As of May 23, 2025, Dolphin Capital Investors Ltd has a Discounted Cash Flow (DCF) derived fair value of $12.36 per share. With the current market price at $4.80, this represents a potential upside of 157.4%.
| Key Metrics | Value |
|---|---|
| DCF Fair Value (5-year) | $11.56 |
| DCF Fair Value (10-year) | $12.36 |
| Potential Upside (5-year) | 140.7% |
| Potential Upside (10-year) | 157.4% |
| Discount Rate (WACC) | 6.7% - 9.4% |
| Fiscal Year | Revenue (USD millions) | Growth |
|---|---|---|
| 12-2023 | 0 | 51% |
| 12-2024 | 0 | 5% |
| 12-2025 | 0 | 3% |
| 12-2026 | 0 | 3% |
| 12-2027 | 0 | 2% |
| 12-2028 | 0 | 2% |
| 12-2029 | 0 | 2% |
| 12-2030 | 0 | 2% |
| 12-2031 | 0 | 2% |
| 12-2032 | 0 | 4% |
| 12-2033 | 0 | 10% |
Net profit margin is expected to improve from 2896% in 12-2023 to 915% by 12-2033, driven by operational efficiency and economies of scale.
| Fiscal Year | Net Profit (USD millions) | Profit Margin |
|---|---|---|
| 12-2023 | 5 | 2896% |
| 12-2024 | 7 | 679% |
| 12-2025 | 7 | 698% |
| 12-2026 | 7 | 720% |
| 12-2027 | 7 | 735% |
| 12-2028 | 8 | 752% |
| 12-2029 | 8 | 767% |
| 12-2030 | 8 | 782% |
| 12-2031 | 8 | 800% |
| 12-2032 | 8 | 834% |
| 12-2033 | 9 | 915% |
with a 5-year average of $2 million. Projected CapEx is expected to maintain at approximately 516% of revenue.
Depreciation is based on an average useful life of 5 years for capital assets.
| Fiscal Year | D&A (USD millions) |
|---|---|
| 12-2024 | 2 |
| 12-2025 | 2 |
| 12-2026 | 2 |
| 12-2027 | 1 |
| 12-2028 | 1 |
| 12-2029 | 1 |
Net working capital is expected to increase gradually, with projected changes affecting free cash flow.
| Components | Average Days |
|---|---|
| Days Receivables | 2,269 |
| Days Inventory | 0 |
| Days Payables | 0 |
| Fiscal Year | EBITDA | Tax | CapEx | Change in NWC | FCF |
|---|---|---|---|---|---|
| 2024 | 13 | 0 | 1 | (1) | 12 |
| 2025 | 13 | 0 | 1 | 0 | 11 |
| 2026 | 12 | 0 | 1 | 0 | 11 |
| 2027 | 12 | 0 | 1 | (0) | 11 |
| 2028 | 12 | 0 | 1 | 0 | 11 |
| Valuation Method | Fair Price (USD) | Potential Upside |
|---|---|---|
| 5-Year DCF (Growth) | 11.56 | 140.7% |
| 10-Year DCF (Growth) | 12.36 | 157.4% |
| 5-Year DCF (EBITDA) | 12.95 | 169.7% |
| 10-Year DCF (EBITDA) | 13.47 | 180.7% |
Is Dolphin Capital Investors Ltd (DCI.L) a buy or a sell? Dolphin Capital Investors Ltd is definitely a buy. Based on our DCF analysis, Dolphin Capital Investors Ltd (DCI.L) appears to be significantly undervalued with upside potential of 157.4%.
Investors should consider a strong buy at the current market price of $4.80.