Discounted Cash Flow (DCF) Analysis Levered
KBC Group NV (KBC.BR)
62.88 €
+0.28 (+0.45%)
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 | 7,440 | 7,601 | 7,148 | 7,481 | 8,493 | 8,798.55 | 9,115.08 | 9,443.01 | 9,782.73 | 10,134.68 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -7,962 | -2,462 | 26,369 | 14,043 | 8,858.40 | 9,177.09 | 9,507.25 | 9,849.28 | 10,203.62 | 10,570.71 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -928 | -1,184 | -1,003 | -930 | -1,157.46 | -1,199.10 | -1,242.24 | -1,286.93 | -1,333.23 | -1,381.19 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -8,890 | -3,646 | 25,366 | 13,113 | 7,700.94 | 7,977.99 | 8,265.01 | 8,562.35 | 8,870.39 | 9,189.52 |
Weighted Average Cost Of Capital
| Share price | $ 62.88 |
|---|---|
| Beta | 1.200 |
| Diluted Shares Outstanding | 417 |
| Cost of Debt | |
| Tax Rate | 18.17 |
| After-tax Cost of Debt | 26.23% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.376 |
| Total Debt | 18,913 |
| Total Equity | 26,220.96 |
| Total Capital | 45,133.96 |
| Debt Weighting | 41.90 |
| Equity Weighting | 58.10 |
| 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 | 7,440 | 7,601 | 7,148 | 7,481 | 8,493 | 8,798.55 | 9,115.08 | 9,443.01 | 9,782.73 | 10,134.68 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -7,962 | -2,462 | 26,369 | 14,043 | 8,858.40 | 9,177.09 | 9,507.25 | 9,849.28 | 10,203.62 | 10,570.71 |
| Capital Expenditure | -928 | -1,184 | -1,003 | -930 | -1,157.46 | -1,199.10 | -1,242.24 | -1,286.93 | -1,333.23 | -1,381.19 |
| Free Cash Flow | -8,890 | -3,646 | 25,366 | 13,113 | 7,700.94 | 7,977.99 | 8,265.01 | 8,562.35 | 8,870.39 | 9,189.52 |
| WACC | ||||||||||
| PV LFCF | 6,851.59 | 6,095.92 | 5,423.59 | 4,825.41 | 4,293.21 | |||||
| SUM PV LFCF | 27,489.71 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 16.44 |
| Free cash flow (t + 1) | 9,373.31 |
| Terminal Value | 64,912.11 |
| Present Value of Terminal Value | 30,325.97 |
Intrinsic Value
| Enterprise Value | 57,815.68 |
|---|---|
| Net Debt | -32,514 |
| Equity Value | 90,329.68 |
| Shares Outstanding | 417 |
| Equity Value Per Share | 216.62 |