Discounted Cash Flow (DCF) Analysis Unlevered
TuanChe Limited (TC)
$0.51
+0.01 (+1.88%)
All numbers are in Millions, Currency in USD
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 | 44.91 | 104.16 | 103.16 | 52.84 | 57.21 | 70.15 | 86.02 | 105.48 | 129.34 | 158.59 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -13.97 | -12.42 | -39.39 | -25.11 | -15.13 | -21.77 | -26.70 | -32.74 | -40.14 | -49.22 |
| EBITDA (%) | ||||||||||
| EBIT | -14.12 | -12.59 | -40.10 | -26.25 | -16.31 | -22.53 | -27.63 | -33.88 | -41.54 | -50.94 |
| EBIT (%) | ||||||||||
| Depreciation | 0.15 | 0.17 | 0.71 | 1.14 | 1.19 | 0.76 | 0.93 | 1.14 | 1.40 | 1.72 |
| 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 | 11.31 | 92.57 | 42.19 | 24.89 | 10.15 | 30.84 | 37.82 | 46.37 | 56.86 | 69.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 2.90 | 10.92 | 29.09 | 8.47 | 7.67 | 10.46 | 12.83 | 15.73 | 19.29 | 23.66 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.53 | 1.12 | 0.93 | 3.49 | 4.73 | 2.53 | 3.10 | 3.81 | 4.67 | 5.72 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.04 | -3.31 | -2.12 | -0.33 | -0.15 | -0.87 | -1.07 | -1.31 | -1.61 | -1.97 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.51 |
|---|---|
| Beta | 0.232 |
| Diluted Shares Outstanding | 19.03 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.882 |
| Total Debt | 1.77 |
| Total Equity | 9.70 |
| Total Capital | 11.47 |
| Debt Weighting | 15.43 |
| Equity Weighting | 84.57 |
| 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 | 44.91 | 104.16 | 103.16 | 52.84 | 57.21 | 70.15 | 86.02 | 105.48 | 129.34 | 158.59 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -13.97 | -12.42 | -39.39 | -25.11 | -15.13 | -21.77 | -26.70 | -32.74 | -40.14 | -49.22 |
| EBIT | -14.12 | -12.59 | -40.10 | -26.25 | -16.31 | -22.53 | -27.63 | -33.88 | -41.54 | -50.94 |
| Tax Rate | -19.79% | -4.81% | 0.26% | 0.90% | 0.00% | -4.69% | -4.69% | -4.69% | -4.69% | -4.69% |
| EBIAT | -16.91 | -13.20 | -40 | -26.02 | -16.31 | -23.59 | -28.92 | -35.47 | -43.49 | -53.33 |
| Depreciation | 0.15 | 0.17 | 0.71 | 1.14 | 1.19 | 0.76 | 0.93 | 1.14 | 1.40 | 1.72 |
| Accounts Receivable | - | -8.02 | -18.17 | 20.62 | 0.80 | -2.79 | -2.37 | -2.90 | -3.56 | -4.36 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.58 | -0.19 | 2.56 | 1.25 | -2.20 | 0.57 | 0.70 | 0.86 | 1.06 |
| Capital Expenditure | -0.04 | -3.31 | -2.12 | -0.33 | -0.15 | -0.87 | -1.07 | -1.31 | -1.61 | -1.97 |
| UFCF | -16.80 | -23.78 | -59.77 | -2.03 | -13.23 | -28.69 | -30.86 | -37.84 | -46.40 | -56.89 |
| WACC | ||||||||||
| PV UFCF | -27.35 | -28.04 | -32.78 | -38.32 | -44.79 | |||||
| SUM PV UFCF | -171.28 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.90 |
| Free cash flow (t + 1) | -58.03 |
| Terminal Value | -2,001.04 |
| Present Value of Terminal Value | -1,575.36 |
Intrinsic Value
| Enterprise Value | -1,746.64 |
|---|---|
| Net Debt | -8.38 |
| Equity Value | -1,738.25 |
| Shares Outstanding | 19.03 |
| Equity Value Per Share | -91.35 |