Discounted Cash Flow (DCF) Analysis Levered
Suzano S.A. (SUZ)
$9.08
+0.34 (+3.89%)
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 | 13,443.38 | 26,012.95 | 30,460.28 | 40,965.43 | 49,830.95 | 70,601.26 | 100,028.96 | 141,722.59 | 200,794.76 | 284,489.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 5,170.85 | 7,576.44 | 13,124.64 | 17,637.49 | 21,640.62 | 27,839.48 | 39,443.40 | 55,884.03 | 79,177.36 | 112,179.71 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -2,423.70 | -4,868.43 | -4,897.86 | -6,243.47 | -14,839.12 | -13,815.76 | -19,574.38 | -27,733.29 | -39,292.96 | -55,670.87 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 2,747.15 | 2,708.01 | 8,226.78 | 11,394.02 | 6,801.50 | 14,023.72 | 19,869.02 | 28,150.74 | 39,884.40 | 56,508.84 |
Weighted Average Cost Of Capital
| Share price | $ 9.08 |
|---|---|
| Beta | 0.690 |
| Diluted Shares Outstanding | 1,309.35 |
| Cost of Debt | |
| Tax Rate | 18.36 |
| After-tax Cost of Debt | 4.64% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.065 |
| Total Debt | 80,757.12 |
| Total Equity | 11,888.92 |
| Total Capital | 92,646.04 |
| Debt Weighting | 87.17 |
| Equity Weighting | 12.83 |
| 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 | 13,443.38 | 26,012.95 | 30,460.28 | 40,965.43 | 49,830.95 | 70,601.26 | 100,028.96 | 141,722.59 | 200,794.76 | 284,489.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 5,170.85 | 7,576.44 | 13,124.64 | 17,637.49 | 21,640.62 | 27,839.48 | 39,443.40 | 55,884.03 | 79,177.36 | 112,179.71 |
| Capital Expenditure | -2,423.70 | -4,868.43 | -4,897.86 | -6,243.47 | -14,839.12 | -13,815.76 | -19,574.38 | -27,733.29 | -39,292.96 | -55,670.87 |
| Free Cash Flow | 2,747.15 | 2,708.01 | 8,226.78 | 11,394.02 | 6,801.50 | 14,023.72 | 19,869.02 | 28,150.74 | 39,884.40 | 56,508.84 |
| WACC | ||||||||||
| PV LFCF | 13,362.28 | 18,038.96 | 24,352.44 | 32,875.57 | 44,381.72 | |||||
| SUM PV LFCF | 133,010.98 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.95 |
| Free cash flow (t + 1) | 57,639.02 |
| Terminal Value | 1,953,864.97 |
| Present Value of Terminal Value | 1,534,554.55 |
Intrinsic Value
| Enterprise Value | 1,667,565.53 |
|---|---|
| Net Debt | 71,251.17 |
| Equity Value | 1,596,314.36 |
| Shares Outstanding | 1,309.35 |
| Equity Value Per Share | 1,219.16 |