Discounted Cash Flow (DCF) Analysis Unlevered
Banco Bradesco S.A. (BBD)
$2.76
-0.03 (-1.08%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 88,790.75 | 99,281.02 | 82,368.59 | 102,428.58 | 109,001.11 | 115,963.64 | 123,370.91 | 131,251.33 | 139,635.11 | 148,554.42 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 79,330.42 | 19,096.66 | 9,799.23 | 38,416.78 | 160,950.92 | 70,886.94 | 75,414.90 | 80,232.08 | 85,356.97 | 90,809.22 |
EBITDA (%) | ||||||||||
EBIT | 74,522.16 | 13,230.89 | 3,878.20 | 32,643.88 | 155,287.70 | 64,081.36 | 68,174.61 | 72,529.32 | 77,162.19 | 82,090.99 |
EBIT (%) | ||||||||||
Depreciation | 4,808.26 | 5,865.77 | 5,921.03 | 5,772.90 | 5,663.22 | 6,805.57 | 7,240.28 | 7,702.76 | 8,194.78 | 8,718.23 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Total Cash | 285,260.28 | 320,756.11 | 311,934.07 | 321,937.22 | 358,572.13 | 386,465.69 | 411,151.49 | 437,414.12 | 465,354.30 | 495,079.18 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 17,654.37 | 21,166.49 | 23,792.81 | 22,508.32 | 25,765.87 | 26,834.33 | 28,548.40 | 30,371.95 | 32,311.98 | 34,375.94 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | - | - | - | - | - | - | - | - | - | - |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -5,442.59 | -5,325.50 | -4,264.52 | -4,410.11 | -9,412.24 | -6,867.75 | -7,306.43 | -7,773.14 | -8,269.65 | -8,797.88 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 2.76 |
---|---|
Beta | 0.544 |
Diluted Shares Outstanding | 10,676.16 |
Cost of Debt | |
Tax Rate | 13.33 |
After-tax Cost of Debt | 32.59% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.195 |
Total Debt | 349,226.77 |
Total Equity | 29,466.19 |
Total Capital | 378,692.96 |
Debt Weighting | 92.22 |
Equity Weighting | 7.78 |
Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 88,790.75 | 99,281.02 | 82,368.59 | 102,428.58 | 109,001.11 | 115,963.64 | 123,370.91 | 131,251.33 | 139,635.11 | 148,554.42 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 79,330.42 | 19,096.66 | 9,799.23 | 38,416.78 | 160,950.92 | 70,886.94 | 75,414.90 | 80,232.08 | 85,356.97 | 90,809.22 |
EBIT | 74,522.16 | 13,230.89 | 3,878.20 | 32,643.88 | 155,287.70 | 64,081.36 | 68,174.61 | 72,529.32 | 77,162.19 | 82,090.99 |
Tax Rate | 14.70% | -57.11% | -288.61% | 29.47% | 13.33% | -57.64% | -57.64% | -57.64% | -57.64% | -57.64% |
EBIAT | 63,566.93 | 20,787.07 | 15,070.92 | 23,025.27 | 134,593.79 | 101,021 | 107,473.80 | 114,338.78 | 121,642.26 | 129,412.25 |
Depreciation | 4,808.26 | 5,865.77 | 5,921.03 | 5,772.90 | 5,663.22 | 6,805.57 | 7,240.28 | 7,702.76 | 8,194.78 | 8,718.23 |
Accounts Receivable | - | -3,512.12 | -2,626.33 | 1,284.49 | -3,257.55 | -1,068.46 | -1,714.06 | -1,823.55 | -1,940.03 | -2,063.95 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | - | - | - | - | - | - | - | - | - |
Capital Expenditure | -5,442.59 | -5,325.50 | -4,264.52 | -4,410.11 | -9,412.24 | -6,867.75 | -7,306.43 | -7,773.14 | -8,269.65 | -8,797.88 |
UFCF | 62,932.59 | 17,815.22 | 14,101.11 | 25,672.55 | 127,587.22 | 99,890.36 | 105,693.59 | 112,444.85 | 119,627.35 | 127,268.65 |
WACC | ||||||||||
PV UFCF | 76,479.87 | 61,957.77 | 50,467.32 | 41,107.85 | 33,484.15 | |||||
SUM PV UFCF | 263,496.97 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 30.61 |
Free cash flow (t + 1) | 129,814.02 |
Terminal Value | 453,736.52 |
Present Value of Terminal Value | 119,377.26 |
Intrinsic Value
Enterprise Value | 382,874.23 |
---|---|
Net Debt | 206,242.92 |
Equity Value | 176,631.31 |
Shares Outstanding | 10,676.16 |
Equity Value Per Share | 16.54 |