Discounted Cash Flow (DCF) Analysis Levered
Banco Santander, S.A. (SAN)
$3.43
-0.05 (-1.44%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 49,714 | 52,322 | 46,812 | 48,406 | 54,223 | 55,597.18 | 57,006.19 | 58,450.91 | 59,932.25 | 61,451.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3,416 | 3,389 | 66,153 | 56,691 | 27,706 | 35,902.09 | 36,811.96 | 37,744.90 | 38,701.47 | 39,682.29 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -12,195 | -14,143 | -8,520 | -11,403 | -10,840 | -12,599.43 | -12,918.74 | -13,246.14 | -13,581.84 | -13,926.05 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -8,779 | -10,754 | 57,633 | 45,288 | 16,866 | 23,302.66 | 23,893.22 | 24,498.75 | 25,119.63 | 25,756.24 |
Weighted Average Cost Of Capital
| Share price | $ 3.43 |
|---|---|
| Beta | 1.361 |
| Diluted Shares Outstanding | 17,321.03 |
| Cost of Debt | |
| Tax Rate | 37.02 |
| After-tax Cost of Debt | 7.37% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.169 |
| Total Debt | 280,339 |
| Total Equity | 59,411.13 |
| Total Capital | 339,750.13 |
| Debt Weighting | 82.51 |
| Equity Weighting | 17.49 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 49,714 | 52,322 | 46,812 | 48,406 | 54,223 | 55,597.18 | 57,006.19 | 58,450.91 | 59,932.25 | 61,451.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3,416 | 3,389 | 66,153 | 56,691 | 27,706 | 35,902.09 | 36,811.96 | 37,744.90 | 38,701.47 | 39,682.29 |
| Capital Expenditure | -12,195 | -14,143 | -8,520 | -11,403 | -10,840 | -12,599.43 | -12,918.74 | -13,246.14 | -13,581.84 | -13,926.05 |
| Free Cash Flow | -8,779 | -10,754 | 57,633 | 45,288 | 16,866 | 23,302.66 | 23,893.22 | 24,498.75 | 25,119.63 | 25,756.24 |
| WACC | ||||||||||
| PV LFCF | 15,962.59 | 15,174.42 | 14,425.17 | 13,712.92 | 13,035.83 | |||||
| SUM PV LFCF | 97,869.12 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.86 |
| Free cash flow (t + 1) | 26,271.37 |
| Terminal Value | 448,316.83 |
| Present Value of Terminal Value | 307,102.22 |
Intrinsic Value
| Enterprise Value | 404,971.34 |
|---|---|
| Net Debt | -33,397 |
| Equity Value | 438,368.34 |
| Shares Outstanding | 17,321.03 |
| Equity Value Per Share | 25.31 |