Discounted Cash Flow (DCF) Analysis Levered
Afya Limited (AFYA)
$15.8
-0.25 (-1.56%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 333.94 | 750.63 | 1,201.19 | 1,719.37 | 2,329.06 | 3,862.78 | 6,406.48 | 10,625.25 | 17,622.14 | 29,226.59 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 80.32 | 299.22 | 371.51 | 630.87 | 843.90 | 1,296.10 | 2,149.60 | 3,565.14 | 5,912.84 | 9,806.54 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -21.69 | -121.71 | -137.58 | -276.80 | -297.02 | -486.82 | -807.40 | -1,339.09 | -2,220.90 | -3,683.40 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 58.63 | 177.51 | 233.92 | 354.07 | 546.87 | 809.27 | 1,342.19 | 2,226.05 | 3,691.94 | 6,123.14 |
Weighted Average Cost Of Capital
| Share price | $ 15.8 |
|---|---|
| Beta | 0.929 |
| Diluted Shares Outstanding | 89.94 |
| Cost of Debt | |
| Tax Rate | 12.81 |
| After-tax Cost of Debt | 9.27% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.957 |
| Total Debt | 2,714.60 |
| Total Equity | 1,421 |
| Total Capital | 4,135.60 |
| Debt Weighting | 65.64 |
| Equity Weighting | 34.36 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 333.94 | 750.63 | 1,201.19 | 1,719.37 | 2,329.06 | 3,862.78 | 6,406.48 | 10,625.25 | 17,622.14 | 29,226.59 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 80.32 | 299.22 | 371.51 | 630.87 | 843.90 | 1,296.10 | 2,149.60 | 3,565.14 | 5,912.84 | 9,806.54 |
| Capital Expenditure | -21.69 | -121.71 | -137.58 | -276.80 | -297.02 | -486.82 | -807.40 | -1,339.09 | -2,220.90 | -3,683.40 |
| Free Cash Flow | 58.63 | 177.51 | 233.92 | 354.07 | 546.87 | 809.27 | 1,342.19 | 2,226.05 | 3,691.94 | 6,123.14 |
| WACC | ||||||||||
| PV LFCF | 741.37 | 1,126.39 | 1,711.37 | 2,600.16 | 3,950.54 | |||||
| SUM PV LFCF | 10,129.83 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.16 |
| Free cash flow (t + 1) | 6,245.60 |
| Terminal Value | 87,229.08 |
| Present Value of Terminal Value | 56,278.65 |
Intrinsic Value
| Enterprise Value | 66,408.47 |
|---|---|
| Net Debt | 1,621.52 |
| Equity Value | 64,786.95 |
| Shares Outstanding | 89.94 |
| Equity Value Per Share | 720.36 |