Discounted Cash Flow (DCF) Analysis Levered
Afya Limited (AFYA)
$12.42
-0.16 (-1.27%)
All numbers are in Millions, Currency in USD
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 | 216.01 | 333.93 | 750.63 | 1,201.19 | 1,719.37 | 2,933.85 | 5,006.18 | 8,542.29 | 14,576.15 | 24,872.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 39.92 | 80.32 | 299.22 | 371.51 | 630.87 | 880.23 | 1,501.99 | 2,562.92 | 4,373.23 | 7,462.27 |
| 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 | 18.85 | 58.63 | 177.51 | 233.92 | 354.07 | 528.09 | 901.11 | 1,537.60 | 2,623.69 | 4,476.93 |
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 | 216.01 | 333.93 | 750.63 | 1,201.19 | 1,719.37 | 2,933.85 | 5,006.18 | 8,542.29 | 14,576.15 | 24,872.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 39.92 | 80.32 | 299.22 | 371.51 | 630.87 | 880.23 | 1,501.99 | 2,562.92 | 4,373.23 | 7,462.27 |
| 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 | 18.85 | 58.63 | 177.51 | 233.92 | 354.07 | 528.09 | 901.11 | 1,537.60 | 2,623.69 | 4,476.93 |
| WACC | ||||||||||
| PV LFCF | 493.50 | 786.91 | 1,254.79 | 2,000.85 | 3,190.50 | |||||
| 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 |