,179.21
Depreciation 0.100.8834.06740.4616,095.07349,854.037,604,679.96165,300,819.96
Accounts Receivable --4.12-331.98-6,993.88-152,024.09-3,304,505.46-71,829,119.01-1,561,329,645.21
Inventories --33.0617.87-10,161.96-211,064.92-4,587,859.55-99,725,031.12-2,167,695,352.69
Accounts Payable --0.441.993,107.5164,490.231,401,806.2830,470,674.38662,332,600.96
Capital Expenditure -0.15-1.39-51.98-1,129.90-24,560.25-533,859.40-11,604,353.79-252,240,620.98
UFCF -6.08-66.04-358.09-39,886.54-860,236.54-18,698,723.15-406,448,960.99-8,834,868,377.16
WACC
PV UFCF -41,677.44-860,236.54-17,895,227.44-372,268,731.43-7,744,188,155.35
SUM PV UFCF -7,451,121,758.33

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.49
Free cash flow (t + 1) -9,011,565,744.71
Terminal Value -361,910,270,871.80
Present Value of Terminal Value -290,554,270,177.94

Intrinsic Value

Enterprise Value -298,005,391,936.28
Net Debt -10.26
Equity Value -298,005,391,926.01
Shares Outstanding 53.66
Equity Value Per Share -5,553,067,957.25