Discounted Cash Flow (DCF) Analysis Unlevered

Code Chain New Continent Ltd

Code Chain New Continent Ltd (CCNC)

$1.6
-0.19 (-10.61%)

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 38.751.4519.58132.35894.366,043.7940,842.14275,999.07
Revenue (%)
EBITDA 5.992.11-16.6033.46226.091,527.8410,324.6969,771.21
EBITDA (%)
EBIT 5.991.44-16.722.4816.77113.36766.035,176.62
EBIT (%)
Depreciation -0.670.1130.97209.311,414.489,558.6664,594.59
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Total Cash 0.460.732.4828.18190.461,287.108,697.8658,777.55
Total Cash (%)
Account Receivables 14.574.752.29165.931,121.347,577.6651,207.60346,045.76
Account Receivables (%)
Inventories 9.241.971.2072.89492.573,328.6222,493.81152,006.48
Inventories (%)
Accounts Payable 0.221.450.3445.01304.152,055.3413,889.3593,860.09
Accounts Payable (%)
Capital Expenditure --0.00-0.05-0.32-2.17-14.64-98.94-668.59
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.6
Beta 1.333
Diluted Shares Outstanding 21.21
Cost of Debt
Tax Rate -5,794.05
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.069
Total Debt -
Total Equity 33.94
Total Capital 33.94
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 38.751.4519.58132.35894.366,043.7940,842.14275,999.07
EBITDA 5.992.11-16.6033.46226.091,527.8410,324.6969,771.21
EBIT 5.991.44-16.722.4816.77113.36766.035,176.62
Tax Rate 31.68%461.77%-5,794.05%-1,766.87%-1,766.87%-1,766.87%-1,766.87%-1,766.87%
EBIAT 4.10-5.20-985.3546.34313.162,116.2214,300.7996,640.47
Depreciation -0.670.1130.97209.311,414.489,558.6664,594.59
Accounts Receivable -9.822.46-163.64-955.40-6,456.33-43,629.94-294,838.16
Inventories -7.280.77-71.69-419.68-2,836.05-19,165.19-129,512.67
Accounts Payable -1.23-1.1044.66259.141,751.1911,834.0179,970.74
Capital Expenditure --0.00-0.05-0.32-2.17-14.64-98.94-668.59
UFCF 4.1013.79-983.17-113.68-595.64-4,025.13-27,200.61-183,813.62
WACC
PV UFCF -164.33-761.51-4,551.21-27,200.61-162,566.21
SUM PV UFCF -119,450.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.07
Free cash flow (t + 1) -191,166.16
Terminal Value -2,107,675.42
Present Value of Terminal Value -1,140,425.11

Intrinsic Value

Enterprise Value -1,259,875.57
Net Debt -2.48
Equity Value -1,259,873.09
Shares Outstanding 21.21
Equity Value Per Share -59,392.28