Discounted Cash Flow (DCF) Analysis Levered
Banco Bilbao Vizcaya Argentaria, S.... (BBVA)
$6.94
-0.11 (-1.56%)
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 | 26,630 | 26,127 | 22,177 | 22,819 | 28,200 | 28,867.55 | 29,550.90 | 30,250.43 | 30,966.52 | 31,699.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 8,664 | -8,214 | 39,349 | -1,242 | 23,718 | 14,848.96 | 15,200.46 | 15,560.29 | 15,928.63 | 16,305.69 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,495 | -1,380 | -1,208.19 | -1,243.16 | -1,536.32 | -1,572.68 | -1,609.91 | -1,648.02 | -1,687.03 | -1,726.97 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 7,169 | -9,594 | 38,140.81 | -2,485.16 | 22,181.68 | 13,276.27 | 13,590.55 | 13,912.26 | 14,241.60 | 14,578.72 |
Weighted Average Cost Of Capital
| Share price | $ 6.94 |
|---|---|
| Beta | 1.592 |
| Diluted Shares Outstanding | 6,401 |
| Cost of Debt | |
| Tax Rate | 38.01 |
| After-tax Cost of Debt | 3.10% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.015 |
| Total Debt | 55,429 |
| Total Equity | 44,422.94 |
| Total Capital | 99,851.94 |
| Debt Weighting | 55.51 |
| Equity Weighting | 44.49 |
| 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 | 26,630 | 26,127 | 22,177 | 22,819 | 28,200 | 28,867.55 | 29,550.90 | 30,250.43 | 30,966.52 | 31,699.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 8,664 | -8,214 | 39,349 | -1,242 | 23,718 | 14,848.96 | 15,200.46 | 15,560.29 | 15,928.63 | 16,305.69 |
| Capital Expenditure | -1,495 | -1,380 | -1,208.19 | -1,243.16 | -1,536.32 | -1,572.68 | -1,609.91 | -1,648.02 | -1,687.03 | -1,726.97 |
| Free Cash Flow | 7,169 | -9,594 | 38,140.81 | -2,485.16 | 22,181.68 | 13,276.27 | 13,590.55 | 13,912.26 | 14,241.60 | 14,578.72 |
| WACC | ||||||||||
| PV LFCF | 12,451.95 | 11,955.28 | 11,478.41 | 11,020.57 | 10,580.98 | |||||
| SUM PV LFCF | 57,487.19 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.62 |
| Free cash flow (t + 1) | 14,870.30 |
| Terminal Value | 321,867.90 |
| Present Value of Terminal Value | 233,606.15 |
Intrinsic Value
| Enterprise Value | 291,093.34 |
|---|---|
| Net Debt | -44,758 |
| Equity Value | 335,851.34 |
| Shares Outstanding | 6,401 |
| Equity Value Per Share | 52.47 |