Discounted Cash Flow (DCF) Analysis Levered

VEON Ltd. (VEON)

$20.13

-0.01 (-0.05%)
All numbers are in Millions, Currency in USD
Stock DCF: -36.11 | 20.13 | overvalue

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 9,0868,8637,9807,7883,7553,129.722,608.562,174.181,812.141,510.38
Revenue (%)
Operating Cash Flow 2,5152,9492,4432,6392,5571,211.501,009.76841.62701.47584.66
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 5661,2666658431,547506.20421.91351.65293.09244.29

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 9,0868,8637,9807,7883,7553,129.722,608.562,174.181,812.141,510.38
Operating Cash Flow 2,5152,9492,4432,6392,5571,211.501,009.76841.62701.47584.66
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 5661,2666658431,547506.20421.91351.65293.09244.29
WACC
PV LFCF 430.37304.97216.11153.14108.52
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