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Leoch International Technology Limited

Intrinsic Value Analysis (Discounted Cash Flow)Industry: Electrical Equipment & PartsSector: Industrials

Fair Value Summary

Current Price$1.84
5Y Range-13.38 – -6.05
5Y Selected-9.71
(-) Safety Margin71.53%
5Y Buy Price$-3.05
Upside (to Buy Price)-265.70%
10Y Range-11.33 – -5.52
10Y Selected-8.42
(-) Safety Margin71.53%
10Y Buy Price$-2.64
Upside (to Buy Price)-243.65%

Company Predictability & Safety

MetricValue
Revenue R2 (5Y)0.9686
Revenue R2 (10Y)0.9046
Net Income R2 (5Y)0.8524
Net Income R2 (10Y)0.5343
EBITDA R2 (5Y)0.5659
EBITDA R2 (10Y)0.7913
FCF R2 (5Y)0.5416
FCF R2 (10Y)0.0215
Safety Score0.3139

DA 10-Year Projection

Metric2025202620272028202920302031203220332034
% Growth10.48%9.76%9.04%8.32%7.60%6.88%6.16%5.44%4.72%4.00%
Revenue17,816.4119,555.1621,322.8323,096.7824,852.0326,561.7728,197.9029,731.8231,135.1432,380.54
EBITDA1,050.721,153.261,257.511,362.121,465.641,566.471,662.961,753.421,836.181,909.63
D&A-658.32-722.57-787.88-853.43-918.29-981.46-1,041.92-1,098.60-1,150.45-1,196.47
EBIT392.40430.69469.62508.69547.35585.01621.04654.83685.73713.16
Pro forma Taxes-58.98-64.74-70.59-76.46-82.27-87.93-93.35-98.42-103.07-107.19
NOPAT333.42365.95399.03432.23465.08497.08527.69556.40582.66605.97
Capital Expenditures-1,125.07-1,234.87-1,346.50-1,458.52-1,569.36-1,677.33-1,780.65-1,877.51-1,966.13-2,044.77
NWC Investment-229.88-236.52-240.46-241.31-238.77-232.57-222.56-208.66-190.89-169.41
(+) D&A658.32722.57787.88853.43918.29981.461,041.921,098.601,150.451,196.47
Free Cash Flow-363.22-382.87-400.04-414.17-424.76-431.36-433.60-431.17-423.91-411.75
Diluted Shares Outstanding1,446,408,955.001,446,408,955.001,446,408,955.001,446,408,955.001,446,408,955.001,446,408,955.001,446,408,955.001,446,408,955.001,446,408,955.001,446,408,955.00

Discounting Periods

MetricDec-25Dec-26Dec-27Dec-28Dec-29Dec-30Dec-31Dec-32Dec-33Dec-34
Period Start6/30/251/1/261/1/271/1/281/1/291/1/301/1/311/1/321/1/331/1/34
Period End12/31/2512/31/2612/31/2712/31/2812/31/2912/31/3012/31/3112/31/3212/31/3312/31/34
Mid-Point9/30/257/2/267/2/277/1/287/2/297/2/307/2/317/1/327/2/337/2/34
Time (t)0.100.451.452.463.464.465.466.467.468.46
Valuation Date1/17/26

Base Case Projected Flows

WACC: 6.65%Terminal Growth: 3.07%
Metric2025202620272028202920302031203220332034TV (5y)TV (10y)
Discount Factor0.990.970.910.850.800.750.700.660.620.58
PV UFCF-360.89-371.93-364.36-353.46-339.89-323.63-305.01-284.38-262.15-238.74
Raw: -12,197.37
-9,450.80
Raw: -11,823.73
-6,638.36

Base Case Valuation

5-Year Horizon10-Year Horizon
UFCFUFCF
Enterprise Value-11,241.32-9,842.81
(-) Net Debt593.95593.95
Equity Value-11,835.27-10,436.76
(/) Shares Out1,446.411,446.41
Fair Value$-8.18$-7.22
(-) Safety Margin71.53%71.53%
Buy Price$-2.33$-2.05
Current Price$1.84$1.84
Upside (to Buy Price)-226.61%-211.65%

