Discounted Cash Flow (DCF) Analysis Levered
Oi S.A. (OIBR3.SA)
$1.59
-0.02 (-1.24%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 25,996 | 23,789.65 | 22,060.01 | 20,136.18 | 9,284.30 | 7,465.25 | 6,002.60 | 4,826.52 | 3,880.87 | 3,120.50 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3,100.32 | 4,401.76 | 2,862.54 | 2,311.64 | 4,406.70 | 1,528.12 | 1,228.72 | 987.98 | 794.41 | 638.76 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -3,263.57 | -4,344.24 | -5,246.24 | -7,425.51 | -3,455.14 | -1,921.38 | -1,544.93 | -1,242.23 | -998.84 | -803.14 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -163.25 | 57.52 | -2,383.70 | -5,113.87 | 951.57 | -393.25 | -316.20 | -254.25 | -204.44 | -164.38 |
Weighted Average Cost Of Capital
| Share price | $ 1.59 |
|---|---|
| Beta | 1.181 |
| Diluted Shares Outstanding | 57,964.48 |
| Cost of Debt | |
| Tax Rate | 25.25 |
| After-tax Cost of Debt | 19.04% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.104 |
| Total Debt | 29,325.41 |
| Total Equity | 92,163.52 |
| Total Capital | 121,488.94 |
| Debt Weighting | 24.14 |
| Equity Weighting | 75.86 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 25,996 | 23,789.65 | 22,060.01 | 20,136.18 | 9,284.30 | 7,465.25 | 6,002.60 | 4,826.52 | 3,880.87 | 3,120.50 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3,100.32 | 4,401.76 | 2,862.54 | 2,311.64 | 4,406.70 | 1,528.12 | 1,228.72 | 987.98 | 794.41 | 638.76 |
| Capital Expenditure | -3,263.57 | -4,344.24 | -5,246.24 | -7,425.51 | -3,455.14 | -1,921.38 | -1,544.93 | -1,242.23 | -998.84 | -803.14 |
| Free Cash Flow | -163.25 | 57.52 | -2,383.70 | -5,113.87 | 951.57 | -393.25 | -316.20 | -254.25 | -204.44 | -164.38 |
| WACC | ||||||||||
| PV LFCF | -204.66 | -147.59 | -106.43 | -76.75 | -55.35 | |||||
| SUM PV LFCF | -1,018.11 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.50 |
| Free cash flow (t + 1) | -167.67 |
| Terminal Value | -1,764.94 |
| Present Value of Terminal Value | -1,024.13 |
Intrinsic Value
| Enterprise Value | -2,042.24 |
|---|---|
| Net Debt | 25,217.47 |
| Equity Value | -27,259.71 |
| Shares Outstanding | 57,964.48 |
| Equity Value Per Share | -0.47 |