Discounted Cash Flow (DCF) Analysis Levered
Banco Bradesco S.A. (BBD)
$3.99
+0.10 (+2.57%)
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 | 91,193.63 | 88,790.75 | 99,281.02 | 82,368.59 | 102,428.58 | 106,653.42 | 111,052.53 | 115,633.08 | 120,402.57 | 125,368.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 35,551.79 | -6,497.32 | -19,453.97 | 142,432.59 | -101,995.30 | 18,219.93 | 18,971.44 | 19,753.95 | 20,568.74 | 21,417.13 |
| 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 | -24,779.47 | 138,168.08 | -106,405.42 | 12,425.92 | 12,938.45 | 13,472.12 | 14,027.80 | 14,606.40 |
Weighted Average Cost Of Capital
| Share price | $ 3.99 |
|---|---|
| Beta | 1.137 |
| 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 | 8.155 |
| Total Debt | 238,941.56 |
| Total Equity | 42,660.84 |
| Total Capital | 281,602.41 |
| Debt Weighting | 84.85 |
| Equity Weighting | 15.15 |
| 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 | 91,193.63 | 88,790.75 | 99,281.02 | 82,368.59 | 102,428.58 | 106,653.42 | 111,052.53 | 115,633.08 | 120,402.57 | 125,368.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 35,551.79 | -6,497.32 | -19,453.97 | 142,432.59 | -101,995.30 | 18,219.93 | 18,971.44 | 19,753.95 | 20,568.74 | 21,417.13 |
| 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 | -24,779.47 | 138,168.08 | -106,405.42 | 12,425.92 | 12,938.45 | 13,472.12 | 14,027.80 | 14,606.40 |
| WACC | ||||||||||
| PV LFCF | 10,801.39 | 9,776.53 | 8,848.90 | 8,009.29 | 7,249.35 | |||||
| SUM PV LFCF | 44,685.46 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 15.04 |
| Free cash flow (t + 1) | 14,898.53 |
| Terminal Value | 114,252.55 |
| Present Value of Terminal Value | 56,705.02 |
Intrinsic Value
| Enterprise Value | 101,390.49 |
|---|---|
| Net Debt | 110,520.88 |
| Equity Value | -9,130.39 |
| Shares Outstanding | 10,691.94 |
| Equity Value Per Share | -0.85 |