Discounted Cash Flow (DCF) Analysis Unlevered

Visionary Education Technology Hold... (VEDU)

$2.18

-0.43 (-16.48%)
All numbers are in Millions, Currency in USD
Stock DCF: -966,119.56 | 2.18 | overvalue

Operating Data

Year
A/P
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 0.937.7363.98529.964,389.4336,355.79301,119.79
Revenue (%)
EBITDA 0.414.0730.94256.272,122.5617,580.27145,609.99
EBITDA (%)
EBIT 0.364.0128.80238.541,975.7616,364.38135,539.31
EBIT (%)
Depreciation 0.060.052.1417.72146.801,215.8910,070.68
Depreciation (%)

Balance Sheet Data

Year
A/P
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 0.111.198.7072.05596.764,942.6940,938.26
Total Cash (%)
Account Receivables 0.273.6824.52203.081,682.0113,931.39115,387.89
Account Receivables (%)
Inventories 3.240.84114.75950.447,872.0665,200.98540,032.35
Inventories (%)
Accounts Payable 0.010.050.544.4837.14307.652,548.16
Accounts Payable (%)
Capital Expenditure --0.15-1.25-10.39-86.08-712.98-5,905.29
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.18
Beta 0.000
Diluted Shares Outstanding 39.25
Cost of Debt
Tax Rate 26.81
After-tax Cost of Debt 1.62%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.206
Total Debt 6.42
Total Equity 85.56
Total Capital 91.99
Debt Weighting 6.98
Equity Weighting 93.02
Wacc

Build Up Free Cash

Year
A/P
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 0.937.7363.98529.964,389.4336,355.79301,119.79
EBITDA 0.414.0730.94256.272,122.5617,580.27145,609.99
EBIT 0.364.0128.80238.541,975.7616,364.38135,539.31
Tax Rate 26.68%26.81%26.74%26.74%26.74%26.74%26.74%
EBIAT 0.262.9421.10174.761,447.4311,988.4699,295.37
Depreciation 0.060.052.1417.72146.801,215.8910,070.68
Accounts Receivable --3.41-20.84-178.56-1,478.93-12,249.38-101,456.50
Inventories -2.40-113.91-835.68-6,921.62-57,328.92-474,831.37
Accounts Payable -0.040.493.9432.66270.512,240.51
Capital Expenditure --0.15-1.25-10.39-86.08-712.98-5,905.29
UFCF 0.321.87-112.27-828.21-6,859.75-56,816.42-470,586.60
WACC
PV UFCF -119.34-853.89-6,859.75-55,108.07-442,712.95
SUM PV UFCF -461,399.85

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.10
Free cash flow (t + 1) -479,998.33
Terminal Value -43,636,211.93
Present Value of Terminal Value -37,458,787.53

Intrinsic Value

Enterprise Value -37,920,187.38
Net Debt 5.23
Equity Value -37,920,192.62
Shares Outstanding 39.25
Equity Value Per Share -966,119.56