Discounted Cash Flow (DCF) Analysis Unlevered

Banco Bradesco S.A. (BBD)

$3.68

-0.02 (-0.54%)
All numbers are in Millions, Currency in USD
Stock DCF: 91.47 | 3.68 | 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 91,193.6388,790.7599,281.0282,368.59102,428.58106,653.42111,052.53115,633.08120,402.57125,368.78
Revenue (%)
EBITDA 103,676.3079,330.4177,714.6558,374.9193,538.1194,601.9298,503.94102,566.91106,797.45111,202.50
EBITDA (%)
EBIT 99,107.7474,522.1671,848.8852,453.8887,765.2188,382.3792,027.8695,823.7199,776.12103,891.56
EBIT (%)
Depreciation 4,568.574,808.265,865.775,921.035,772.906,219.556,476.086,743.207,021.337,310.94
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 192,282.14285,260.28320,756.11311,934.07321,937.22330,244.02343,865.51358,048.84372,817.18388,194.67
Total Cash (%)
Account Receivables 20,599.5417,654.3723,916.2823,792.8122,508.3225,046.8826,079.9827,155.6928,275.7829,442.06
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -5,641.35-5,442.59-5,325.50-4,264.52-4,410.11-5,794.01-6,032.99-6,281.83-6,540.94-6,810.73
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.68
Beta 1.167
Diluted Shares Outstanding 10,691.94
Cost of Debt
Tax Rate 29.47
After-tax Cost of Debt 16.27%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.311
Total Debt 238,941.56
Total Equity 39,346.34
Total Capital 278,287.90
Debt Weighting 85.86
Equity Weighting 14.14
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 91,193.6388,790.7599,281.0282,368.59102,428.58106,653.42111,052.53115,633.08120,402.57125,368.78
EBITDA 103,676.3079,330.4177,714.6558,374.9193,538.1194,601.9298,503.94102,566.91106,797.45111,202.50
EBIT 99,107.7474,522.1671,848.8852,453.8887,765.2188,382.3792,027.8695,823.7199,776.12103,891.56
Tax Rate 28.03%14.70%-57.11%-288.61%29.47%-54.71%-54.71%-54.71%-54.71%-54.71%
EBIAT 71,332.5363,566.93112,881.84203,839.2161,904.94136,732.03142,371.77148,244.14154,358.73160,725.52
Depreciation 4,568.574,808.265,865.775,921.035,772.906,219.556,476.086,743.207,021.337,310.94
Accounts Receivable -2,945.17-6,261.91123.471,284.49-2,538.56-1,033.10-1,075.71-1,120.08-1,166.28
Inventories ----------
Accounts Payable ----------
Capital Expenditure -5,641.35-5,442.59-5,325.50-4,264.52-4,410.11-5,794.01-6,032.99-6,281.83-6,540.94-6,810.73
UFCF 70,259.7565,877.77107,160.19205,619.1964,552.21134,619.01141,781.76147,629.80153,719.05160,059.45
WACC
PV UFCF 116,765.55106,668.7296,338.3387,008.3978,582.01
SUM PV UFCF 485,363

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 15.29
Free cash flow (t + 1) 163,260.64
Terminal Value 1,228,447.27
Present Value of Terminal Value 603,112.49

Intrinsic Value

Enterprise Value 1,088,475.50
Net Debt 110,520.88
Equity Value 977,954.61
Shares Outstanding 10,691.94
Equity Value Per Share 91.47