Discounted Cash Flow (DCF) Analysis Levered
Itaú Unibanco Holding S.A. (ITUB)
$4.735
-0.13 (-2.77%)
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 | 105,661 | 100,644 | 112,121 | 93,766 | 121,833 | 127,990.95 | 134,460.15 | 141,256.33 | 148,396.02 | 155,896.57 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 8,642 | 22,709 | 35,224 | 59,491 | 60,106 | 44,781.40 | 47,044.84 | 49,422.69 | 51,920.71 | 54,545.01 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -3,594 | -2,864 | -4,312 | -5,307 | -9,081 | -5,940.43 | -6,240.68 | -6,556.11 | -6,887.49 | -7,235.61 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 5,048 | 19,845 | 30,912 | 54,184 | 51,025 | 38,840.97 | 40,804.16 | 42,866.57 | 45,033.23 | 47,309.39 |
Weighted Average Cost Of Capital
| Share price | $ 4.735 |
|---|---|
| Beta | 0.506 |
| Diluted Shares Outstanding | 9,831.33 |
| Cost of Debt | |
| Tax Rate | 36.63 |
| After-tax Cost of Debt | 13.67% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.007 |
| Total Debt | 321,219 |
| Total Equity | 46,551.36 |
| Total Capital | 367,770.36 |
| Debt Weighting | 87.34 |
| Equity Weighting | 12.66 |
| 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 | 105,661 | 100,644 | 112,121 | 93,766 | 121,833 | 127,990.95 | 134,460.15 | 141,256.33 | 148,396.02 | 155,896.57 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 8,642 | 22,709 | 35,224 | 59,491 | 60,106 | 44,781.40 | 47,044.84 | 49,422.69 | 51,920.71 | 54,545.01 |
| Capital Expenditure | -3,594 | -2,864 | -4,312 | -5,307 | -9,081 | -5,940.43 | -6,240.68 | -6,556.11 | -6,887.49 | -7,235.61 |
| Free Cash Flow | 5,048 | 19,845 | 30,912 | 54,184 | 51,025 | 38,840.97 | 40,804.16 | 42,866.57 | 45,033.23 | 47,309.39 |
| WACC | ||||||||||
| PV LFCF | 34,464.04 | 32,125.99 | 29,946.56 | 27,914.99 | 26,021.23 | |||||
| SUM PV LFCF | 150,472.81 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 12.70 |
| Free cash flow (t + 1) | 48,255.58 |
| Terminal Value | 450,986.75 |
| Present Value of Terminal Value | 248,052.84 |
Intrinsic Value
| Enterprise Value | 398,525.65 |
|---|---|
| Net Debt | 102,173 |
| Equity Value | 296,352.65 |
| Shares Outstanding | 9,831.33 |
| Equity Value Per Share | 30.14 |