Discounted Cash Flow (DCF) Analysis Levered
Centrais Elétricas Brasileiras S.A.... (EBR-B)
$7.6005
-0.29 (-3.67%)
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 | 2,410.16 | -86.33 | 4,198.72 | -8,230.61 | 9,275.73 | 2,162.15 | 2,355.84 | 2,566.88 | 2,796.83 | 3,047.38 |
| 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 | 1,149.12 | -2,106.53 | 1,801.93 | -10,922.85 | -24,348.68 | -7,224.54 | -7,871.73 | -8,576.90 | -9,345.23 | -10,182.40 |
Weighted Average Cost Of Capital
| Share price | $ 7.6,005 |
|---|---|
| Beta | 0.405 |
| Diluted Shares Outstanding | 1,568.93 |
| Cost of Debt | |
| Tax Rate | 20.78 |
| After-tax Cost of Debt | 6.09% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.521 |
| Total Debt | 61,149.29 |
| Total Equity | 11,924.66 |
| Total Capital | 73,073.95 |
| Debt Weighting | 83.68 |
| Equity Weighting | 16.32 |
| 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 | 2,410.16 | -86.33 | 4,198.72 | -8,230.61 | 9,275.73 | 2,162.15 | 2,355.84 | 2,566.88 | 2,796.83 | 3,047.38 |
| 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 | 1,149.12 | -2,106.53 | 1,801.93 | -10,922.85 | -24,348.68 | -7,224.54 | -7,871.73 | -8,576.90 | -9,345.23 | -10,182.40 |
| WACC | ||||||||||
| PV LFCF | -6,410.45 | -6,579.42 | -6,752.84 | -6,930.84 | -7,113.52 | |||||
| SUM PV LFCF | -35,868.35 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.16 |
| Free cash flow (t + 1) | -10,386.05 |
| Terminal Value | -249,664.62 |
| Present Value of Terminal Value | -185,162.25 |
Intrinsic Value
| Enterprise Value | -221,030.60 |
|---|---|
| Net Debt | 49,721.81 |
| Equity Value | -270,752.41 |
| Shares Outstanding | 1,568.93 |
| Equity Value Per Share | -172.57 |