Discounted Cash Flow (DCF) Analysis Levered
BRF S.A. (BRFS)
$2.73
+0.09 (+3.41%)
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 | 33,469.40 | 30,188.40 | 33,446.98 | 39,469.70 | 48,343.31 | 53,356.51 | 58,889.58 | 64,996.42 | 71,736.55 | 79,175.63 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 652.70 | 295.70 | 2,521.23 | 4,417.63 | 3,923.64 | 3,177.52 | 3,507.03 | 3,870.71 | 4,272.10 | 4,715.11 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -938.20 | -598.50 | -481.48 | -900.79 | -1,735.06 | -1,290.86 | -1,424.72 | -1,572.46 | -1,735.53 | -1,915.50 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -285.50 | -302.80 | 2,039.75 | 3,516.84 | 2,188.58 | 1,886.66 | 2,082.31 | 2,298.24 | 2,536.57 | 2,799.61 |
Weighted Average Cost Of Capital
| Share price | $ 2.73 |
|---|---|
| Beta | 1.340 |
| Diluted Shares Outstanding | 849.54 |
| Cost of Debt | |
| Tax Rate | 1,305.75 |
| After-tax Cost of Debt | -123.47% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.450 |
| Total Debt | 27,935.28 |
| Total Equity | 2,319.24 |
| Total Capital | 30,254.51 |
| Debt Weighting | 92.33 |
| Equity Weighting | 7.67 |
| 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 | 33,469.40 | 30,188.40 | 33,446.98 | 39,469.70 | 48,343.31 | 53,356.51 | 58,889.58 | 64,996.42 | 71,736.55 | 79,175.63 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 652.70 | 295.70 | 2,521.23 | 4,417.63 | 3,923.64 | 3,177.52 | 3,507.03 | 3,870.71 | 4,272.10 | 4,715.11 |
| Capital Expenditure | -938.20 | -598.50 | -481.48 | -900.79 | -1,735.06 | -1,290.86 | -1,424.72 | -1,572.46 | -1,735.53 | -1,915.50 |
| Free Cash Flow | -285.50 | -302.80 | 2,039.75 | 3,516.84 | 2,188.58 | 1,886.66 | 2,082.31 | 2,298.24 | 2,536.57 | 2,799.61 |
| WACC | ||||||||||
| PV LFCF | -14,206.79 | 118,072.57 | -981,300.39 | 8,155,581.66 | -67,780,990.04 | |||||
| SUM PV LFCF | -60,502,843 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | -113.28 |
| Free cash flow (t + 1) | 2,855.61 |
| Terminal Value | -2,477.11 |
| Present Value of Terminal Value | 59,972,770.51 |
Intrinsic Value
| Enterprise Value | -530,072.49 |
|---|---|
| Net Debt | 20,406.46 |
| Equity Value | -550,478.95 |
| Shares Outstanding | 849.54 |
| Equity Value Per Share | -647.98 |