Discounted Cash Flow (DCF) Analysis Levered

Banco Comercial Português, S.A. (BCP.LS)

0.2764 €

+0.00 (+0.29%)
All numbers are in Millions, Currency in USD
Stock DCF: 4.55 | 0.2764 | 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 2,259.152,474.532,455.292,508.823,084.373,345.603,628.953,936.304,269.684,631.29
Revenue (%)
Operating Cash Flow 3,982.30529.743,052.544,411.68-579.583,205.513,476.993,771.474,090.894,437.36
Operating Cash Flow (%)
Capital Expenditure -88.56-105.72-78.74-80.46-126.19-125.11-135.71-147.20-159.67-173.19
Capital Expenditure (%)
Free Cash Flow 3,893.74424.032,973.804,331.22-705.773,080.403,341.293,624.273,931.234,264.18

Weighted Average Cost Of Capital

Share price $ 0.2,764
Beta 1.632
Diluted Shares Outstanding 15,113.99
Cost of Debt
Tax Rate 71.03
After-tax Cost of Debt 3.82%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.988
Total Debt 4,449.54
Total Equity 4,177.51
Total Capital 8,627.04
Debt Weighting 51.58
Equity Weighting 48.42
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 2,259.152,474.532,455.292,508.823,084.373,345.603,628.953,936.304,269.684,631.29
Operating Cash Flow 3,982.30529.743,052.544,411.68-579.583,205.513,476.993,771.474,090.894,437.36
Capital Expenditure -88.56-105.72-78.74-80.46-126.19-125.11-135.71-147.20-159.67-173.19
Free Cash Flow 3,893.74424.032,973.804,331.22-705.773,080.403,341.293,624.273,931.234,264.18
WACC
PV LFCF 2,117.952,131.502,145.132,158.852,172.66
SUM PV LFCF 14,474.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.78
Free cash flow (t + 1) 4,349.46
Terminal Value 75,250.15
Present Value of Terminal Value 51,738.81

Intrinsic Value

Enterprise Value 66,212.99
Net Debt -2,530.71
Equity Value 68,743.70
Shares Outstanding 15,113.99
Equity Value Per Share 4.55