DCF Tool

RLX

RLX Technology Inc – Tobacco Manufacturing
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Analysis Results
Intrinsic Value $9.03
Latest Price $1.92
Relative Value 79% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 42.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 9.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 42.0%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2023 0.372 0.338
2024 0.527 0.437
2025 0.749 0.565
2026 1.06 0.73
2027 1.51 0.944
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 19.6 billion. This corresponds to a present value of 11.2 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 3.01 billion. Adding in the terminal value gives a total present value of 14.2 billion.

There are presently 1.57 billion outstanding shares, so the intrinsic value per share is 9.03.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,623,415,096
Current Cash 1,563,991,214
Current Liabilities 114,502,964
Current Debt 31,437,538
Non-Cash Working Capital (NCWC) -23,641,543
Change in NCWC 110,776,871
EBIT 154,164,455
Tax Provision 53,868,568
Depreciation and Amortization 23,841,893
Capital Expenditure -6,461,096
Unlevered Free Cash Flow 250,145,500
Current Assets 2,189,034,535
Current Cash 2,016,714,471
Current Liabilities 429,559,868
Current Debt 122,821,389
Non-Cash Working Capital (NCWC) -134,418,414
Change in NCWC -14,081,117
EBIT 360,688,675
Tax Provision 99,076,744
Depreciation and Amortization 17,816,447
Capital Expenditure -21,784,688
Unlevered Free Cash Flow 257,005,203
Current Assets 591,784,123
Current Cash 471,453,560
Current Liabilities 382,075,203
Current Debt 141,407,342
Non-Cash Working Capital (NCWC) -120,337,297
Change in NCWC -184,578,752
EBIT 2,012,304
Tax Provision 35,280,290
Depreciation and Amortization 9,557,106
Capital Expenditure -2,671,135
Unlevered Free Cash Flow -210,960,767
Current Assets 169,501,755
Current Cash 66,374,722
Current Liabilities 88,830,264
Current Debt 49,944,687
Non-Cash Working Capital (NCWC) 64,241,455
Change in NCWC 73,191,663
EBIT 8,079,959
Tax Provision 3,714,838
Depreciation and Amortization 1,921,043
Capital Expenditure -13,239,951
Unlevered Free Cash Flow 67,109,505

This analysis is provided for informational purposes only and does not constitute financial or investing advice. For more information on the advantages and limitations of DCF analysis see background. This information is provided on an "as is" basis. No warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. By using this site you agree that under no circumstances shall Valuation Tools LLC be held liable for any loss or damage caused by information obtained from this website including any articles, data, videos, its social media accounts, or any other materials.