Discounted Cash Flow (DCF) Analysis Levered
Companhia Siderúrgica Nacional (SID)
$2.39
+0.03 (+1.27%)
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 | 22,968.88 | 25,436.42 | 30,064.02 | 47,912.04 | 44,362.12 | 53,333.61 | 64,119.43 | 77,086.49 | 92,675.93 | 111,418.07 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 2,208.11 | 4,871.88 | 9,576.87 | 16,431.21 | 2,042.79 | 10,615.62 | 12,762.45 | 15,343.44 | 18,446.39 | 22,176.86 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,319.30 | -2,215.88 | -1,683.84 | -2,864.71 | -5,376.33 | -4,069.83 | -4,892.88 | -5,882.39 | -7,072 | -8,502.19 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 888.80 | 2,656 | 7,893.04 | 13,566.51 | -3,333.53 | 6,545.79 | 7,869.57 | 9,461.05 | 11,374.39 | 13,674.67 |
Weighted Average Cost Of Capital
| Share price | $ 2.39 |
|---|---|
| Beta | 1.556 |
| Diluted Shares Outstanding | 1,327.03 |
| Cost of Debt | |
| Tax Rate | 47.47 |
| After-tax Cost of Debt | 4.14% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.918 |
| Total Debt | 41,612.59 |
| Total Equity | 3,171.60 |
| Total Capital | 44,784.19 |
| Debt Weighting | 92.92 |
| Equity Weighting | 7.08 |
| 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 | 22,968.88 | 25,436.42 | 30,064.02 | 47,912.04 | 44,362.12 | 53,333.61 | 64,119.43 | 77,086.49 | 92,675.93 | 111,418.07 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,208.11 | 4,871.88 | 9,576.87 | 16,431.21 | 2,042.79 | 10,615.62 | 12,762.45 | 15,343.44 | 18,446.39 | 22,176.86 |
| Capital Expenditure | -1,319.30 | -2,215.88 | -1,683.84 | -2,864.71 | -5,376.33 | -4,069.83 | -4,892.88 | -5,882.39 | -7,072 | -8,502.19 |
| Free Cash Flow | 888.80 | 2,656 | 7,893.04 | 13,566.51 | -3,333.53 | 6,545.79 | 7,869.57 | 9,461.05 | 11,374.39 | 13,674.67 |
| WACC | ||||||||||
| PV LFCF | 6,252.55 | 7,180.26 | 8,245.63 | 9,469.07 | 10,874.04 | |||||
| SUM PV LFCF | 42,021.54 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.69 |
| Free cash flow (t + 1) | 13,948.16 |
| Terminal Value | 518,518.93 |
| Present Value of Terminal Value | 412,324.01 |
Intrinsic Value
| Enterprise Value | 454,345.55 |
|---|---|
| Net Debt | 29,621.23 |
| Equity Value | 424,724.31 |
| Shares Outstanding | 1,327.03 |
| Equity Value Per Share | 320.06 |