Discounted Cash Flow (DCF) Analysis Unlevered

Nova LifeStyle, Inc. (NVFY)

$0.4505

-0.01 (-1.38%)
All numbers are in Millions, Currency in USD
Stock DCF: -2.46 | 0.4505 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 106.4988.6521.9811.3512.818.735.954.052.761.88
Revenue (%)
EBITDA 8.055.08-7.84-25.98-19.27-7.01-4.78-3.26-2.22-1.51
EBITDA (%)
EBIT 6.524.64-8.35-26.73-20.12-7.32-4.99-3.40-2.32-1.58
EBIT (%)
Depreciation 1.520.440.510.750.850.310.210.140.100.07
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 5.720.897.428.746.282.901.981.350.920.63
Total Cash (%)
Account Receivables 54.0467.470.421.140.222.451.671.140.780.53
Account Receivables (%)
Inventories 6.376.3729.7232.8117.6610.056.854.663.182.17
Inventories (%)
Accounts Payable 1.634.150.420.740.360.300.210.140.100.07
Accounts Payable (%)
Capital Expenditure -0.03-0.03-0.03-0.37-0.15-0.08-0.05-0.04-0.03-0.02
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.4,505
Beta 1.329
Diluted Shares Outstanding 5.74
Cost of Debt
Tax Rate -0.83
After-tax Cost of Debt 0.24%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.824
Total Debt 3.46
Total Equity 2.59
Total Capital 6.05
Debt Weighting 57.22
Equity Weighting 42.78
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 106.4988.6521.9811.3512.818.735.954.052.761.88
EBITDA 8.055.08-7.84-25.98-19.27-7.01-4.78-3.26-2.22-1.51
EBIT 6.524.64-8.35-26.73-20.12-7.32-4.99-3.40-2.32-1.58
Tax Rate 42.30%-14.22%-46.13%1.22%-0.83%-3.53%-3.53%-3.53%-3.53%-3.53%
EBIAT 3.765.30-12.20-26.40-20.28-7.58-5.16-3.52-2.40-1.63
Depreciation 1.520.440.510.750.850.310.210.140.100.07
Accounts Receivable --13.4367.05-0.720.91-2.230.780.530.360.25
Inventories -0-23.35-3.0915.167.613.202.181.491.01
Accounts Payable -2.51-3.730.33-0.39-0.05-0.10-0.07-0.05-0.03
Capital Expenditure -0.03-0.03-0.03-0.37-0.15-0.08-0.05-0.04-0.03-0.02
UFCF 5.26-5.1928.25-29.50-3.90-2.02-1.12-0.77-0.52-0.36
WACC
PV UFCF -1.94-1.03-0.67-0.44-0.29
SUM PV UFCF -4.37

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.34
Free cash flow (t + 1) -0.36
Terminal Value -15.51
Present Value of Terminal Value -12.54

Intrinsic Value

Enterprise Value -16.91
Net Debt -2.82
Equity Value -14.10
Shares Outstanding 5.74
Equity Value Per Share -2.46