Discounted Cash Flow (DCF) Analysis Levered

VEON Ltd. (VEON)

$0.4753

+0.01 (+1.47%)
All numbers are in Millions, Currency in USD
Stock DCF: 4.30 | 0.4753 | 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 9,4749,0868,8637,9807,7887,419.667,068.736,734.416,415.906,112.45
Revenue (%)
Operating Cash Flow 2,4752,5152,9492,4432,6392,249.292,142.912,041.561,9451,853.01
Operating Cash Flow (%)
Capital Expenditure -2,037-1,948-1,683-1,778-1,796-1,591.83-1,516.55-1,444.82-1,376.48-1,311.38
Capital Expenditure (%)
Free Cash Flow 4385671,266665843657.46626.37596.74568.52541.63

Weighted Average Cost Of Capital

Share price $ 0.4,753
Beta 1.516
Diluted Shares Outstanding 1,753
Cost of Debt
Tax Rate 25.77
After-tax Cost of Debt 4.81%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.280
Total Debt 10,646
Total Equity 833.20
Total Capital 11,479.20
Debt Weighting 92.74
Equity Weighting 7.26
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 9,4749,0868,8637,9807,7887,419.667,068.736,734.416,415.906,112.45
Operating Cash Flow 2,4752,5152,9492,4432,6392,249.292,142.912,041.561,9451,853.01
Capital Expenditure -2,037-1,948-1,683-1,778-1,796-1,591.83-1,516.55-1,444.82-1,376.48-1,311.38
Free Cash Flow 4385671,266665843657.46626.37596.74568.52541.63
WACC
PV LFCF 624.90565.87512.41464420.16
SUM PV LFCF 2,587.33

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.21
Free cash flow (t + 1) 552.46
Terminal Value 17,210.61
Present Value of Terminal Value 13,350.92

Intrinsic Value

Enterprise Value 15,938.25
Net Debt 8,394
Equity Value 7,544.25
Shares Outstanding 1,753
Equity Value Per Share 4.30