Discounted Cash Flow (DCF) Analysis Levered
VEON Ltd. (VEON)
$0.4753
+0.01 (+1.47%)
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 | 9,474 | 9,086 | 8,863 | 7,980 | 7,788 | 7,419.66 | 7,068.73 | 6,734.41 | 6,415.90 | 6,112.45 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 2,475 | 2,515 | 2,949 | 2,443 | 2,639 | 2,249.29 | 2,142.91 | 2,041.56 | 1,945 | 1,853.01 |
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 | 438 | 567 | 1,266 | 665 | 843 | 657.46 | 626.37 | 596.74 | 568.52 | 541.63 |
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 | 9,474 | 9,086 | 8,863 | 7,980 | 7,788 | 7,419.66 | 7,068.73 | 6,734.41 | 6,415.90 | 6,112.45 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 2,475 | 2,515 | 2,949 | 2,443 | 2,639 | 2,249.29 | 2,142.91 | 2,041.56 | 1,945 | 1,853.01 |
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 | 438 | 567 | 1,266 | 665 | 843 | 657.46 | 626.37 | 596.74 | 568.52 | 541.63 |
WACC | ||||||||||
PV LFCF | 624.90 | 565.87 | 512.41 | 464 | 420.16 | |||||
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 |