Discounted Cash Flow (DCF) Analysis Levered
Natura &Co Holding S.A. (NTCO)
$5.52
+0.17 (+3.18%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 13,397.42 | 14,444.69 | 36,921.98 | 40,164.69 | 63,220.41 | 99,510.81 | 156,632.97 | 246,544.94 | 388,069.07 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| Operating Cash Flow | 844.27 | 1,300.36 | 1,285.63 | -114.17 | 2,924.23 | 4,602.82 | 7,244.98 | 11,403.81 | 17,949.94 |
| Operating Cash Flow (%) | |||||||||
| Capital Expenditure | -485.02 | -586.40 | -674.21 | -1,479.23 | -2,084.50 | -3,281.06 | -5,164.48 | -8,129.05 | -12,795.37 |
| Capital Expenditure (%) | |||||||||
| Free Cash Flow | 359.25 | 713.96 | 611.42 | -1,593.40 | 839.73 | 1,321.76 | 2,080.49 | 3,274.76 | 5,154.57 |
Weighted Average Cost Of Capital
| Share price | $ 5.52 |
|---|---|
| Beta | 1.181 |
| Diluted Shares Outstanding | 687.58 |
| Cost of Debt | |
| Tax Rate | -1,048.41 |
| After-tax Cost of Debt | 5.26% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.214 |
| Total Debt | 16,264.69 |
| Total Equity | 3,795.44 |
| Total Capital | 20,060.13 |
| Debt Weighting | 81.08 |
| Equity Weighting | 18.92 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 13,397.42 | 14,444.69 | 36,921.98 | 40,164.69 | 63,220.41 | 99,510.81 | 156,632.97 | 246,544.94 | 388,069.07 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 844.27 | 1,300.36 | 1,285.63 | -114.17 | 2,924.23 | 4,602.82 | 7,244.98 | 11,403.81 | 17,949.94 |
| Capital Expenditure | -485.02 | -586.40 | -674.21 | -1,479.23 | -2,084.50 | -3,281.06 | -5,164.48 | -8,129.05 | -12,795.37 |
| Free Cash Flow | 359.25 | 713.96 | 611.42 | -1,593.40 | 839.73 | 1,321.76 | 2,080.49 | 3,274.76 | 5,154.57 |
| WACC | |||||||||
| PV LFCF | 839.73 | 1,246.83 | 1,851.28 | 2,748.77 | 4,081.36 | ||||
| SUM PV LFCF | 10,157.51 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.01 |
| Free cash flow (t + 1) | 5,257.66 |
| Terminal Value | 131,113.65 |
| Present Value of Terminal Value | 97,929.55 |
Intrinsic Value
| Enterprise Value | 108,087.05 |
|---|---|
| Net Debt | 12,257.44 |
| Equity Value | 95,829.62 |
| Shares Outstanding | 687.58 |
| Equity Value Per Share | 139.37 |