Discounted Cash Flow (DCF) Analysis Levered
Banco Bilbao Vizcaya Argentaria, S.... (BBVA)
$6.95
-0.02 (-0.29%)
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 | 25,731 | 26,630 | 26,127 | 22,177 | 22,819 | 22,213.24 | 21,623.55 | 21,049.53 | 20,490.74 | 19,946.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 2,055 | 8,664 | -8,214 | 39,349 | -1,242 | 8,044.36 | 7,830.81 | 7,622.93 | 7,420.56 | 7,223.58 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,341 | -1,495 | -1,380 | -1,190.72 | -1,225.19 | -1,192.66 | -1,161 | -1,130.18 | -1,100.18 | -1,070.97 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 714 | 7,169 | -9,594 | 38,158.28 | -2,467.19 | 6,851.69 | 6,669.80 | 6,492.74 | 6,320.38 | 6,152.60 |
Weighted Average Cost Of Capital
| Share price | $ 6.95 |
|---|---|
| Beta | 1.616 |
| Diluted Shares Outstanding | 6,401 |
| Cost of Debt | |
| Tax Rate | 35.79 |
| After-tax Cost of Debt | 8.66% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.179 |
| Total Debt | 61,719 |
| Total Equity | 44,486.95 |
| Total Capital | 106,205.95 |
| Debt Weighting | 58.11 |
| Equity Weighting | 41.89 |
| 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 | 25,731 | 26,630 | 26,127 | 22,177 | 22,819 | 22,213.24 | 21,623.55 | 21,049.53 | 20,490.74 | 19,946.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,055 | 8,664 | -8,214 | 39,349 | -1,242 | 8,044.36 | 7,830.81 | 7,622.93 | 7,420.56 | 7,223.58 |
| Capital Expenditure | -1,341 | -1,495 | -1,380 | -1,190.72 | -1,225.19 | -1,192.66 | -1,161 | -1,130.18 | -1,100.18 | -1,070.97 |
| Free Cash Flow | 714 | 7,169 | -9,594 | 38,158.28 | -2,467.19 | 6,851.69 | 6,669.80 | 6,492.74 | 6,320.38 | 6,152.60 |
| WACC | ||||||||||
| PV LFCF | 6,244.71 | 5,540.40 | 4,915.54 | 4,361.14 | 3,869.28 | |||||
| SUM PV LFCF | 24,931.07 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.72 |
| Free cash flow (t + 1) | 6,275.65 |
| Terminal Value | 81,290.84 |
| Present Value of Terminal Value | 51,122.56 |
Intrinsic Value
| Enterprise Value | 76,053.63 |
|---|---|
| Net Debt | -12,843 |
| Equity Value | 88,896.63 |
| Shares Outstanding | 6,401 |
| Equity Value Per Share | 13.89 |