Discounted Cash Flow (DCF) Analysis Levered
VEON Ltd. (VEON)
$20.13
-0.01 (-0.05%)
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 | 9,086 | 8,863 | 7,980 | 7,788 | 3,755 | 3,129.72 | 2,608.56 | 2,174.18 | 1,812.14 | 1,510.38 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 2,515 | 2,949 | 2,443 | 2,639 | 2,557 | 1,211.50 | 1,009.76 | 841.62 | 701.47 | 584.66 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -1,949 | -1,683 | -1,778 | -1,796 | -1,010 | -705.31 | -587.86 | -489.97 | -408.38 | -340.38 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 566 | 1,266 | 665 | 843 | 1,547 | 506.20 | 421.91 | 351.65 | 293.09 | 244.29 |
Weighted Average Cost Of Capital
Share price | $ 20.13 |
---|---|
Beta | 1.587 |
Diluted Shares Outstanding | 70.44 |
Cost of Debt | |
Tax Rate | -9.02 |
After-tax Cost of Debt | 18.72% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 11.746 |
Total Debt | 7,571 |
Total Equity | 1,417.96 |
Total Capital | 8,988.96 |
Debt Weighting | 84.23 |
Equity Weighting | 15.77 |
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 | 9,086 | 8,863 | 7,980 | 7,788 | 3,755 | 3,129.72 | 2,608.56 | 2,174.18 | 1,812.14 | 1,510.38 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 2,515 | 2,949 | 2,443 | 2,639 | 2,557 | 1,211.50 | 1,009.76 | 841.62 | 701.47 | 584.66 |
Capital Expenditure | -1,949 | -1,683 | -1,778 | -1,796 | -1,010 | -705.31 | -587.86 | -489.97 | -408.38 | -340.38 |
Free Cash Flow | 566 | 1,266 | 665 | 843 | 1,547 | 506.20 | 421.91 | 351.65 | 293.09 | 244.29 |
WACC | ||||||||||
PV LFCF | 430.37 | 304.97 | 216.11 | 153.14 | 108.52 | |||||
SUM PV LFCF | 1,213.09 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 17.62 |
Free cash flow (t + 1) | 249.17 |
Terminal Value | 1,595.22 |
Present Value of Terminal Value | 708.62 |
Intrinsic Value
Enterprise Value | 1,921.72 |
---|---|
Net Debt | 4,465 |
Equity Value | -2,543.28 |
Shares Outstanding | 70.44 |
Equity Value Per Share | -36.11 |