Discounted Cash Flow (DCF) Analysis Levered

Companhia Energética de Minas Gerai... (CIG)

$2.37

+0.02 (+0.85%)
All numbers are in Millions, Currency in USD
Stock DCF: 14.35 | 2.37 | 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 22,26625,39025,22833,64634,46338,700.9343,460.0148,804.3154,805.8161,545.31
Revenue (%)
Operating Cash Flow 1,0082,0368,6073,6856,6135,944.766,675.797,496.718,418.599,453.83
Operating Cash Flow (%)
Capital Expenditure -877-1,927-173-233-292-1,064.58-1,195.49-1,342.50-1,507.58-1,692.97
Capital Expenditure (%)
Free Cash Flow 1311098,4343,4526,3214,880.185,480.306,154.226,9117,760.85

Weighted Average Cost Of Capital

Share price $ 2.37
Beta 0.783
Diluted Shares Outstanding 2,200
Cost of Debt
Tax Rate 0.68
After-tax Cost of Debt 22.44%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.958
Total Debt 10,933
Total Equity 5,214
Total Capital 16,147
Debt Weighting 67.71
Equity Weighting 32.29
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 22,26625,39025,22833,64634,46338,700.9343,460.0148,804.3154,805.8161,545.31
Operating Cash Flow 1,0082,0368,6073,6856,6135,944.766,675.797,496.718,418.599,453.83
Capital Expenditure -877-1,927-173-233-292-1,064.58-1,195.49-1,342.50-1,507.58-1,692.97
Free Cash Flow 1311098,4343,4526,3214,880.185,480.306,154.226,9117,760.85
WACC
PV LFCF 4,144.183,951.933,768.593,593.773,427.05
SUM PV LFCF 18,885.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 17.76
Free cash flow (t + 1) 7,916.07
Terminal Value 50,228.88
Present Value of Terminal Value 22,180.15

Intrinsic Value

Enterprise Value 41,065.66
Net Debt 9,492
Equity Value 31,573.66
Shares Outstanding 2,200
Equity Value Per Share 14.35