Discounted Cash Flow (DCF) Analysis Unlevered

Planet Green Holdings Corp. (PLAG)

$0.65

-0.02 (-2.78%)

All numbers are in Millions, Currency in USD

Stock DCF: 3,200,398.28 | 0.65 | undervalue

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	5.11	6.83	4.11	3.64	37.77	124.66	411.46	1,358.07	4,482.52	14,795.24
Revenue (%)
EBITDA	-56.88	21.55	3.71	-10.60	-6.94	-253.59	-837	-2,762.66	-9,118.58	-30,097.26
EBITDA (%)
EBIT	-58.99	20.75	2.96	-11.05	-9.15	-275.90	-910.65	-3,005.72	-9,920.84	-32,745.25
EBIT (%)
Depreciation	2.11	0.79	0.76	0.45	2.21	22.31	73.64	243.06	802.26	2,647.99
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	0.09	1.06	7.40	3.42	1.46	73.54	242.72	801.14	2,644.29	8,727.87
Total Cash (%)
Account Receivables	2.34	6.55	1.39	1.93	5	60.28	198.98	656.76	2,167.73	7,154.92
Account Receivables (%)
Inventories	10.59	14.16	8.53	7.54	78.30	258.43	852.98	2,815.38	9,292.60	30,671.63
Inventories (%)
Accounts Payable	4.15	0.58	0.95	1.30	6.24	41.18	135.93	448.67	1,480.90	4,887.94
Accounts Payable (%)
Capital Expenditure	-0.31	-0.49	-0.58	-0.85	-4.81	-15.87	-52.39	-172.91	-570.72	-1,883.76
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 0.65
Beta	0.070
Diluted Shares Outstanding	10.11
Cost of Debt
Tax Rate	1.95
After-tax Cost of Debt	4.90%
Risk-Free Rate
Market Risk Premium
Cost of Equity	4.281
Total Debt	-
Total Equity	6.57
Total Capital	6.57
Debt Weighting	0.00
Equity Weighting	100.00
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	5.11	6.83	4.11	3.64	37.77	124.66	411.46	1,358.07	4,482.52	14,795.24
EBITDA	-56.88	21.55	3.71	-10.60	-6.94	-253.59	-837	-2,762.66	-9,118.58	-30,097.26
EBIT	-58.99	20.75	2.96	-11.05	-9.15	-275.90	-910.65	-3,005.72	-9,920.84	-32,745.25
Tax Rate	-33.99%	13,911.06%	150.49%	1.35%	1.95%	2,806.17%	2,806.17%	2,806.17%	2,806.17%	2,806.17%
EBIAT	-79.05	-2,866.36	-1.49	-10.90	-8.97	7,466.29	24,643.63	81,340.05	268,475.17	886,143.03
Depreciation	2.11	0.79	0.76	0.45	2.21	22.31	73.64	243.06	802.26	2,647.99
Accounts Receivable	-	-4.20	5.15	-0.53	-3.08	-55.28	-138.69	-457.78	-1,510.97	-4,987.19
Inventories	-	-3.56	5.63	0.98	-70.75	-180.13	-594.55	-1,962.41	-6,477.22	-21,379.03
Accounts Payable	-	-3.57	0.37	0.35	4.93	34.95	94.75	312.74	1,032.23	3,407.04
Capital Expenditure	-0.31	-0.49	-0.58	-0.85	-4.81	-15.87	-52.39	-172.91	-570.72	-1,883.76
UFCF	-77.25	-2,877.39	9.84	-10.51	-80.46	7,272.27	24,026.39	79,302.75	261,750.75	863,948.08
WACC
PV UFCF						6,973.79	22,094.62	69,933.48	221,352.20	700,620
SUM PV UFCF										1,020,974.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.28
Free cash flow (t + 1)	881,227.04
Terminal Value	38,650,308.95
Present Value of Terminal Value	31,343,526.46

Intrinsic Value

Enterprise Value	32,364,500.55
Net Debt	-0.75
Equity Value	32,364,501.30
Shares Outstanding	10.11
Equity Value Per Share	3,200,398.28