Discounted Cash Flow (DCF) Analysis Levered

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

$11.175

+0.13 (+1.13%)
All numbers are in Millions, Currency in USD
Stock DCF: 52.67 | 11.175 | 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 88,82795,58476,58953,68383,96686,954.6590,049.6893,254.8796,574.15100,011.57
Revenue (%)
Operating Cash Flow 27,11226,35325,60028,89037,79133,102.1334,280.3635,500.5236,764.1138,072.68
Operating Cash Flow (%)
Capital Expenditure -13,639-12,021-23,897-5,874-6,325-13,496.64-13,977.04-14,474.53-14,989.73-15,523.27
Capital Expenditure (%)
Free Cash Flow 13,47314,3321,70323,01631,46619,605.4920,303.3221,025.9921,774.3822,549.41

Weighted Average Cost Of Capital

Share price $ 11.175
Beta 0.995
Diluted Shares Outstanding 6,522.10
Cost of Debt
Tax Rate 29.58
After-tax Cost of Debt 5.96%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.336
Total Debt 58,743
Total Equity 72,884.47
Total Capital 131,627.47
Debt Weighting 44.63
Equity Weighting 55.37
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 88,82795,58476,58953,68383,96686,954.6590,049.6893,254.8796,574.15100,011.57
Operating Cash Flow 27,11226,35325,60028,89037,79133,102.1334,280.3635,500.5236,764.1138,072.68
Capital Expenditure -13,639-12,021-23,897-5,874-6,325-13,496.64-13,977.04-14,474.53-14,989.73-15,523.27
Free Cash Flow 13,47314,3321,70323,01631,46619,605.4920,303.3221,025.9921,774.3822,549.41
WACC
PV LFCF 18,275.0617,641.2617,029.4316,438.8215,868.70
SUM PV LFCF 85,253.27

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.28
Free cash flow (t + 1) 23,000.39
Terminal Value 435,613.53
Present Value of Terminal Value 306,554.38

Intrinsic Value

Enterprise Value 391,807.65
Net Debt 48,276
Equity Value 343,531.65
Shares Outstanding 6,522.10
Equity Value Per Share 52.67