Cambricon Technologies Corporation Limited Website

Cambricon Technologies Corporation Limited

SHSE-688256

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

729709.41,174.56,648.912,457.223,461.523,461.523,461.5

Revenue % Chg.

1.1%-2.7%65.6%

EBIT

-1,693.2-1,136.9-717.62,104.83,995.39,008.99,008.99,008.9

EBIT Margin

-232.3%-160.3%-61.1%

Tax Rate

-0%-0.2%0.4%

NOPAT

-1,694-1,138.7-714.92,096.73,951.38,909.88,909.88,909.8

NOPAT Margin

-232.4%-160.5%-60.9%31.5%31.7%38%38%38%

D&A

355.3315.9177.5246.2302.5376376376

D&A / Revenue

48.7%44.5%15.1%

Capex

-284.1-100.4-366-565.5-588.7-812.4-812.4-812.4

Capex / Revenue

-39%-14.2%-31.2%

Chg. NWC

-598.6-249-1,263.4-4,981.7-9,333.6-17,578.6-17,578.6-17,578.6

Chg. NWC / Revenue

-82.1%-35.1%-107.6%

Unlevered FCF (UFCF)

-2,221.4-1,172.3-2,166.8-3,204.2-5,668.5-9,105.1-9,105.1-9,105.1

UFCF % Chg.

31%-47.2%84.8%47.9%76.9%60.6%——

PV of UFCF

———-2,920.1-4,708-6,891.7-6,280.7-5,723.9

Sum of PV of UFCF

———-2,920.1-7,628.1-14,519.8-20,800.6-26,524.4
Cost of Debt
Tax Rate
After Tax Cost of Debt1.5%
Risk Free Rate
Market Risk Premium
Beta1
Cost of Equity9.7%
Total Debt114.3
Market Cap577,287
Total Capital577,401.3
Debt Weighting0%
Equity Weighting100%
WACC9.7%
Exit Multiple EV/FCF
Terminal Value570,970.1
PV of Terminal Value327,115.6
Cumulative PV of UFCF-26,524.4
Net Debt-6,324.1
Equity Value306,915.3
Shares Outstanding421.7
Implied Share Price727.8
Current Share Price1,369
Implied Upside / (Downside)-46.8%