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
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 | 38,521.86 | 46,958.26 | 32,421.69 | 48,722.25 | 43,282.51 | 46,534.74 | 50,031.34 | 53,790.67 | 57,832.47 | 62,177.98 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 8,277.37 | 24,871.80 | 42,317.96 | 6,807.14 | 6,847.03 | 21,849.69 | 23,491.46 | 25,256.60 | 27,154.37 | 29,194.74 |
| 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 | 5,266.85 | 21,427.29 | 40,312.25 | 4,441.95 | 3,983.37 | 18,796.33 | 20,208.68 | 21,727.15 | 23,359.72 | 25,114.96 |
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 | 38,521.86 | 46,958.26 | 32,421.69 | 48,722.25 | 43,282.51 | 46,534.74 | 50,031.34 | 53,790.67 | 57,832.47 | 62,177.98 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 8,277.37 | 24,871.80 | 42,317.96 | 6,807.14 | 6,847.03 | 21,849.69 | 23,491.46 | 25,256.60 | 27,154.37 | 29,194.74 |
| 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 | 5,266.85 | 21,427.29 | 40,312.25 | 4,441.95 | 3,983.37 | 18,796.33 | 20,208.68 | 21,727.15 | 23,359.72 | 25,114.96 |
| WACC | ||||||||||
| PV LFCF | 13,941.80 | 11,118.07 | 8,866.25 | 7,070.50 | 5,638.46 | |||||
| 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 |