Discounted Cash Flow (DCF) Analysis Unlevered
Takung Art Co., Ltd. (TKAT)
$0.6396
-0.03 (-4.54%)
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 | 12.92 | 8.50 | 3.17 | 4.57 | 0.12 | 0.07 | 0.05 | 0.03 | 0.02 | 0.01 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 0.62 | -6.64 | -3.36 | 0.02 | -30.07 | -3.78 | -2.36 | -1.47 | -0.92 | -0.57 |
| EBITDA (%) | ||||||||||
| EBIT | -0.12 | -7.54 | -3.96 | -0.44 | -30.07 | -3.79 | -2.36 | -1.48 | -0.92 | -0.57 |
| EBIT (%) | ||||||||||
| Depreciation | 0.74 | 0.90 | 0.60 | 0.46 | 0 | 0.01 | 0 | 0 | 0 | 0 |
| 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 | 11.87 | 7.97 | 5.42 | 4.70 | 1.50 | 0.26 | 0.16 | 0.10 | 0.06 | 0.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 10.13 | 8.87 | 7.85 | 8.99 | 0.12 | 0.11 | 0.07 | 0.04 | 0.03 | 0.02 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.81 | -0.58 | -0.08 | -0.02 | -0.01 | -0 | -0 | -0 | -0 | -0 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.6,396 |
|---|---|
| Beta | 2.895 |
| Diluted Shares Outstanding | 12.38 |
| Cost of Debt | |
| Tax Rate | -123.63 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 17.165 |
| Total Debt | 2.15 |
| Total Equity | 7.92 |
| Total Capital | 10.07 |
| Debt Weighting | 21.37 |
| Equity Weighting | 78.63 |
| 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 | 12.92 | 8.50 | 3.17 | 4.57 | 0.12 | 0.07 | 0.05 | 0.03 | 0.02 | 0.01 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 0.62 | -6.64 | -3.36 | 0.02 | -30.07 | -3.78 | -2.36 | -1.47 | -0.92 | -0.57 |
| EBIT | -0.12 | -7.54 | -3.96 | -0.44 | -30.07 | -3.79 | -2.36 | -1.48 | -0.92 | -0.57 |
| Tax Rate | -47.70% | 5.92% | -1.82% | -2.09% | -123.63% | -33.87% | -33.87% | -33.87% | -33.87% | -33.87% |
| EBIAT | -0.17 | -7.09 | -4.03 | -0.45 | -67.25 | -5.07 | -3.16 | -1.98 | -1.23 | -0.77 |
| Depreciation | 0.74 | 0.90 | 0.60 | 0.46 | 0 | 0.01 | 0 | 0 | 0 | 0 |
| Accounts Receivable | - | 1.26 | 1.02 | -1.14 | 8.87 | 0.01 | 0.04 | 0.03 | 0.02 | 0.01 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -0.81 | -0.58 | -0.08 | -0.02 | -0.01 | -0 | -0 | -0 | -0 | -0 |
| UFCF | -0.25 | -5.52 | -2.49 | -1.15 | -58.39 | -5.06 | -3.12 | -1.95 | -1.22 | -0.76 |
| WACC | ||||||||||
| PV UFCF | -4.41 | -2.38 | -1.30 | -0.71 | -0.38 | |||||
| SUM PV UFCF | -9.18 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 14.56 |
| Free cash flow (t + 1) | -0.77 |
| Terminal Value | -6.16 |
| Present Value of Terminal Value | -3.12 |
Intrinsic Value
| Enterprise Value | -12.30 |
|---|---|
| Net Debt | 0.65 |
| Equity Value | -12.95 |
| Shares Outstanding | 12.38 |
| Equity Value Per Share | -1.05 |