Discounted Cash Flow (DCF) Analysis Levered

Sberbank of Russia (SBER.ME)

292.57 ₽

+0.88 (+0.30%)
All numbers are in Millions, Currency in USD
Stock DCF: 170.21 | 292.57 | overvalue

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 2,292,4002,305,499.992,497,999.992,547,999.992,149,999.992,124,751.252,099,799.022,075,139.822,050,770.212,026,686.79
Revenue (%)
Operating Cash Flow 405,300.01532,800.01663,9001,944,999.99299,600669,877.30662,010.53654,236.14646,553.05638,960.19
Operating Cash Flow (%)
Capital Expenditure -177,900.01-205,800-164,099.99-299,600-188,202.42-185,992.25-183,808.03-181,649.46-179,516.24-177,408.07
Capital Expenditure (%)
Free Cash Flow 227,400.01327,000.01499,800.011,645,399.99111,397.58483,885.05478,202.50472,586.68467,036.81461,552.12

Weighted Average Cost Of Capital

Share price $ 292.57
Beta 0.594
Diluted Shares Outstanding 21,400
Cost of Debt
Tax Rate 26.72
After-tax Cost of Debt 102.76%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.077
Total Debt 1,221,900
Total Equity 6,260,998
Total Capital 7,482,898
Debt Weighting 16.33
Equity Weighting 83.67
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 2,292,4002,305,499.992,497,999.992,547,999.992,149,999.992,124,751.252,099,799.022,075,139.822,050,770.212,026,686.79
Operating Cash Flow 405,300.01532,800.01663,9001,944,999.99299,600669,877.30662,010.53654,236.14646,553.05638,960.19
Capital Expenditure -177,900.01-205,800-164,099.99-299,600-188,202.42-185,992.25-183,808.03-181,649.46-179,516.24-177,408.07
Free Cash Flow 227,400.01327,000.01499,800.011,645,399.99111,397.58483,885.05478,202.50472,586.68467,036.81461,552.12
WACC
PV LFCF 394,364.34317,630.88255,827.83206,050.11165,957.90
SUM PV LFCF 1,339,831.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 22.70
Free cash flow (t + 1) 470,783.16
Terminal Value 2,274,314.77
Present Value of Terminal Value 817,763.57

Intrinsic Value

Enterprise Value 2,157,594.64
Net Debt -1,485,000
Equity Value 3,642,594.64
Shares Outstanding 21,400
Equity Value Per Share 170.21