Discounted Cash Flow (DCF) Analysis Levered
Centrais Elétricas Brasileiras S.A.... (EBR-B)
$8.44
+0.47 (+5.90%)
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 | 24,975.75 | 27,725.53 | 29,080.51 | 37,616.24 | 34,074.23 | 37,126.67 | 40,452.56 | 44,076.38 | 48,024.84 | 52,327 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 4,356.87 | -86.33 | 4,198.72 | 8,230.61 | 9,275.73 | 5,990.31 | 6,526.93 | 7,111.63 | 7,748.70 | 8,442.85 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,261.04 | -2,020.20 | -2,396.79 | -2,692.24 | -33,624.41 | -9,386.69 | -10,227.57 | -11,143.78 | -12,142.06 | -13,229.78 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 3,095.83 | -2,106.53 | 1,801.93 | 5,538.36 | -24,348.68 | -3,396.39 | -3,700.64 | -4,032.16 | -4,393.36 | -4,786.93 |
Weighted Average Cost Of Capital
| Share price | $ 8.44 |
|---|---|
| Beta | 0.533 |
| Diluted Shares Outstanding | 2,301.23 |
| Cost of Debt | |
| Tax Rate | -8.70 |
| After-tax Cost of Debt | 7.69% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.209 |
| Total Debt | 61,149.29 |
| Total Equity | 19,422.36 |
| Total Capital | 80,571.65 |
| Debt Weighting | 75.89 |
| Equity Weighting | 24.11 |
| 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 | 24,975.75 | 27,725.53 | 29,080.51 | 37,616.24 | 34,074.23 | 37,126.67 | 40,452.56 | 44,076.38 | 48,024.84 | 52,327 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 4,356.87 | -86.33 | 4,198.72 | 8,230.61 | 9,275.73 | 5,990.31 | 6,526.93 | 7,111.63 | 7,748.70 | 8,442.85 |
| Capital Expenditure | -1,261.04 | -2,020.20 | -2,396.79 | -2,692.24 | -33,624.41 | -9,386.69 | -10,227.57 | -11,143.78 | -12,142.06 | -13,229.78 |
| Free Cash Flow | 3,095.83 | -2,106.53 | 1,801.93 | 5,538.36 | -24,348.68 | -3,396.39 | -3,700.64 | -4,032.16 | -4,393.36 | -4,786.93 |
| WACC | ||||||||||
| PV LFCF | -3,164.44 | -3,212.44 | -3,261.17 | -3,310.65 | -3,360.87 | |||||
| SUM PV LFCF | -16,309.56 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.33 |
| Free cash flow (t + 1) | -4,882.67 |
| Terminal Value | -91,607.30 |
| Present Value of Terminal Value | -64,316.80 |
Intrinsic Value
| Enterprise Value | -80,626.36 |
|---|---|
| Net Debt | 49,721.81 |
| Equity Value | -130,348.17 |
| Shares Outstanding | 2,301.23 |
| Equity Value Per Share | -56.64 |