Discounted Cash Flow (DCF) Analysis Levered

Banco Bradesco S.A. (BBD)

$4.12

+0.03 (+0.73%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.96 | 4.12 | overvalue

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 91,193.6388,790.7599,281.0282,368.59102,428.58106,653.42111,052.53115,633.08120,402.57125,368.78
Revenue (%)
Operating Cash Flow 35,551.79-6,497.32-19,453.97142,432.59-101,995.3018,219.9318,971.4419,753.9520,568.7421,417.13
Operating Cash Flow (%)
Capital Expenditure -5,641.35-5,442.59-5,325.50-4,264.52-4,410.11-5,794.01-6,032.99-6,281.83-6,540.94-6,810.73
Capital Expenditure (%)
Free Cash Flow 29,910.44-11,939.91-24,779.47138,168.08-106,405.4212,425.9212,938.4513,472.1214,027.8014,606.40

Weighted Average Cost Of Capital

Share price $ 4.12
Beta 1.167
Diluted Shares Outstanding 10,691.94
Cost of Debt
Tax Rate 29.47
After-tax Cost of Debt 16.27%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.266
Total Debt 238,941.56
Total Equity 44,050.79
Total Capital 282,992.36
Debt Weighting 84.43
Equity Weighting 15.57
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 91,193.6388,790.7599,281.0282,368.59102,428.58106,653.42111,052.53115,633.08120,402.57125,368.78
Operating Cash Flow 35,551.79-6,497.32-19,453.97142,432.59-101,995.3018,219.9318,971.4419,753.9520,568.7421,417.13
Capital Expenditure -5,641.35-5,442.59-5,325.50-4,264.52-4,410.11-5,794.01-6,032.99-6,281.83-6,540.94-6,810.73
Free Cash Flow 29,910.44-11,939.91-24,779.47138,168.08-106,405.4212,425.9212,938.4513,472.1214,027.8014,606.40
WACC
PV LFCF 10,788.279,752.788,816.677,970.427,205.40
SUM PV LFCF 44,533.54

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 15.18
Free cash flow (t + 1) 14,898.53
Terminal Value 113,038.94
Present Value of Terminal Value 55,762.56

Intrinsic Value

Enterprise Value 100,296.09
Net Debt 110,520.88
Equity Value -10,224.79
Shares Outstanding 10,691.94
Equity Value Per Share -0.96