Discounted Cash Flow (DCF) Analysis Levered

Bradespar S.A. (BRAP4.SA)

$30.26

+0.10 (+0.33%)

All numbers are in Millions, Currency in USD

Stock DCF: 3.16 | 30.26 | overvalue

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	2,632.85	2,758.68	-345.64	1,513.05	8,143.42	3,923.21	1,890.06	910.56	438.68	211.34
Revenue (%)
Operating Cash Flow	-55.86	-782.48	121.19	978.55	4,252.45	402.87	194.09	93.50	45.05	21.70
Operating Cash Flow (%)
Capital Expenditure	-	-	-0.12	0.51	2.76	1.33	0.64	0.31	0.15	0.07
Capital Expenditure (%)
Free Cash Flow	-55.86	-782.48	121.07	979.06	4,255.21	404.20	194.73	93.81	45.20	21.77

Weighted Average Cost Of Capital

Share price	$ 30.26
Beta	0.651
Diluted Shares Outstanding	418.61
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.605
Total Debt	1.07
Total Equity	12,667.28
Total Capital	12,668.35
Debt Weighting	0.01
Equity Weighting	99.99
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	2,632.85	2,758.68	-345.64	1,513.05	8,143.42	3,923.21	1,890.06	910.56	438.68	211.34
Operating Cash Flow	-55.86	-782.48	121.19	978.55	4,252.45	402.87	194.09	93.50	45.05	21.70
Capital Expenditure	-	-	-0.12	0.51	2.76	1.33	0.64	0.31	0.15	0.07
Free Cash Flow	-55.86	-782.48	121.07	979.06	4,255.21	404.20	194.73	93.81	45.20	21.77
WACC
PV LFCF						379.17	171.36	77.44	35	15.82
SUM PV LFCF										678.79

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.60
Free cash flow (t + 1)	22.21
Terminal Value	482.81
Present Value of Terminal Value	350.74

Intrinsic Value

Enterprise Value	1,029.54
Net Debt	-293.63
Equity Value	1,323.17
Shares Outstanding	418.61
Equity Value Per Share	3.16