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
Stock DCF: 382.07 | 21.99 | undervalue

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 4,7795,371.395,473.715,952.686,485.157,003.907,564.148,169.198,822.659,528.37
Revenue (%)
Operating Cash Flow -2,150.921,668.7612,993.551,439.76-648.053,328.743,595.013,882.574,193.144,528.54
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 -2,351.561,458.0412,745.131,182.75-1,009.593,012.833,253.823,514.103,795.194,098.77

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 4,7795,371.395,473.715,952.686,485.157,003.907,564.148,169.198,822.659,528.37
Operating Cash Flow -2,150.921,668.7612,993.551,439.76-648.053,328.743,595.013,882.574,193.144,528.54
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 -2,351.561,458.0412,745.131,182.75-1,009.593,012.833,253.823,514.103,795.194,098.77
WACC
PV LFCF 2,720.142,652.332,586.222,521.752,458.89
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