Discounted Cash Flow (DCF) Analysis Levered
BRF S.A. (BRFS)
$1.84
+0.02 (+1.10%)
All numbers are in Millions, Currency in USD
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 | 30,188.40 | 33,446.98 | 39,469.70 | 48,343.31 | 53,805.03 | 62,222.93 | 71,957.83 | 83,215.76 | 96,235.03 | 111,291.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 295.70 | 2,521.23 | 4,417.63 | 3,923.64 | 1,876.38 | 3,896.84 | 4,506.51 | 5,211.56 | 6,026.92 | 6,969.84 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -598.50 | -481.48 | -900.79 | -1,735.06 | -1,681.47 | -1,545.43 | -1,787.21 | -2,066.83 | -2,390.18 | -2,764.13 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -302.80 | 2,039.75 | 3,516.84 | 2,188.58 | 194.92 | 2,351.41 | 2,719.29 | 3,144.73 | 3,636.73 | 4,205.71 |
Weighted Average Cost Of Capital
| Share price | $ 1.84 |
|---|---|
| Beta | 1.061 |
| Diluted Shares Outstanding | 1,052.61 |
| Cost of Debt | |
| Tax Rate | -12.88 |
| After-tax Cost of Debt | 12.18% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.753 |
| Total Debt | 26,561.93 |
| Total Equity | 1,936.80 |
| Total Capital | 28,498.73 |
| Debt Weighting | 93.20 |
| Equity Weighting | 6.80 |
| 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 | 30,188.40 | 33,446.98 | 39,469.70 | 48,343.31 | 53,805.03 | 62,222.93 | 71,957.83 | 83,215.76 | 96,235.03 | 111,291.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 295.70 | 2,521.23 | 4,417.63 | 3,923.64 | 1,876.38 | 3,896.84 | 4,506.51 | 5,211.56 | 6,026.92 | 6,969.84 |
| Capital Expenditure | -598.50 | -481.48 | -900.79 | -1,735.06 | -1,681.47 | -1,545.43 | -1,787.21 | -2,066.83 | -2,390.18 | -2,764.13 |
| Free Cash Flow | -302.80 | 2,039.75 | 3,516.84 | 2,188.58 | 194.92 | 2,351.41 | 2,719.29 | 3,144.73 | 3,636.73 | 4,205.71 |
| WACC | ||||||||||
| PV LFCF | 2,100.41 | 2,169.74 | 2,241.36 | 2,315.34 | 2,391.77 | |||||
| SUM PV LFCF | 11,218.62 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.95 |
| Free cash flow (t + 1) | 4,289.82 |
| Terminal Value | 43,113.78 |
| Present Value of Terminal Value | 24,518.60 |
Intrinsic Value
| Enterprise Value | 35,737.22 |
|---|---|
| Net Debt | 18,431.01 |
| Equity Value | 17,306.22 |
| Shares Outstanding | 1,052.61 |
| Equity Value Per Share | 16.44 |