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
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 | 88,790.75 | 99,281.02 | 82,368.59 | 102,428.58 | 109,001.11 | 115,963.64 | 123,370.91 | 131,251.33 | 139,635.11 | 148,554.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -6,497.32 | -19,453.97 | 142,432.59 | -101,995.31 | 41,766.35 | 19,655.59 | 20,911.11 | 22,246.82 | 23,667.86 | 25,179.66 |
| 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 | -24,779.47 | 138,168.08 | -106,405.42 | 32,354.11 | 12,787.84 | 13,604.68 | 14,473.69 | 15,398.20 | 16,381.78 |
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 | 88,790.75 | 99,281.02 | 82,368.59 | 102,428.58 | 109,001.11 | 115,963.64 | 123,370.91 | 131,251.33 | 139,635.11 | 148,554.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -6,497.32 | -19,453.97 | 142,432.59 | -101,995.31 | 41,766.35 | 19,655.59 | 20,911.11 | 22,246.82 | 23,667.86 | 25,179.66 |
| 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 | -24,779.47 | 138,168.08 | -106,405.42 | 32,354.11 | 12,787.84 | 13,604.68 | 14,473.69 | 15,398.20 | 16,381.78 |
| WACC | ||||||||||
| PV LFCF | 9,830 | 8,038.97 | 6,574.27 | 5,376.44 | 4,396.85 | |||||
| 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 |