Discounted Cash Flow (DCF) Analysis Levered
Intercorp Financial Services Inc. (IFS)
$21.99
-0.32 (-1.43%)
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 | 6,485.15 | 7,003.90 | 7,564.14 | 8,169.19 | 8,822.65 | 9,528.37 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -2,150.92 | 1,668.76 | 12,993.55 | 1,439.76 | -648.05 | 3,328.74 | 3,595.01 | 3,882.57 | 4,193.14 | 4,528.54 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -200.64 | -210.72 | -248.43 | -257.01 | -361.55 | -315.91 | -341.18 | -368.47 | -397.95 | -429.78 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -2,351.56 | 1,458.04 | 12,745.13 | 1,182.75 | -1,009.59 | 3,012.83 | 3,253.82 | 3,514.10 | 3,795.19 | 4,098.77 |
Weighted Average Cost Of Capital
| Share price | $ 21.99 |
|---|---|
| Beta | 0.792 |
| 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 | 7.404 |
| Total Debt | 10,475.99 |
| Total Equity | 2,538.04 |
| Total Capital | 13,014.04 |
| Debt Weighting | 80.50 |
| Equity Weighting | 19.50 |
| 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 | 6,485.15 | 7,003.90 | 7,564.14 | 8,169.19 | 8,822.65 | 9,528.37 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -2,150.92 | 1,668.76 | 12,993.55 | 1,439.76 | -648.05 | 3,328.74 | 3,595.01 | 3,882.57 | 4,193.14 | 4,528.54 |
| Capital Expenditure | -200.64 | -210.72 | -248.43 | -257.01 | -361.55 | -315.91 | -341.18 | -368.47 | -397.95 | -429.78 |
| Free Cash Flow | -2,351.56 | 1,458.04 | 12,745.13 | 1,182.75 | -1,009.59 | 3,012.83 | 3,253.82 | 3,514.10 | 3,795.19 | 4,098.77 |
| WACC | ||||||||||
| PV LFCF | 2,720.14 | 2,652.33 | 2,586.22 | 2,521.75 | 2,458.89 | |||||
| SUM PV LFCF | 12,939.33 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.76 |
| Free cash flow (t + 1) | 4,180.74 |
| Terminal Value | 47,725.37 |
| Present Value of Terminal Value | 28,630.87 |
Intrinsic Value
| Enterprise Value | 41,570.20 |
|---|---|
| Net Debt | -2,527.90 |
| Equity Value | 44,098.10 |
| Shares Outstanding | 115.42 |
| Equity Value Per Share | 382.07 |