Discounted Cash Flow (DCF) Analysis Unlevered
OneConnect Financial Technology Co.... (OCFT)
$3.43
+0.10 (+3.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 226.16 | 372.46 | 529.97 | 661.18 | 714.24 | 963.80 | 1,300.55 | 1,754.97 | 2,368.17 | 3,195.62 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -104.73 | -176.47 | -147.18 | -210.75 | -143.56 | -334.31 | -451.12 | -608.75 | -821.44 | -1,108.46 |
| EBITDA (%) | ||||||||||
| EBIT | -161.37 | -250.05 | -214.57 | -337.51 | -280.50 | -519.10 | -700.47 | -945.22 | -1,275.49 | -1,721.15 |
| EBIT (%) | ||||||||||
| Depreciation | 56.64 | 73.58 | 67.40 | 126.77 | 136.94 | 184.79 | 249.35 | 336.48 | 454.04 | 612.69 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 496.95 | 443.01 | 819.10 | 635.16 | 613.09 | 1,301.40 | 1,756.12 | 2,369.71 | 3,197.70 | 4,314.99 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 121.03 | 175.76 | 181.78 | 298.92 | 342.76 | 439.89 | 593.59 | 800.99 | 1,080.86 | 1,458.51 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 50.64 | 172.09 | 247.64 | 341.94 | 405 | 431.29 | 581.98 | 785.33 | 1,059.73 | 1,430 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -73.57 | -50.31 | -42.43 | -119.11 | -128.67 | -173.63 | -234.29 | -316.16 | -426.62 | -575.68 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 3.43 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 3,683.04 |
| Cost of Debt | |
| Tax Rate | 11.91 |
| After-tax Cost of Debt | 11.33% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.700 |
| Total Debt | 46.25 |
| Total Equity | 12,632.84 |
| Total Capital | 12,679.09 |
| Debt Weighting | 0.36 |
| Equity Weighting | 99.64 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 226.16 | 372.46 | 529.97 | 661.18 | 714.24 | 963.80 | 1,300.55 | 1,754.97 | 2,368.17 | 3,195.62 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -104.73 | -176.47 | -147.18 | -210.75 | -143.56 | -334.31 | -451.12 | -608.75 | -821.44 | -1,108.46 |
| EBIT | -161.37 | -250.05 | -214.57 | -337.51 | -280.50 | -519.10 | -700.47 | -945.22 | -1,275.49 | -1,721.15 |
| Tax Rate | -2.74% | 5.78% | 12.74% | 11.15% | 11.91% | 7.77% | 7.77% | 7.77% | 7.77% | 7.77% |
| EBIAT | -165.80 | -235.60 | -187.24 | -299.86 | -247.10 | -478.77 | -646.06 | -871.79 | -1,176.40 | -1,587.44 |
| Depreciation | 56.64 | 73.58 | 67.40 | 126.77 | 136.94 | 184.79 | 249.35 | 336.48 | 454.04 | 612.69 |
| Accounts Receivable | - | -54.73 | -6.02 | -117.13 | -43.85 | -97.13 | -153.70 | -207.40 | -279.87 | -377.66 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 121.45 | 75.55 | 94.29 | 63.07 | 26.29 | 150.69 | 203.35 | 274.40 | 370.27 |
| Capital Expenditure | -73.57 | -50.31 | -42.43 | -119.11 | -128.67 | -173.63 | -234.29 | -316.16 | -426.62 | -575.68 |
| UFCF | -182.72 | -145.62 | -92.73 | -315.05 | -219.61 | -538.45 | -634 | -855.53 | -1,154.45 | -1,557.82 |
| WACC | ||||||||||
| PV UFCF | -519.09 | -589.23 | -766.52 | -997.15 | -1,297.17 | |||||
| SUM PV UFCF | -4,169.15 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.73 |
| Free cash flow (t + 1) | -1,588.98 |
| Terminal Value | -91,848.61 |
| Present Value of Terminal Value | -76,480.49 |
Intrinsic Value
| Enterprise Value | -80,649.64 |
|---|---|
| Net Debt | -258.99 |
| Equity Value | -80,390.65 |
| Shares Outstanding | 3,683.04 |
| Equity Value Per Share | -21.83 |