Discounted Cash Flow (DCF) Analysis Unlevered

ReTo Eco-Solutions Inc (RETO)

$1.77
0.03 (+1.72%)

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 32.4235.5537.5740.4543.5546.8850.4754.3458.50
Revenue (%)
EBITDA 9.5511.9910.9012.4313.3814.4115.5116.7017.98
EBITDA (%)
EBIT 8.1910.429.1710.0611.3012.1713.1014.1015.19
EBIT (%)
Depreciation 1.361.571.732.372.082.242.412.592.79
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Total Cash 1.5910.861.485.315.726.166.637.147.69
Total Cash (%)
Account Receivables 15.2118.5016.0719.1120.5722.1523.8425.6727.64
Account Receivables (%)
Inventories 1.311.614.632.823.033.273.523.784.07
Inventories (%)
Accounts Payable 4.412.512.373.633.914.214.534.885.26
Accounts Payable (%)
Capital Expenditure -11.05-4.64-9.28-1.45-8.21-8.84-9.52-10.25-11.03
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.77
Beta 2.431
Diluted Shares Outstanding 22.76
Cost of Debt
Tax Rate 27.12
After-tax Cost of Debt 3.64%
Risk-Free Rate
Market Risk Premium
Cost of Equity 21.812
Total Debt 17.44
Total Equity 40.29
Total Capital 57.72
Debt Weighting 30.21
Equity Weighting 69.79
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 32.4235.5537.5740.4543.5546.8850.4754.3458.50
EBITDA 9.5511.9910.9012.4313.3814.4115.5116.7017.98
EBIT 8.1910.429.1710.0611.3012.1713.1014.1015.19
Tax Rate 36.43%36.45%27.12%33.33%33.33%33.33%33.33%33.33%33.33%
EBIAT 5.216.626.686.707.548.118.739.4010.12
Depreciation 1.361.571.732.372.082.242.412.592.79
Accounts Receivable --3.302.43-3.04-1.46-1.58-1.70-1.83-1.97
Inventories --0.30-3.021.81-0.22-0.23-0.25-0.27-0.29
Accounts Payable --1.90-0.131.260.280.300.320.350.37
Capital Expenditure -11.05-4.64-9.28-1.45-8.21-8.84-9.52-10.25-11.03
UFCF -4.49-1.95-1.587.660.000.000.000.000.00
WACC
PV UFCF 12.050.000.000.000.000.00
SUM PV UFCF 0.00

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 16.32
Free cash flow (t + 1) 0.00
Terminal Value 0.01
Present Value of Terminal Value 0.00

Intrinsic Value

Enterprise Value 0.01
Net Debt 15.96
Equity Value -15.95
Shares Outstanding 22.76
Equity Value Per Share -0.70