Discounted Cash Flow (DCF) Analysis Unlevered
Fang Holdings Limited (SFUN)
$2.8
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 916.39 | 444.30 | 303.02 | 219.71 | 216.15 | 155.40 | 111.72 | 80.32 | 57.74 | 41.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -98.86 | 87.26 | -81.45 | 30.86 | 12.95 | 0.62 | 0.45 | 0.32 | 0.23 | 0.17 |
| EBITDA (%) | ||||||||||
| EBIT | -123.86 | 59.30 | -108.18 | 5.61 | -2.91 | -10.77 | -7.74 | -5.57 | -4 | -2.88 |
| EBIT (%) | ||||||||||
| Depreciation | 25 | 27.96 | 26.73 | 25.25 | 15.85 | 11.40 | 8.19 | 5.89 | 4.23 | 3.04 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Total Cash | 379.46 | 284.08 | 211.15 | 300 | 221.64 | 128.71 | 92.53 | 66.52 | 47.83 | 34.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 158.33 | 206.46 | 187.89 | 141.12 | 191.75 | 86.62 | 62.27 | 44.77 | 32.19 | 23.14 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 74.67 | 46.53 | 38.30 | 25.36 | 23.05 | 16.62 | 11.95 | 8.59 | 6.18 | 4.44 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -24.58 | -100.15 | -96.12 | -12.10 | -33.75 | -24.26 | -17.44 | -12.54 | -9.02 | -6.48 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.8 |
|---|---|
| Beta | 0.933 |
| Diluted Shares Outstanding | 9.01 |
| Cost of Debt | |
| Tax Rate | 40.93 |
| After-tax Cost of Debt | 1.94% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.944 |
| Total Debt | 728.83 |
| Total Equity | 25.22 |
| Total Capital | 754.05 |
| Debt Weighting | 96.66 |
| Equity Weighting | 3.34 |
| Wacc |
Build Up Free Cash
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 916.39 | 444.30 | 303.02 | 219.71 | 216.15 | 155.40 | 111.72 | 80.32 | 57.74 | 41.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -98.86 | 87.26 | -81.45 | 30.86 | 12.95 | 0.62 | 0.45 | 0.32 | 0.23 | 0.17 |
| EBIT | -123.86 | 59.30 | -108.18 | 5.61 | -2.91 | -10.77 | -7.74 | -5.57 | -4 | -2.88 |
| Tax Rate | -17.27% | 49.69% | 11.17% | 68.92% | 40.93% | 30.69% | 30.69% | 30.69% | 30.69% | 30.69% |
| EBIAT | -145.25 | 29.84 | -96.10 | 1.74 | -1.72 | -7.47 | -5.37 | -3.86 | -2.77 | -1.99 |
| Depreciation | 25 | 27.96 | 26.73 | 25.25 | 15.85 | 11.40 | 8.19 | 5.89 | 4.23 | 3.04 |
| Accounts Receivable | - | -48.14 | 18.57 | 46.78 | -50.64 | 105.13 | 24.35 | 17.50 | 12.58 | 9.05 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -28.14 | -8.22 | -12.94 | -2.32 | -6.43 | -4.67 | -3.36 | -2.41 | -1.74 |
| Capital Expenditure | -24.58 | -100.15 | -96.12 | -12.10 | -33.75 | -24.26 | -17.44 | -12.54 | -9.02 | -6.48 |
| UFCF | -144.82 | -118.63 | -155.14 | 48.73 | -72.56 | 78.37 | 5.06 | 3.64 | 2.61 | 1.88 |
| WACC | ||||||||||
| PV UFCF | 76.71 | 4.85 | 3.41 | 2.40 | 1.69 | |||||
| SUM PV UFCF | 89.05 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 2.17 |
| Free cash flow (t + 1) | 1.92 |
| Terminal Value | 1,127.65 |
| Present Value of Terminal Value | 1,012.87 |
Intrinsic Value
| Enterprise Value | 1,101.92 |
|---|---|
| Net Debt | 598.78 |
| Equity Value | 503.15 |
| Shares Outstanding | 9.01 |
| Equity Value Per Share | 55.86 |