Discounted Cash Flow (DCF) Analysis Unlevered
Nano Labs Ltd (NA)
$2.35
-0.02 (-0.84%)
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 | 6.01 | -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 | 0.10 | 0.88 | 34.06 | 740.46 | 16,095.07 | 349,854.03 | 7,604,679.96 | 165,300,819.96 |
| 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 | 5.65 | 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 | 337.27 | 7,331.15 | 159,355.24 | 3,463,860.70 | 75,292,979.71 | 1,636,622,624.92 |
| 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 | -0.15 | -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 | 0.34 | 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 | 6.01 | -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 | 0.10 | 0.88 | 34.06 | 740.46 | 16,095.07 | 349,854.03 | 7,604,679.96 | 165,300,819.96 |
| 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 | - | -33.06 | 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 | -0.15 | -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 |