Discounted Cash Flow (DCF) Analysis Levered

Banco Santander (Brasil) S.A. (BSBR)

$5.02

+0.07 (+1.41%)
All numbers are in Millions, Currency in USD
Stock DCF: 8.59 | 5.02 | 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 38,521.8646,958.2632,421.6948,722.2543,282.5146,534.7450,031.3453,790.6757,832.4762,177.98
Revenue (%)
Operating Cash Flow 8,277.3724,871.8042,317.966,807.146,847.0321,849.6923,491.4625,256.6027,154.3729,194.74
Operating Cash Flow (%)
Capital Expenditure -3,010.52-3,444.51-2,005.71-2,365.19-2,863.66-3,053.36-3,282.79-3,529.45-3,794.66-4,079.78
Capital Expenditure (%)
Free Cash Flow 5,266.8521,427.2940,312.254,441.953,983.3718,796.3320,208.6821,727.1523,359.7225,114.96

Weighted Average Cost Of Capital

Share price $ 5.02
Beta 0.693
Diluted Shares Outstanding 3,787.53
Cost of Debt
Tax Rate 27.01
After-tax Cost of Debt 39.03%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.797
Total Debt 126,658.49
Total Equity 19,013.42
Total Capital 145,671.91
Debt Weighting 86.95
Equity Weighting 13.05
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 38,521.8646,958.2632,421.6948,722.2543,282.5146,534.7450,031.3453,790.6757,832.4762,177.98
Operating Cash Flow 8,277.3724,871.8042,317.966,807.146,847.0321,849.6923,491.4625,256.6027,154.3729,194.74
Capital Expenditure -3,010.52-3,444.51-2,005.71-2,365.19-2,863.66-3,053.36-3,282.79-3,529.45-3,794.66-4,079.78
Free Cash Flow 5,266.8521,427.2940,312.254,441.953,983.3718,796.3320,208.6821,727.1523,359.7225,114.96
WACC
PV LFCF 13,941.8011,118.078,866.257,070.505,638.46
SUM PV LFCF 46,635.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 34.82
Free cash flow (t + 1) 25,617.26
Terminal Value 78,053.79
Present Value of Terminal Value 17,523.56

Intrinsic Value

Enterprise Value 64,158.64
Net Debt 31,608.76
Equity Value 32,549.88
Shares Outstanding 3,787.53
Equity Value Per Share 8.59