Discounted Cash Flow (DCF) Analysis Levered
Companhia Energética de Minas Gerai... (CIG)
$2.19
-0.03 (-1.35%)
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 | 22,266 | 25,390 | 25,228 | 33,646 | 34,463 | 38,700.93 | 43,460.01 | 48,804.31 | 54,805.81 | 61,545.31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,008 | 2,036 | 8,607 | 3,685 | 6,613 | 5,944.76 | 6,675.79 | 7,496.71 | 8,418.59 | 9,453.83 |
| 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 | 131 | 109 | 8,434 | 3,452 | 6,321 | 4,880.18 | 5,480.30 | 6,154.22 | 6,911 | 7,760.85 |
Weighted Average Cost Of Capital
| Share price | $ 2.19 |
|---|---|
| Beta | 0.818 |
| 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 | 8.099 |
| Total Debt | 10,933 |
| Total Equity | 4,818 |
| Total Capital | 15,751 |
| Debt Weighting | 69.41 |
| Equity Weighting | 30.59 |
| 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 | 22,266 | 25,390 | 25,228 | 33,646 | 34,463 | 38,700.93 | 43,460.01 | 48,804.31 | 54,805.81 | 61,545.31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,008 | 2,036 | 8,607 | 3,685 | 6,613 | 5,944.76 | 6,675.79 | 7,496.71 | 8,418.59 | 9,453.83 |
| 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 | 131 | 109 | 8,434 | 3,452 | 6,321 | 4,880.18 | 5,480.30 | 6,154.22 | 6,911 | 7,760.85 |
| WACC | ||||||||||
| PV LFCF | 4,134 | 3,932.53 | 3,740.89 | 3,558.58 | 3,385.16 | |||||
| SUM PV LFCF | 18,751.16 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 18.05 |
| Free cash flow (t + 1) | 7,916.07 |
| Terminal Value | 49,321.31 |
| Present Value of Terminal Value | 21,513.18 |
Intrinsic Value
| Enterprise Value | 40,264.35 |
|---|---|
| Net Debt | 9,492 |
| Equity Value | 30,772.35 |
| Shares Outstanding | 2,200 |
| Equity Value Per Share | 13.99 |