Discounted Cash Flow (DCF) Analysis Levered

VEON Ltd. (VEON)

$0.49

-0.00 (-0.77%)
All numbers are in Millions, Currency in USD
Stock DCF: 18.36 | 0.49 | undervalue

Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 8,8859,4749,0868,8637,9807,782.837,590.537,402.987,220.067,041.66
Revenue (%)
Operating Cash Flow 1,8752,4752,5152,9492,4432,160.422,107.042,054.982,004.211,954.68
Operating Cash Flow (%)
Capital Expenditure -1,651-2,037-1,948-1,683-1,778-1,600.03-1,560.49-1,521.94-1,484.33-1,447.66
Capital Expenditure (%)
Free Cash Flow 2244385671,266665560.40546.55533.05519.87507.03

Weighted Average Cost Of Capital

Share price $ 0.49
Beta 1.621
Diluted Shares Outstanding 1,745
Cost of Debt
Tax Rate 1,442.31
After-tax Cost of Debt -91.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.436
Total Debt 10,056
Total Equity 855.05
Total Capital 10,911.05
Debt Weighting 92.16
Equity Weighting 7.84
Wacc

Build Up Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 8,8859,4749,0868,8637,9807,782.837,590.537,402.987,220.067,041.66
Operating Cash Flow 1,8752,4752,5152,9492,4432,160.422,107.042,054.982,004.211,954.68
Capital Expenditure -1,651-2,037-1,948-1,683-1,778-1,600.03-1,560.49-1,521.94-1,484.33-1,447.66
Free Cash Flow 2244385671,266665560.40546.55533.05519.87507.03
WACC
PV LFCF 117,765.22682,850.363,959,442.4322,958,447.92133,122,362.67
SUM PV LFCF 4,550,387.61

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -83.18
Free cash flow (t + 1) 517.17
Terminal Value -607.15
Present Value of Terminal Value -4,509,885.71

Intrinsic Value

Enterprise Value 40,501.91
Net Debt 8,462
Equity Value 32,039.91
Shares Outstanding 1,745
Equity Value Per Share 18.36