Discounted Cash Flow (DCF) Analysis Levered

Afya Limited (AFYA)

$12.42

-0.16 (-1.27%)
All numbers are in Millions, Currency in USD
Stock DCF: 757.36 | 12.42 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 216.01333.93750.631,201.191,719.372,933.855,006.188,542.2914,576.1524,872.03
Revenue (%)
Operating Cash Flow 39.9280.32299.22371.51630.87880.231,501.992,562.924,373.237,462.27
Operating Cash Flow (%)
Capital Expenditure -21.07-21.69-121.71-137.59-276.80-352.14-600.88-1,025.31-1,749.55-2,985.34
Capital Expenditure (%)
Free Cash Flow 18.8558.63177.51233.92354.07528.09901.111,537.602,623.694,476.93

Weighted Average Cost Of Capital

Share price $ 12.42
Beta 0.849
Diluted Shares Outstanding 94.10
Cost of Debt
Tax Rate 18.33
After-tax Cost of Debt 6.64%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.702
Total Debt 2,161.69
Total Equity 1,168.76
Total Capital 3,330.45
Debt Weighting 64.91
Equity Weighting 35.09
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 216.01333.93750.631,201.191,719.372,933.855,006.188,542.2914,576.1524,872.03
Operating Cash Flow 39.9280.32299.22371.51630.87880.231,501.992,562.924,373.237,462.27
Capital Expenditure -21.07-21.69-121.71-137.59-276.80-352.14-600.88-1,025.31-1,749.55-2,985.34
Free Cash Flow 18.8558.63177.51233.92354.07528.09901.111,537.602,623.694,476.93
WACC
PV LFCF 493.50786.911,254.792,000.853,190.50
SUM PV LFCF 7,726.55

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.01
Free cash flow (t + 1) 4,566.47
Terminal Value 91,147.10
Present Value of Terminal Value 64,956.27

Intrinsic Value

Enterprise Value 72,682.81
Net Debt 1,413.13
Equity Value 71,269.69
Shares Outstanding 94.10
Equity Value Per Share 757.36