Discounted Cash Flow (DCF) Analysis Levered

KBC Group NV (KBC.BR)

52.98 €

+0.02 (+0.04%)
All numbers are in Millions, Currency in USD
Stock DCF: 313.84 | 52.98 | undervalue

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 7,7267,4407,6017,1487,4827,429.167,376.697,324.607,272.877,221.51
Revenue (%)
Operating Cash Flow 12,863-7,962-2,46226,36914,0438,672.428,611.178,550.358,489.978,430.01
Operating Cash Flow (%)
Capital Expenditure -999-928-1,184-1,003-930-1,002.08-995-987.97-981-974.07
Capital Expenditure (%)
Free Cash Flow 11,864-8,890-3,64625,36613,1137,670.347,616.177,562.387,508.977,455.94

Weighted Average Cost Of Capital

Share price $ 52.98
Beta 1.407
Diluted Shares Outstanding 416
Cost of Debt
Tax Rate 23.52
After-tax Cost of Debt 7.11%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.501
Total Debt 20,090
Total Equity 22,039.68
Total Capital 42,129.68
Debt Weighting 47.69
Equity Weighting 52.31
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 7,7267,4407,6017,1487,4827,429.167,376.697,324.607,272.877,221.51
Operating Cash Flow 12,863-7,962-2,46226,36914,0438,672.428,611.178,550.358,489.978,430.01
Capital Expenditure -999-928-1,184-1,003-930-1,002.08-995-987.97-981-974.07
Free Cash Flow 11,864-8,890-3,64625,36613,1137,670.347,616.177,562.387,508.977,455.94
WACC
PV LFCF 7,078.576,486.325,943.635,446.344,990.66
SUM PV LFCF 29,945.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.36
Free cash flow (t + 1) 7,605.06
Terminal Value 119,576.44
Present Value of Terminal Value 80,038.81

Intrinsic Value

Enterprise Value 109,984.33
Net Debt -20,573
Equity Value 130,557.33
Shares Outstanding 416
Equity Value Per Share 313.84