Discounted Cash Flow (DCF) Analysis Unlevered

Takung Art Co., Ltd. (TKAT)

$1.04

+0.12 (+12.95%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.17 | 1.04 | 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 12.928.503.174.570.120.070.050.030.020.01
Revenue (%)
EBITDA -2.34-6.64-3.36-0-13.45-1.71-1.07-0.67-0.42-0.26
EBITDA (%)
EBIT -3.08-7.54-3.96-0.46-13.45-1.72-1.07-0.67-0.42-0.26
EBIT (%)
Depreciation 0.740.900.600.4600.010000
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 11.877.975.424.704.700.660.410.260.160.10
Total Cash (%)
Account Receivables 11.728.877.850.150.150.090.050.030.020.01
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -0.81-0.58-0.08-0.02-0-0-0-0-0-0
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.04
Beta 2.832
Diluted Shares Outstanding 11.26
Cost of Debt
Tax Rate -23.63
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 17.170
Total Debt 2.15
Total Equity 11.71
Total Capital 13.87
Debt Weighting 15.52
Equity Weighting 84.48
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 12.928.503.174.570.120.070.050.030.020.01
EBITDA -2.34-6.64-3.36-0-13.45-1.71-1.07-0.67-0.42-0.26
EBIT -3.08-7.54-3.96-0.46-13.45-1.72-1.07-0.67-0.42-0.26
Tax Rate -47.70%5.92%-1.82%-2.09%-23.63%-13.87%-13.87%-13.87%-13.87%-13.87%
EBIAT -4.55-7.09-4.03-0.47-16.63-1.95-1.22-0.76-0.48-0.30
Depreciation 0.740.900.600.4600.010000
Accounts Receivable -2.851.027.6900.070.030.020.010.01
Inventories ----------
Accounts Payable ----------
Capital Expenditure -0.81-0.58-0.08-0.02-0-0-0-0-0-0
UFCF -4.62-3.93-2.497.66-16.63-1.88-1.18-0.74-0.46-0.29
WACC
PV UFCF -1.63-0.89-0.48-0.26-0.14
SUM PV UFCF -3.41

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 15.28
Free cash flow (t + 1) -0.29
Terminal Value -2.21
Present Value of Terminal Value -1.09

Intrinsic Value

Enterprise Value -4.49
Net Debt -2.55
Equity Value -1.95
Shares Outstanding 11.26
Equity Value Per Share -0.17