Discounted Cash Flow (DCF) Analysis Unlevered

Shineco Inc (TYHT)

$ 15.23
0.04 (+0.26%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 34.7831.2932.6335.2133.5943.9031.2223.6822.8522.0421.2620.5019.78
Revenue (%)
EBITDA 7.767.817.318.218.027.820.71-4.383.383.263.153.042.93
EBITDA (%)
EBIT 7.037.116.507.347.457.12-0.08-5.552.812.712.612.522.43
EBIT (%)
Depreciation 0.730.700.810.870.580.700.791.170.570.550.530.510.50
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 1.963.096.1422.1123.3138.0541.9836.8915.5214.9714.4413.9313.44
Total Cash (%)
Account Receivables 7.326.7211.708.2516.2915.879.8711.137.577.307.046.796.55
Account Receivables (%)
Inventories 7.575.508.304.612.352.362.221.8032.892.792.692.59
Inventories (%)
Accounts Payable 0.510.040.170.260.162.270.220.150.280.270.260.250.24
Accounts Payable (%)
Capital Expenditure -0.85-0.76-0.80-0.86-0.82-1.07-0.76-0.58-0.56-0.54-0.52-0.50-0.48
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 15.23
Beta 1.810
Diluted Shares Outstanding 2.95
Cost of Debt
Tax Rate -22.30
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.870
Total Debt 2.74
Total Equity 44.92
Total Capital 47.65
Debt Weighting 5.74
Equity Weighting 94.26
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 34.7831.2932.6335.2133.5943.9031.2223.6822.8522.0421.2620.5019.78
EBITDA 7.767.817.318.218.027.820.71-4.383.383.263.153.042.93
EBIT 7.037.116.507.347.457.12-0.08-5.552.812.712.612.522.43
Tax Rate 14.64%12.81%15.00%14.08%14.21%21.39%52.31%-22.30%15.27%15.27%15.27%15.27%15.27%
EBIAT 66.205.536.316.395.60-0.04-6.792.382.302.222.142.06
Depreciation 0.730.700.810.870.580.700.791.170.570.550.530.510.50
Accounts Receivable -0.60-4.983.46-8.050.436-1.263.560.270.260.250.24
Inventories -2.07-2.803.692.26-0.020.150.42-1.200.110.100.100.10
Accounts Payable --0.470.130.09-0.102.11-2.05-0.070.13-0.01-0.01-0.01-0.01
Capital Expenditure -0.85-0.76-0.80-0.50-0.05-0.05-0.10-0.01-0.56-0.54-0.52-0.50-0.48
UFCF 5.888.33-2.1113.560.267.744.08-7.114.892.682.582.492.40
WACC
PV UFCF 3.621.711.421.180.98
SUM PV UFCF 10.34

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 16.19
Free cash flow (t + 1) 2.50
Terminal Value 20.49
Present Value of Terminal Value 9.67

Intrinsic Value

Enterprise Value 20.01
Net Debt -29.64
Equity Value 49.65
Shares Outstanding 2.95
Equity Value Per Share 16.83