InnoScience (Suzhou) Technology Holding Co., Ltd.

SEHK-2577

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	136.2	592.7	828.5	1,344.9	2,527.6	4,978	4,978	4,978
Revenue % Chg.	99.6%	335.3%	39.8%
EBIT	-1,225.9	-1,008.2	-984.8	-758.3	-264.8	669.3	669.3	669.3
EBIT Margin	-900.3%	-170.1%	-118.9%
Tax Rate	-0%	-0%	-0%
NOPAT	-1,226	-1,008.2	-985.1	-758.5	-264.9	490.6	490.6	490.6
NOPAT Margin	-900.3%	-170.1%	-118.9%	-56.4%	-10.5%	9.9%	9.9%	9.9%
D&A	463.1	524.7	505.4	532.3	614.3	747.7	747.7	747.7
D&A / Revenue	340.1%	88.5%	61%
Capex	-464.6	-331.3	-171.8	-443.3	-1,136.7	-1,571	-1,571	-1,571
Capex / Revenue	-341.2%	-55.9%	-20.7%
Chg. NWC	-298.1	-216.1	-159.4	-1,231	-2,313.6	-4,556.5	-4,556.5	-4,556.5
Chg. NWC / Revenue	-218.9%	-36.5%	-19.2%
Unlevered FCF (UFCF)	-1,525.6	-1,030.9	-810.8	-1,900.5	-3,100.9	-4,889.2	-4,889.2	-4,889.2
UFCF % Chg.	—	-32.4%	-21.4%	134.4%	63.2%	57.7%	—	—
PV of UFCF	—	—	—	-1,735.3	-2,585.1	-3,721.7	-3,398.2	-3,102.7
Sum of PV of UFCF	—	—	—	-1,735.3	-4,320.4	-8,042.2	-11,440.3	-14,543.1

Perpetuity

Multiple