Discounted Cash Flow (DCF) Analysis Levered

Petróleo Brasileiro S.A. - Petrobra... (PBR)

$16.68

+0.16 (+0.97%)
All numbers are in Millions, Currency in USD
Stock DCF: 166.11 | 16.68 | undervalue

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 84,63876,58953,68383,966124,474144,774.63168,386.11195,848.41227,789.58264,940.08
Revenue (%)
Operating Cash Flow 26,35425,60028,89037,79149,71758,873.3568,475.0879,642.7792,631.81107,739.25
Operating Cash Flow (%)
Capital Expenditure -11,905-23,897-5,874-6,325-9,581-20,685.23-24,058.81-27,982.59-32,546.30-37,854.32
Capital Expenditure (%)
Free Cash Flow 14,4491,70323,01631,46640,13638,188.1244,416.2751,660.1860,085.5069,884.92

Weighted Average Cost Of Capital

Share price $ 16.68
Beta 1.028
Diluted Shares Outstanding 6,522.10
Cost of Debt
Tax Rate 31.58
After-tax Cost of Debt 4.21%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.011
Total Debt 53,799
Total Equity 108,788.64
Total Capital 162,587.64
Debt Weighting 33.09
Equity Weighting 66.91
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 84,63876,58953,68383,966124,474144,774.63168,386.11195,848.41227,789.58264,940.08
Operating Cash Flow 26,35425,60028,89037,79149,71758,873.3568,475.0879,642.7792,631.81107,739.25
Capital Expenditure -11,905-23,897-5,874-6,325-9,581-20,685.23-24,058.81-27,982.59-32,546.30-37,854.32
Free Cash Flow 14,4491,70323,01631,46640,13638,188.1244,416.2751,660.1860,085.5069,884.92
WACC
PV LFCF 44,065.4947,711.9651,660.1855,935.1260,563.81
SUM PV LFCF 209,706.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.42
Free cash flow (t + 1) 71,282.62
Terminal Value 1,315,177.55
Present Value of Terminal Value 919,514.64

Intrinsic Value

Enterprise Value 1,129,221.15
Net Debt 45,803
Equity Value 1,083,418.15
Shares Outstanding 6,522.10
Equity Value Per Share 166.11