Conservative Projected Flows

WACC: 7.65%Terminal Growth: 2.57%
Metric2025202620272028202920302031203220332034TV (5y)TV (10y)
Discount Factor0.990.970.900.830.770.720.670.620.580.54
PV UFCF-360.55-370.37-359.46-345.44-329.09-310.44-289.86-267.75-244.52-220.62
Raw: -8,560.51
-6,392.23
Raw: -8,298.29
-4,285.28

Conservative Valuation

5-Year Horizon10-Year Horizon
UFCFUFCF
Enterprise Value-8,157.14-7,383.38
(-) Net Debt593.95593.95
Equity Value-8,751.09-7,977.33
(/) Shares Out1,446.411,446.41
Fair Value$-6.05$-5.52
(-) Safety Margin71.53%71.53%
Buy Price$-1.72$-1.57
Current Price$1.84$1.84
Upside (to Buy Price)-193.61%-185.34%

Aggressive Projected Flows

WACC: 5.65%Terminal Growth: 3.57%
Metric2025202620272028202920302031203220332034TV (5y)TV (10y)
Discount Factor0.990.980.920.870.830.780.740.700.660.63
PV UFCF-361.23-373.51-369.37-361.75-351.15-337.52-321.11-302.23-281.23-258.55
Raw: -21,056.75
-16,935.37
Raw: -20,411.73
-12,469.33

Aggressive Valuation

5-Year Horizon10-Year Horizon
UFCFUFCF
Enterprise Value-18,752.38-15,786.98
(-) Net Debt593.95593.95
Equity Value-19,346.32-16,380.92
(/) Shares Out1,446.411,446.41
Fair Value$-13.38$-11.33
(-) Safety Margin71.53%71.53%
Buy Price$-3.81$-3.22
Current Price$1.84$1.84
Upside (to Buy Price)-306.96%-275.23%

Reverse DCF: Market Implied Growth

Current Price$1.84
WACC Used6.7%
IMPLIED REVENUE GROWTH53.69%
Metric2027202820292030203120322033203420352036
Implied Revenue49,231.8475,665.70116,292.61178,733.16274,699.69422,193.17648,879.78997,280.381,532,746.412,355,718.22
Constant Implied Growth53.69%53.69%53.69%53.69%53.69%53.69%53.69%53.69%53.69%53.69%
Implied Free Cash Flow4.927.5711.6317.8727.4742.2264.8999.73153.27235.57
Discount Factor0.960.850.800.750.700.660.620.580.540.51
Present Value of Implied FCF4.716.469.3113.4119.3227.8540.1357.8283.33120.08

Rolling Historical DCF (Backtest)

Valuation based on actual realized growth.
YearValuation DateActual PriceRealized Growth (5Y)Calculated Fair ValueValuation Delta
20192019-12-31$0.5311.33%$9.251,655.50%
20182018-12-31$0.5411.42%$4.47735.64%
20172017-12-31$1.188.95%$-13.95-1,282.03%
20162016-12-31$0.813.61%$-3.51-531.15%
20152015-12-31$0.587.29%$-3.75-748.79%
20142014-12-31$1.1217.27%$-0.83-173.66%
20132013-12-31$0.6623.79%$-0.74-211.41%
20122012-12-31$0.9721.94%$0.57-41.00%
20112011-12-31$1.5614.13%$-17.77-1,239.10%
20102010-12-31$3.508.60%$-12.93-469.37%
20092009-12-31$4.1110.56%$-4.77-216.13%

Monte Carlo Simulation (1,000 Iterations)

Mean Fair Value
$-8.29
Median
$-7.25
10th Percentile
$-11.31
90th Percentile
$-5.47

Fair Value Distribution

$-106.26 - $-101.16
1
$-101.16 - $-96.05
0
$-96.05 - $-90.95
0
$-90.95 - $-85.85
0
$-85.85 - $-80.74
0
$-80.74 - $-75.64
0
$-75.64 - $-70.54
0
$-70.54 - $-65.43
1
$-65.43 - $-60.33
0
$-60.33 - $-55.22
0
$-55.22 - $-50.12
1
$-50.12 - $-45.02
0
$-45.02 - $-39.91
1
$-39.91 - $-34.81
2
$-34.81 - $-29.70
2
$-29.70 - $-24.60
4
$-24.60 - $-19.50
7
$-19.50 - $-14.39
18
$-14.39 - $-9.29
187
$-9.29 - $-4.18
775