Discounted Cash Flow (DCF) Analysis Levered
Banco Santander, S.A. (SAN)
$2.89
+0.05 (+1.76%)
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 | 48,448 | 48,132.83 | 47,819.71 | 47,508.62 | 47,199.56 | 46,892.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 40,188 | 3,416 | 3,389 | 66,153 | 56,691 | 33,872.12 | 33,651.77 | 33,432.86 | 33,215.36 | 32,999.29 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -8,988 | -12,195 | -14,143 | -8,520 | -11,403 | -10,707.69 | -10,638.03 | -10,568.83 | -10,500.08 | -10,431.77 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 31,200 | -8,779 | -10,754 | 57,633 | 45,288 | 23,164.43 | 23,013.74 | 22,864.02 | 22,715.29 | 22,567.52 |
Weighted Average Cost Of Capital
| Share price | $ 2.89 |
|---|---|
| Beta | 1.679 |
| Diluted Shares Outstanding | 17,316.29 |
| Cost of Debt | |
| Tax Rate | 44.15 |
| After-tax Cost of Debt | 2.97% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.780 |
| Total Debt | 246,163 |
| Total Equity | 50,044.07 |
| Total Capital | 296,207.07 |
| Debt Weighting | 83.11 |
| Equity Weighting | 16.89 |
| 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 | 48,448 | 48,132.83 | 47,819.71 | 47,508.62 | 47,199.56 | 46,892.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 40,188 | 3,416 | 3,389 | 66,153 | 56,691 | 33,872.12 | 33,651.77 | 33,432.86 | 33,215.36 | 32,999.29 |
| Capital Expenditure | -8,988 | -12,195 | -14,143 | -8,520 | -11,403 | -10,707.69 | -10,638.03 | -10,568.83 | -10,500.08 | -10,431.77 |
| Free Cash Flow | 31,200 | -8,779 | -10,754 | 57,633 | 45,288 | 23,164.43 | 23,013.74 | 22,864.02 | 22,715.29 | 22,567.52 |
| WACC | ||||||||||
| PV LFCF | 22,211.55 | 21,159.33 | 20,156.94 | 19,202.05 | 18,292.39 | |||||
| SUM PV LFCF | 101,022.26 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.29 |
| Free cash flow (t + 1) | 23,018.87 |
| Terminal Value | 1,005,190.65 |
| Present Value of Terminal Value | 814,770.14 |
Intrinsic Value
| Enterprise Value | 915,792.40 |
|---|---|
| Net Debt | -36,509 |
| Equity Value | 952,301.40 |
| Shares Outstanding | 17,316.29 |
| Equity Value Per Share | 54.99 |