Discounted Cash Flow (DCF) Analysis Unlevered

Nano Labs Ltd (NA)

$1.38

+0.11 (+8.66%)

All numbers are in Millions, Currency in USD

Stock DCF: -4,204,749,530.03 | 1.38 | overvalue

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