Discounted Cash Flow (DCF) Analysis Unlevered

Banco BBVA Argentina S.A. (BBAR)

$2.935

-0.09 (-2.81%)
All numbers are in Millions, Currency in USD
Stock DCF: 1,069.35 | 2.935 | undervalue

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 21,528.5142,907.7786,651.2196,810.74165,507282,991.44483,871.70827,345.971,414,633.982,418,805.89
Revenue (%)
EBITDA 16,170.1229,507.1370,877.2063,623117,744.76205,189.03350,841.58599,884.981,025,710.781,753,807.22
EBITDA (%)
EBIT 16,170.1227,584.8766,669.4359,557.02112,163193,226.68330,387.82564,912.21965,912.741,651,561.78
EBIT (%)
Depreciation -1,922.264,207.774,065.985,581.7611,962.3420,453.7634,972.7759,798.05102,245.44
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 37,664.38123,669.42201,465.79279,612.42218,346631,876.871,080,411.981,847,337.813,158,662.695,400,825.95
Total Cash (%)
Account Receivables 17,055.841,753.595,070.0111,862.875,16659,166.35101,165.33172,977.11295,764.18505,711.12
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.2495.67378.2641.54291.10497.73851.041,455.152,488.094,254.24
Accounts Payable (%)
Capital Expenditure -775.99-1,901.97-2,998.20-3,147.27-8,042.92-11,097.66-18,975.29-32,444.81-55,475.62-94,854.76
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.935
Beta 2.376
Diluted Shares Outstanding 204.24
Cost of Debt
Tax Rate -0.47
After-tax Cost of Debt 18,103.38%
Risk-Free Rate
Market Risk Premium
Cost of Equity 15.045
Total Debt 503
Total Equity 599.43
Total Capital 1,102.43
Debt Weighting 45.63
Equity Weighting 54.37
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 21,528.5142,907.7786,651.2196,810.74165,507282,991.44483,871.70827,345.971,414,633.982,418,805.89
EBITDA 16,170.1229,507.1370,877.2063,623117,744.76205,189.03350,841.58599,884.981,025,710.781,753,807.22
EBIT 16,170.1227,584.8766,669.4359,557.02112,163193,226.68330,387.82564,912.21965,912.741,651,561.78
Tax Rate 36.87%153.85%11.43%44.48%-0.47%49.23%49.23%49.23%49.23%49.23%
EBIAT 10,208.87-14,853.2759,047.5033,067.08112,695.0198,101.98167,739.26286,808.25490,397.87838,504.71
Depreciation -1,922.264,207.774,065.985,581.7611,962.3420,453.7634,972.7759,798.05102,245.44
Accounts Receivable -15,302.25-3,316.42-6,792.866,696.87-54,000.35-41,998.98-71,811.78-122,787.07-209,946.94
Inventories ----------
Accounts Payable -95.43282.59-336.72249.55206.63353.31604.111,032.931,766.16
Capital Expenditure -775.99-1,901.97-2,998.20-3,147.27-8,042.92-11,097.66-18,975.29-32,444.81-55,475.62-94,854.76
UFCF 9,432.87564.6957,223.2626,856.22117,180.2645,172.95127,572.06218,128.55372,966.17637,714.62
WACC
PV UFCF 539.8218.220.370.010
SUM PV UFCF 558.42

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8,268.08
Free cash flow (t + 1) 650,468.91
Terminal Value 7,869.13
Present Value of Terminal Value 0

Intrinsic Value

Enterprise Value 558.42
Net Debt -217,843
Equity Value 218,401.42
Shares Outstanding 204.24
Equity Value Per Share 1,069.35