Discounted Cash Flow (DCF) Analysis Levered
Intercorp Financial Services Inc. (IFS)
$22.98
-0.29 (-1.25%)
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 | 4,779 | 5,371.39 | 5,473.71 | 5,952.68 | 6,483.31 | 7,001.41 | 7,560.91 | 8,165.12 | 8,817.62 | 9,522.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -2,150.92 | 1,668.76 | 12,993.55 | 1,345.80 | -1,012.08 | 3,226.79 | 3,484.65 | 3,763.12 | 4,063.84 | 4,388.59 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -200.64 | -210.72 | -248.43 | -257.81 | -362.31 | -316.17 | -341.44 | -368.72 | -398.19 | -430.01 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -2,351.56 | 1,458.04 | 12,745.13 | 1,087.99 | -1,374.38 | 2,910.62 | 3,143.21 | 3,394.40 | 3,665.65 | 3,958.58 |
Weighted Average Cost Of Capital
| Share price | $ 22.98 |
|---|---|
| Beta | 0.797 |
| Diluted Shares Outstanding | 115.42 |
| Cost of Debt | |
| Tax Rate | 23.48 |
| After-tax Cost of Debt | 11.57% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.386 |
| Total Debt | 10,474.92 |
| Total Equity | 2,652.31 |
| Total Capital | 13,127.22 |
| Debt Weighting | 79.80 |
| Equity Weighting | 20.20 |
| 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 | 4,779 | 5,371.39 | 5,473.71 | 5,952.68 | 6,483.31 | 7,001.41 | 7,560.91 | 8,165.12 | 8,817.62 | 9,522.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -2,150.92 | 1,668.76 | 12,993.55 | 1,345.80 | -1,012.08 | 3,226.79 | 3,484.65 | 3,763.12 | 4,063.84 | 4,388.59 |
| Capital Expenditure | -200.64 | -210.72 | -248.43 | -257.81 | -362.31 | -316.17 | -341.44 | -368.72 | -398.19 | -430.01 |
| Free Cash Flow | -2,351.56 | 1,458.04 | 12,745.13 | 1,087.99 | -1,374.38 | 2,910.62 | 3,143.21 | 3,394.40 | 3,665.65 | 3,958.58 |
| WACC | ||||||||||
| PV LFCF | 2,623.83 | 2,554.32 | 2,486.66 | 2,420.78 | 2,356.65 | |||||
| SUM PV LFCF | 12,442.24 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.93 |
| Free cash flow (t + 1) | 4,037.75 |
| Terminal Value | 45,215.62 |
| Present Value of Terminal Value | 26,918.04 |
Intrinsic Value
| Enterprise Value | 39,360.28 |
|---|---|
| Net Debt | -2,528.98 |
| Equity Value | 41,889.26 |
| Shares Outstanding | 115.42 |
| Equity Value Per Share | 362.94 |