Discounted Cash Flow (DCF) Analysis Levered
Companhia Brasileira de Distribuiçã... (CBD)
$3.425
-0.09 (-2.42%)
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 | 49,388 | 56,635 | 51,253 | 51,291 | 17,321 | 14,680.19 | 12,442.01 | 10,545.06 | 8,937.33 | 7,574.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 2,586 | 1,135 | 4,742 | 2,728 | -216 | 603.76 | 511.71 | 433.70 | 367.57 | 311.53 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -2,366 | -2,782 | -2,490 | -1,267 | -1,626 | -775.66 | -657.40 | -557.17 | -472.23 | -400.23 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 220 | -1,647 | 2,252 | 1,461 | -1,842 | -171.90 | -145.69 | -123.48 | -104.65 | -88.70 |
Weighted Average Cost Of Capital
| Share price | $ 3.425 |
|---|---|
| Beta | 0.870 |
| Diluted Shares Outstanding | 269 |
| Cost of Debt | |
| Tax Rate | 86.92 |
| After-tax Cost of Debt | 1.73% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.890 |
| Total Debt | 9,900 |
| Total Equity | 921.33 |
| Total Capital | 10,821.33 |
| Debt Weighting | 91.49 |
| Equity Weighting | 8.51 |
| 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 | 49,388 | 56,635 | 51,253 | 51,291 | 17,321 | 14,680.19 | 12,442.01 | 10,545.06 | 8,937.33 | 7,574.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,586 | 1,135 | 4,742 | 2,728 | -216 | 603.76 | 511.71 | 433.70 | 367.57 | 311.53 |
| Capital Expenditure | -2,366 | -2,782 | -2,490 | -1,267 | -1,626 | -775.66 | -657.40 | -557.17 | -472.23 | -400.23 |
| Free Cash Flow | 220 | -1,647 | 2,252 | 1,461 | -1,842 | -171.90 | -145.69 | -123.48 | -104.65 | -88.70 |
| WACC | ||||||||||
| PV LFCF | -164.42 | -136.28 | -112.96 | -93.63 | -77.61 | |||||
| SUM PV LFCF | -598.07 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 2.25 |
| Free cash flow (t + 1) | -90.47 |
| Terminal Value | -36,188.29 |
| Present Value of Terminal Value | -32,378.11 |
Intrinsic Value
| Enterprise Value | -32,976.18 |
|---|---|
| Net Debt | 6,149 |
| Equity Value | -39,125.18 |
| Shares Outstanding | 269 |
| Equity Value Per Share | -145.45 |