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
Stock DCF: 13.89 | 6.95 | undervalue

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 25,73126,63026,12722,17722,81922,213.2421,623.5521,049.5320,490.7419,946.78
Revenue (%)
Operating Cash Flow 2,0558,664-8,21439,349-1,2428,044.367,830.817,622.937,420.567,223.58
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 7147,169-9,59438,158.28-2,467.196,851.696,669.806,492.746,320.386,152.60

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 25,73126,63026,12722,17722,81922,213.2421,623.5521,049.5320,490.7419,946.78
Operating Cash Flow 2,0558,664-8,21439,349-1,2428,044.367,830.817,622.937,420.567,223.58
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 7147,169-9,59438,158.28-2,467.196,851.696,669.806,492.746,320.386,152.60
WACC
PV LFCF 6,244.715,540.404,915.544,361.143,869.28
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