Discounted Cash Flow (DCF) Analysis Levered

Companhia Siderúrgica Nacional (SID)

$4.52

+0.20 (+4.63%)
All numbers are in Millions, Currency in USD
Stock DCF: 477.63 | 4.52 | undervalue

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 18,524.6022,968.8925,436.4230,064.0247,912.0461,362.5978,589.18100,651.85128,908.28165,097.26
Revenue (%)
Operating Cash Flow 571.852,208.114,871.889,576.8714,793.2611,607.8914,866.6219,040.1924,385.4331,231.26
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 -488.25888.802,6567,893.0411,928.567,710.399,874.9612,647.2016,197.7120,744.96

Weighted Average Cost Of Capital

Share price $ 4.52
Beta 1.586
Diluted Shares Outstanding 1,380.11
Cost of Debt
Tax Rate 26.89
After-tax Cost of Debt 3.66%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.243
Total Debt 32,507.52
Total Equity 6,238.12
Total Capital 38,745.64
Debt Weighting 83.90
Equity Weighting 16.10
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 18,524.6022,968.8925,436.4230,064.0247,912.0461,362.5978,589.18100,651.85128,908.28165,097.26
Operating Cash Flow 571.852,208.114,871.889,576.8714,793.2611,607.8914,866.6219,040.1924,385.4331,231.26
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 -488.25888.802,6567,893.0411,928.567,710.399,874.9612,647.2016,197.7120,744.96
WACC
PV LFCF 7,362.869,004.8411,01313,468.9916,472.69
SUM PV LFCF 57,322.38

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.72
Free cash flow (t + 1) 21,159.86
Terminal Value 777,935.96
Present Value of Terminal Value 617,725.72

Intrinsic Value

Enterprise Value 675,048.10
Net Debt 15,861.04
Equity Value 659,187.06
Shares Outstanding 1,380.11
Equity Value Per Share 477.63