Discounted Cash Flow (DCF) Analysis Unlevered

Pintec Technology Holdings Limited (PT)

$0.4187

+0.02 (+4.70%)
All numbers are in Millions, Currency in USD
Stock DCF: -9.08 | 0.4187 | 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 91168.42205.6460.5227.7226.5025.3324.2223.1622.14
Revenue (%)
EBITDA -17.242.01-142.66-36.72-8.01-9.36-8.95-8.56-8.18-7.82
EBITDA (%)
EBIT -17.891.26-144.63-39.16-9.98-10.07-9.63-9.20-8.80-8.41
EBIT (%)
Depreciation 0.650.751.972.441.980.700.670.640.610.59
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 59.6673.1931.0663.3236.9419.1918.3417.5416.7716.03
Total Cash (%)
Account Receivables 286.89227.4981.1020.1122.4632.0130.6129.2627.9726.74
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 15.527.5310.211.663.422.202.112.011.931.84
Accounts Payable (%)
Capital Expenditure -0.36-0.65-1.60-15.65-0.03-1.46-1.39-1.33-1.27-1.22
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.4,187
Beta -0.454
Diluted Shares Outstanding 21.50
Cost of Debt
Tax Rate 0.21
After-tax Cost of Debt 8.09%
Risk-Free Rate
Market Risk Premium
Cost of Equity 1.797
Total Debt 64
Total Equity 9
Total Capital 73.01
Debt Weighting 87.67
Equity Weighting 12.33
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 91168.42205.6460.5227.7226.5025.3324.2223.1622.14
EBITDA -17.242.01-142.66-36.72-8.01-9.36-8.95-8.56-8.18-7.82
EBIT -17.891.26-144.63-39.16-9.98-10.07-9.63-9.20-8.80-8.41
Tax Rate -96.48%72.45%-0.15%-19.03%0.21%-8.60%-8.60%-8.60%-8.60%-8.60%
EBIAT -35.160.35-144.85-46.61-9.96-10.93-10.45-9.99-9.55-9.13
Depreciation 0.650.751.972.441.980.700.670.640.610.59
Accounts Receivable -59.40146.3960.99-2.35-9.561.411.351.291.23
Inventories ----------
Accounts Payable --82.68-8.551.77-1.22-0.10-0.09-0.09-0.08
Capital Expenditure -0.36-0.65-1.60-15.65-0.03-1.46-1.39-1.33-1.27-1.22
UFCF -34.8651.854.59-7.38-8.59-22.47-9.86-9.43-9.02-8.62
WACC
PV UFCF -20.93-8.56-7.63-6.80-6.05
SUM PV UFCF -49.98

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.32
Free cash flow (t + 1) -8.79
Terminal Value -165.27
Present Value of Terminal Value -116.09

Intrinsic Value

Enterprise Value -166.07
Net Debt 29.14
Equity Value -195.21
Shares Outstanding 21.50
Equity Value Per Share -9.08