Discounted Cash Flow (DCF) Analysis Levered

Banco Bradesco S.A. (BBD)

$3.47

+0.08 (+2.36%)
All numbers are in Millions, Currency in USD
Stock DCF: -14.62 | 3.47 | overvalue

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 88,790.7599,281.0282,368.59102,428.58109,001.11115,963.64123,370.91131,251.33139,635.11148,554.42
Revenue (%)
Operating Cash Flow -6,497.32-19,453.97142,432.59-101,995.3141,766.3519,655.5920,911.1122,246.8223,667.8625,179.66
Operating Cash Flow (%)
Capital Expenditure -5,442.59-5,325.50-4,264.52-4,410.11-9,412.24-6,867.75-7,306.43-7,773.14-8,269.65-8,797.88
Capital Expenditure (%)
Free Cash Flow -11,939.91-24,779.47138,168.08-106,405.4232,354.1112,787.8413,604.6814,473.6915,398.2016,381.78

Weighted Average Cost Of Capital

Share price $ 3.47
Beta 0.595
Diluted Shares Outstanding 10,676.16
Cost of Debt
Tax Rate 13.33
After-tax Cost of Debt 32.59%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.554
Total Debt 349,226.77
Total Equity 37,046.26
Total Capital 386,273.03
Debt Weighting 90.41
Equity Weighting 9.59
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 88,790.7599,281.0282,368.59102,428.58109,001.11115,963.64123,370.91131,251.33139,635.11148,554.42
Operating Cash Flow -6,497.32-19,453.97142,432.59-101,995.3141,766.3519,655.5920,911.1122,246.8223,667.8625,179.66
Capital Expenditure -5,442.59-5,325.50-4,264.52-4,410.11-9,412.24-6,867.75-7,306.43-7,773.14-8,269.65-8,797.88
Free Cash Flow -11,939.91-24,779.47138,168.08-106,405.4232,354.1112,787.8413,604.6814,473.6915,398.2016,381.78
WACC
PV LFCF 9,8308,038.976,574.275,376.444,396.85
SUM PV LFCF 34,216.52

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 30.09
Free cash flow (t + 1) 16,709.41
Terminal Value 59,485.27
Present Value of Terminal Value 15,965.77

Intrinsic Value

Enterprise Value 50,182.29
Net Debt 206,242.92
Equity Value -156,060.63
Shares Outstanding 10,676.16
Equity Value Per Share -14.62