Discounted Cash Flow (DCF) Analysis Levered
Arezzo Indústria e Comércio S.A. (ARZZ3.SA)
$62.15
+0.94 (+1.54%)
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 | 1,526.66 | 1,679.23 | 1,590.99 | 2,923.83 | 4,233.73 | 5,644.76 | 7,526.07 | 10,034.40 | 13,378.71 | 17,837.62 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 117.84 | 204.88 | 220.32 | 241.94 | 138.25 | 511.50 | 681.97 | 909.26 | 1,212.31 | 1,616.35 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -48.61 | -65.61 | -46.19 | -168.88 | -233.14 | -240.21 | -320.27 | -427 | -569.32 | -759.06 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 69.22 | 139.27 | 174.13 | 73.06 | -94.89 | 271.29 | 361.71 | 482.26 | 642.99 | 857.29 |
Weighted Average Cost Of Capital
| Share price | $ 62.15 |
|---|---|
| Beta | 0.766 |
| Diluted Shares Outstanding | 91.64 |
| Cost of Debt | |
| Tax Rate | 10.19 |
| After-tax Cost of Debt | 7.21% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.995 |
| Total Debt | 776.41 |
| Total Equity | 5,695.49 |
| Total Capital | 6,471.90 |
| Debt Weighting | 12.00 |
| Equity Weighting | 88.00 |
| 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 | 1,526.66 | 1,679.23 | 1,590.99 | 2,923.83 | 4,233.73 | 5,644.76 | 7,526.07 | 10,034.40 | 13,378.71 | 17,837.62 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 117.84 | 204.88 | 220.32 | 241.94 | 138.25 | 511.50 | 681.97 | 909.26 | 1,212.31 | 1,616.35 |
| Capital Expenditure | -48.61 | -65.61 | -46.19 | -168.88 | -233.14 | -240.21 | -320.27 | -427 | -569.32 | -759.06 |
| Free Cash Flow | 69.22 | 139.27 | 174.13 | 73.06 | -94.89 | 271.29 | 361.71 | 482.26 | 642.99 | 857.29 |
| WACC | ||||||||||
| PV LFCF | 253.50 | 315.81 | 393.45 | 490.17 | 610.66 | |||||
| SUM PV LFCF | 2,063.59 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.02 |
| Free cash flow (t + 1) | 874.43 |
| Terminal Value | 17,419.01 |
| Present Value of Terminal Value | 12,407.92 |
Intrinsic Value
| Enterprise Value | 14,471.50 |
|---|---|
| Net Debt | 747.58 |
| Equity Value | 13,723.92 |
| Shares Outstanding | 91.64 |
| Equity Value Per Share | 149.76 |