Discounted Cash Flow (DCF) Analysis Levered

EDP - Energias do Brasil S.A. (ENBR3.SA)

$21.83

+0.11 (+0.51%)
All numbers are in Millions, Currency in USD
Stock DCF: 119.01 | 21.83 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 12,373.3813,834.2215,228.3414,983.8018,874.1521,056.0823,490.2526,205.8129,235.3132,615.03
Revenue (%)
Operating Cash Flow 1,377.761,755.462,503.512,091.811,304.282,574.522,872.153,204.183,574.593,987.83
Operating Cash Flow (%)
Capital Expenditure -724.23-129.68-135.29-1,443.89-274.70-790.47-881.85-983.80-1,097.53-1,224.41
Capital Expenditure (%)
Free Cash Flow 653.541,625.782,368.22647.921,029.581,784.051,990.292,220.382,477.062,763.42

Weighted Average Cost Of Capital

Share price $ 21.83
Beta 0.364
Diluted Shares Outstanding 605.37
Cost of Debt
Tax Rate 28.37
After-tax Cost of Debt 4.62%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.524
Total Debt 10,627.36
Total Equity 13,215.27
Total Capital 23,842.63
Debt Weighting 44.57
Equity Weighting 55.43
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 12,373.3813,834.2215,228.3414,983.8018,874.1521,056.0823,490.2526,205.8129,235.3132,615.03
Operating Cash Flow 1,377.761,755.462,503.512,091.811,304.282,574.522,872.153,204.183,574.593,987.83
Capital Expenditure -724.23-129.68-135.29-1,443.89-274.70-790.47-881.85-983.80-1,097.53-1,224.41
Free Cash Flow 653.541,625.782,368.22647.921,029.581,784.051,990.292,220.382,477.062,763.42
WACC
PV LFCF 1,697.161,801.141,911.492,028.602,152.88
SUM PV LFCF 9,591.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.12
Free cash flow (t + 1) 2,818.69
Terminal Value 90,342.67
Present Value of Terminal Value 70,382.74

Intrinsic Value

Enterprise Value 79,974
Net Debt 7,929.58
Equity Value 72,044.42
Shares Outstanding 605.37
Equity Value Per Share 119.01