Discounted Cash Flow (DCF) Analysis Levered

Banco Bilbao Vizcaya Argentaria, S.... (BBVA)

$6.61

+0.22 (+3.44%)
All numbers are in Millions, Currency in USD
Stock DCF: 45.22 | 6.61 | undervalue

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 26,63026,12722,17722,81928,20028,867.5529,550.9030,250.4330,966.5231,699.56
Revenue (%)
Operating Cash Flow 8,664-8,21439,349-1,24212,202.4712,491.3312,787.0313,089.7213,399.5813,716.78
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 7,169-9,59438,140.81-2,485.1610,666.1610,918.6511,177.1111,441.7011,712.5511,989.81

Weighted Average Cost Of Capital

Share price $ 6.61
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 10.996
Total Debt 55,429
Total Equity 42,310.61
Total Capital 97,739.61
Debt Weighting 56.71
Equity Weighting 43.29
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 26,63026,12722,17722,81928,20028,867.5529,550.9030,250.4330,966.5231,699.56
Operating Cash Flow 8,664-8,21439,349-1,24212,202.4712,491.3312,787.0313,089.7213,399.5813,716.78
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 7,169-9,59438,140.81-2,485.1610,666.1610,918.6511,177.1111,441.7011,712.5511,989.81
WACC
PV LFCF 10,250.339,850.719,466.679,097.608,742.92
SUM PV LFCF 47,408.21

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.52
Free cash flow (t + 1) 12,229.60
Terminal Value 270,566.43
Present Value of Terminal Value 197,295.93

Intrinsic Value

Enterprise Value 244,704.14
Net Debt -44,758
Equity Value 289,462.14
Shares Outstanding 6,401
Equity Value Per Share 45.22