Discounted Cash Flow (DCF) Analysis Levered
Banco Santander, S.A. (SAN)
$3.41
0.00 (0.00%)
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 | 50,121 | 49,714 | 52,322 | 46,812 | 48,406 | 48,080.24 | 47,756.68 | 47,435.30 | 47,116.07 | 46,799 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 40,188 | 3,416 | 3,389 | 66,153 | 56,691 | 33,844.88 | 33,617.12 | 33,390.88 | 33,166.18 | 32,942.98 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -8,988 | -12,195 | -14,143 | -8,520 | -11,403 | -10,697.96 | -10,625.96 | -10,554.45 | -10,483.43 | -10,412.88 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 31,200 | -8,779 | -10,754 | 57,633 | 45,288 | 23,146.92 | 22,991.15 | 22,836.43 | 22,682.75 | 22,530.10 |
Weighted Average Cost Of Capital
| Share price | $ 3.41 |
|---|---|
| Beta | 1.397 |
| Diluted Shares Outstanding | 17,321.03 |
| Cost of Debt | |
| Tax Rate | 44.15 |
| After-tax Cost of Debt | 2.94% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.087 |
| Total Debt | 249,019 |
| Total Equity | 59,064.71 |
| Total Capital | 308,083.71 |
| Debt Weighting | 80.83 |
| Equity Weighting | 19.17 |
| 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 | 50,121 | 49,714 | 52,322 | 46,812 | 48,406 | 48,080.24 | 47,756.68 | 47,435.30 | 47,116.07 | 46,799 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 40,188 | 3,416 | 3,389 | 66,153 | 56,691 | 33,844.88 | 33,617.12 | 33,390.88 | 33,166.18 | 32,942.98 |
| Capital Expenditure | -8,988 | -12,195 | -14,143 | -8,520 | -11,403 | -10,697.96 | -10,625.96 | -10,554.45 | -10,483.43 | -10,412.88 |
| Free Cash Flow | 31,200 | -8,779 | -10,754 | 57,633 | 45,288 | 23,146.92 | 22,991.15 | 22,836.43 | 22,682.75 | 22,530.10 |
| WACC | ||||||||||
| PV LFCF | 22,190.51 | 21,130.46 | 20,121.04 | 19,159.84 | 18,244.56 | |||||
| SUM PV LFCF | 100,846.41 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.31 |
| Free cash flow (t + 1) | 22,980.70 |
| Terminal Value | 994,835.66 |
| Present Value of Terminal Value | 805,604.01 |
Intrinsic Value
| Enterprise Value | 906,450.42 |
|---|---|
| Net Debt | 14,214 |
| Equity Value | 892,236.42 |
| Shares Outstanding | 17,321.03 |
| Equity Value Per Share | 51.51 |