Discounted Cash Flow (DCF) Analysis Levered
Banco Santander, S.A. (SAN)
$4.46
+0.04 (+0.91%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 52,322 | 46,812 | 48,406 | 54,216 | 59,593 | 61,797.13 | 64,082.78 | 66,452.97 | 68,910.82 | 71,459.58 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 3,389 | 66,153 | 56,691 | 27,706 | 80,562 | 55,765.63 | 57,828.20 | 59,967.05 | 62,185.02 | 64,485.01 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -14,143 | -8,520 | -11,403 | -10,840 | -13,643 | -13,802.50 | -14,313 | -14,842.39 | -15,391.35 | -15,960.62 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | -10,754 | 57,633 | 45,288 | 16,866 | 66,919 | 41,963.13 | 43,515.20 | 45,124.66 | 46,793.66 | 48,524.39 |
Weighted Average Cost Of Capital
Share price | $ 4.46 |
---|---|
Beta | 1.343 |
Diluted Shares Outstanding | 17,040 |
Cost of Debt | |
Tax Rate | 32.71 |
After-tax Cost of Debt | 13.52% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 10.695 |
Total Debt | 308,579 |
Total Equity | 75,998.40 |
Total Capital | 384,577.40 |
Debt Weighting | 80.24 |
Equity Weighting | 19.76 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 52,322 | 46,812 | 48,406 | 54,216 | 59,593 | 61,797.13 | 64,082.78 | 66,452.97 | 68,910.82 | 71,459.58 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 3,389 | 66,153 | 56,691 | 27,706 | 80,562 | 55,765.63 | 57,828.20 | 59,967.05 | 62,185.02 | 64,485.01 |
Capital Expenditure | -14,143 | -8,520 | -11,403 | -10,840 | -13,643 | -13,802.50 | -14,313 | -14,842.39 | -15,391.35 | -15,960.62 |
Free Cash Flow | -10,754 | 57,633 | 45,288 | 16,866 | 66,919 | 41,963.13 | 43,515.20 | 45,124.66 | 46,793.66 | 48,524.39 |
WACC | ||||||||||
PV LFCF | 37,148.66 | 34,102.92 | 31,306.89 | 28,740.10 | 26,383.76 | |||||
SUM PV LFCF | 157,682.33 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 12.96 |
Free cash flow (t + 1) | 49,494.88 |
Terminal Value | 451,595.59 |
Present Value of Terminal Value | 245,542.28 |
Intrinsic Value
Enterprise Value | 403,224.61 |
---|---|
Net Debt | -22,312 |
Equity Value | 425,536.61 |
Shares Outstanding | 17,040 |
Equity Value Per Share | 24.97 |