Discounted Cash Flow (DCF) Analysis Levered
Telefônica Brasil S.A. (VIV)
$8.35
+0.01 (+0.12%)
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 | 43,462.74 | 44,268.17 | 43,126.47 | 44,032.61 | 48,041.16 | 49,299.70 | 50,591.20 | 51,916.54 | 53,276.60 | 54,672.29 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 11,941.43 | 17,721.20 | 19,341.75 | 18,072.60 | 18,941.92 | 19,012.69 | 19,510.77 | 20,021.89 | 20,546.41 | 21,084.66 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -8,517.46 | -8,838.64 | -8,289.26 | -9,295.48 | -9,894.12 | -9,908.22 | -10,167.78 | -10,434.15 | -10,707.49 | -10,988 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 3,423.97 | 8,882.56 | 11,052.49 | 8,777.12 | 9,047.81 | 9,104.47 | 9,342.98 | 9,587.74 | 9,838.91 | 10,096.66 |
Weighted Average Cost Of Capital
Share price | $ 8.35 |
---|---|
Beta | 0.018 |
Diluted Shares Outstanding | 1,670.85 |
Cost of Debt | |
Tax Rate | 15.45 |
After-tax Cost of Debt | 9.62% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 3.777 |
Total Debt | 19,301.80 |
Total Equity | 13,951.61 |
Total Capital | 33,253.40 |
Debt Weighting | 58.04 |
Equity Weighting | 41.96 |
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 | 43,462.74 | 44,268.17 | 43,126.47 | 44,032.61 | 48,041.16 | 49,299.70 | 50,591.20 | 51,916.54 | 53,276.60 | 54,672.29 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 11,941.43 | 17,721.20 | 19,341.75 | 18,072.60 | 18,941.92 | 19,012.69 | 19,510.77 | 20,021.89 | 20,546.41 | 21,084.66 |
Capital Expenditure | -8,517.46 | -8,838.64 | -8,289.26 | -9,295.48 | -9,894.12 | -9,908.22 | -10,167.78 | -10,434.15 | -10,707.49 | -10,988 |
Free Cash Flow | 3,423.97 | 8,882.56 | 11,052.49 | 8,777.12 | 9,047.81 | 9,104.47 | 9,342.98 | 9,587.74 | 9,838.91 | 10,096.66 |
WACC | ||||||||||
PV LFCF | 8,495.36 | 8,134.65 | 7,789.27 | 7,458.55 | 7,141.87 | |||||
SUM PV LFCF | 39,019.69 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.17 |
Free cash flow (t + 1) | 10,298.60 |
Terminal Value | 199,199.14 |
Present Value of Terminal Value | 140,903.34 |
Intrinsic Value
Enterprise Value | 179,923.03 |
---|---|
Net Debt | 17,027.96 |
Equity Value | 162,895.07 |
Shares Outstanding | 1,670.85 |
Equity Value Per Share | 97.49 |