Discounted Cash Flow (DCF) Analysis Levered
Itaú Corpbanca (ITCB)
$3.42
+0.04 (+1.18%)
All numbers are in Millions, Currency in USD
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 | 1,056,518 | 1,221,953 | 1,222,555.99 | 1,010,627.99 | 1,303,790.99 | 1,393,038.85 | 1,488,395.95 | 1,590,280.49 | 1,699,139.30 | 1,815,449.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -1,390,863 | 695,755 | 354,496.99 | 1,432,755 | -1,189,252 | 13,490.90 | 14,414.39 | 15,401.09 | 16,455.33 | 17,581.74 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -87,155 | -82,952 | -65,716 | -67,675 | -46,170 | -85,394.91 | -91,240.41 | -97,486.05 | -104,159.23 | -111,289.19 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -1,478,018 | 612,803 | 288,780.99 | 1,365,080.01 | -1,235,422 | -71,904.01 | -76,826.03 | -82,084.97 | -87,703.90 | -93,707.45 |
Weighted Average Cost Of Capital
| Share price | $ 3.42 |
|---|---|
| Beta | 0.787 |
| Diluted Shares Outstanding | 79.87 |
| Cost of Debt | |
| Tax Rate | 30.23 |
| After-tax Cost of Debt | 4.19% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.499 |
| Total Debt | 11,839,242 |
| Total Equity | 273.15 |
| Total Capital | 11,839,515.15 |
| Debt Weighting | 100.00 |
| Equity Weighting | 0.00 |
| 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 | 1,056,518 | 1,221,953 | 1,222,555.99 | 1,010,627.99 | 1,303,790.99 | 1,393,038.85 | 1,488,395.95 | 1,590,280.49 | 1,699,139.30 | 1,815,449.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -1,390,863 | 695,755 | 354,496.99 | 1,432,755 | -1,189,252 | 13,490.90 | 14,414.39 | 15,401.09 | 16,455.33 | 17,581.74 |
| Capital Expenditure | -87,155 | -82,952 | -65,716 | -67,675 | -46,170 | -85,394.91 | -91,240.41 | -97,486.05 | -104,159.23 | -111,289.19 |
| Free Cash Flow | -1,478,018 | 612,803 | 288,780.99 | 1,365,080.01 | -1,235,422 | -71,904.01 | -76,826.03 | -82,084.97 | -87,703.90 | -93,707.45 |
| WACC | ||||||||||
| PV LFCF | -56,207.84 | -57,640.28 | -59,109.23 | -60,615.62 | -62,160.39 | |||||
| SUM PV LFCF | -363,103.57 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.19 |
| Free cash flow (t + 1) | -95,581.60 |
| Terminal Value | -4,364,456.72 |
| Present Value of Terminal Value | -3,554,675.83 |
Intrinsic Value
| Enterprise Value | -3,917,779.40 |
|---|---|
| Net Debt | 7,927,354 |
| Equity Value | -11,845,133.40 |
| Shares Outstanding | 79.87 |
| Equity Value Per Share | -148,310.12 |