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 0.346.31157.313,419.3474,325.231,615,586.8635,117,563.65763,340,744.73
Revenue (%)
EBITDA -5.93-27.023.31-24,727.32-537,490.85-11,683,289.58-253,956,426.49-5,520,180,433.25
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 0.625.539.433,153.5868,548.521,490,020.1532,388,154.96704,012,344.83
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 5.6542.5214.0526,717.94580,760.4012,623,827.81274,400,645.045,964,570,743.71
Total Cash (%)
Account Receivables 1.175.293.804,914.95106,834.842,322,239.4050,477,873.971,097,223,551.41
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 -0.94-8.69-66.82-5,192.08-112,858.74-2,453,179.06-53,324,073.13-1,159,090,593.62
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 0.346.31157.313,419.3474,325.231,615,586.8635,117,563.65763,340,744.73
EBITDA -5.93-27.023.31-24,727.32-537,490.85-11,683,289.58-253,956,426.49-5,520,180,433.25
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 0.625.539.433,153.5868,548.521,490,020.1532,388,154.96704,012,344.83
Accounts Receivable --4.121.50-4,911.15-101,919.90-2,215,404.55-48,155,634.57-1,046,745,677.45
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 -0.94-8.69-66.82-5,192.08-112,858.74-2,453,179.06-53,324,073.13-1,159,090,593.62
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