Discounted Cash Flow (DCF) Analysis Unlevered

Banimmo SA (BANI.BR)

4 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -11,942,271.53 | 4 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 65.0954.554.263.2981.15534.023,514.4423,128.64152,210.411,001,702.34
Revenue (%)
EBITDA 5.720.981.311.6631.24139.09915.396,024.2039,645.48260,908.39
EBITDA (%)
EBIT 5.540.810.781.1630.74108.18711.954,685.3930,834.70202,924.32
EBIT (%)
Depreciation 0.180.160.530.500.5030.91203.441,338.818,810.7857,984.07
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 5.656.9822.5619.1671.701,304.568,585.3656,500.58371,832.422,447,042.83
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 98.0450.6057.8656.3928.493,577.4023,542.97154,937.161,019,647.176,710,335.50
Inventories (%)
Accounts Payable 10.088.228.759.3811.66571.633,761.9424,757.46162,929.791,072,246.92
Accounts Payable (%)
Capital Expenditure -0.4810.39-0.96-0.03-0.01-5.60-36.85-242.49-1,595.84-10,502.30
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4
Beta 0.634
Diluted Shares Outstanding 11.25
Cost of Debt
Tax Rate 12.14
After-tax Cost of Debt 3.85%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.687
Total Debt 93.89
Total Equity 45
Total Capital 138.89
Debt Weighting 67.60
Equity Weighting 32.40
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 65.0954.554.263.2981.15534.023,514.4423,128.64152,210.411,001,702.34
EBITDA 5.720.981.311.6631.24139.09915.396,024.2039,645.48260,908.39
EBIT 5.540.810.781.1630.74108.18711.954,685.3930,834.70202,924.32
Tax Rate -139.41%-26.01%30.82%-48.33%12.14%-34.16%-34.16%-34.16%-34.16%-34.16%
EBIAT 13.261.030.541.7227.01145.14955.156,285.8641,367.45272,240.73
Depreciation 0.180.160.530.500.5030.91203.441,338.818,810.7857,984.07
Accounts Receivable ----------
Inventories -47.44-7.261.4727.90-3,548.90-19,965.58-131,394.19-864,710-5,690,688.33
Accounts Payable --1.860.530.622.28559.973,190.3120,995.53138,172.32909,317.13
Capital Expenditure -0.4810.39-0.96-0.03-0.01-5.60-36.85-242.49-1,595.84-10,502.30
UFCF 12.9657.16-6.634.2857.69-2,818.48-15,653.53-103,016.49-677,955.29-4,461,648.70
WACC
PV UFCF -2,690.16-14,260.62-89,576.87-562,669.38-3,534,358.93
SUM PV UFCF -4,203,555.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.77
Free cash flow (t + 1) -4,550,881.67
Terminal Value -164,291,757.09
Present Value of Terminal Value -130,146,068.96

Intrinsic Value

Enterprise Value -134,349,624.92
Net Debt 22.20
Equity Value -134,349,647.12
Shares Outstanding 11.25
Equity Value Per Share -11,942,271.53