Discounted Cash Flow (DCF) Analysis Levered
Companhia Siderúrgica Nacional (SID)
$2.67
+0.03 (+1.14%)
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 | 18,524.60 | 22,968.89 | 25,436.42 | 30,064.02 | 47,912.04 | 61,362.59 | 78,589.18 | 100,651.85 | 128,908.28 | 165,097.26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 571.85 | 2,208.11 | 4,871.88 | 9,576.87 | 14,793.26 | 11,607.89 | 14,866.62 | 19,040.19 | 24,385.43 | 31,231.26 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,060.10 | -1,319.30 | -2,215.88 | -1,683.84 | -2,864.71 | -3,897.50 | -4,991.66 | -6,392.99 | -8,187.72 | -10,486.30 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -488.25 | 888.80 | 2,656 | 7,893.04 | 11,928.56 | 7,710.39 | 9,874.96 | 12,647.20 | 16,197.71 | 20,744.96 |
Weighted Average Cost Of Capital
| Share price | $ 2.67 |
|---|---|
| Beta | 1.573 |
| Diluted Shares Outstanding | 1,376.36 |
| Cost of Debt | |
| Tax Rate | 34.08 |
| After-tax Cost of Debt | 4.51% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.807 |
| Total Debt | 33,119.07 |
| Total Equity | 3,674.89 |
| Total Capital | 36,793.96 |
| Debt Weighting | 90.01 |
| Equity Weighting | 9.99 |
| 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 | 18,524.60 | 22,968.89 | 25,436.42 | 30,064.02 | 47,912.04 | 61,362.59 | 78,589.18 | 100,651.85 | 128,908.28 | 165,097.26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 571.85 | 2,208.11 | 4,871.88 | 9,576.87 | 14,793.26 | 11,607.89 | 14,866.62 | 19,040.19 | 24,385.43 | 31,231.26 |
| Capital Expenditure | -1,060.10 | -1,319.30 | -2,215.88 | -1,683.84 | -2,864.71 | -3,897.50 | -4,991.66 | -6,392.99 | -8,187.72 | -10,486.30 |
| Free Cash Flow | -488.25 | 888.80 | 2,656 | 7,893.04 | 11,928.56 | 7,710.39 | 9,874.96 | 12,647.20 | 16,197.71 | 20,744.96 |
| WACC | ||||||||||
| PV LFCF | 7,333.45 | 8,933.04 | 10,881.55 | 13,255.06 | 16,146.29 | |||||
| SUM PV LFCF | 56,549.39 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.14 |
| Free cash flow (t + 1) | 21,159.86 |
| Terminal Value | 673,880.84 |
| Present Value of Terminal Value | 524,497.28 |
Intrinsic Value
| Enterprise Value | 581,046.67 |
|---|---|
| Net Debt | 16,472.59 |
| Equity Value | 564,574.08 |
| Shares Outstanding | 1,376.36 |
| Equity Value Per Share | 410.19 |