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
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 | 88,827 | 95,584 | 76,589 | 53,683 | 83,966 | 86,954.65 | 90,049.68 | 93,254.87 | 96,574.15 | 100,011.57 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 27,112 | 26,353 | 25,600 | 28,890 | 37,791 | 33,102.13 | 34,280.36 | 35,500.52 | 36,764.11 | 38,072.68 |
| 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 | 13,473 | 14,332 | 1,703 | 23,016 | 31,466 | 19,605.49 | 20,303.32 | 21,025.99 | 21,774.38 | 22,549.41 |
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 | 88,827 | 95,584 | 76,589 | 53,683 | 83,966 | 86,954.65 | 90,049.68 | 93,254.87 | 96,574.15 | 100,011.57 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 27,112 | 26,353 | 25,600 | 28,890 | 37,791 | 33,102.13 | 34,280.36 | 35,500.52 | 36,764.11 | 38,072.68 |
| 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 | 13,473 | 14,332 | 1,703 | 23,016 | 31,466 | 19,605.49 | 20,303.32 | 21,025.99 | 21,774.38 | 22,549.41 |
| WACC | ||||||||||
| PV LFCF | 18,275.06 | 17,641.26 | 17,029.43 | 16,438.82 | 15,868.70 | |||||
| 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 |