Discounted Cash Flow (DCF) Analysis Unlevered

Banco Comercial Português, S.A. (BCP.LS)

0.2764 €

+0.00 (+0.29%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.51 | 0.2764 | undervalue

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 2,259.152,474.532,455.292,508.823,084.373,345.603,628.953,936.304,269.684,631.29
Revenue (%)
EBITDA 962.94666.07456.81478.861,238.53986.201,069.731,160.321,258.601,365.19
EBITDA (%)
EBIT 962.94666.07456.81478.861,099.28835.16905.89982.611,065.831,156.10
EBIT (%)
Depreciation ----139.25151.04163.84177.71192.76209.09
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 2,894.076,287.906,373.048,529.826,0227,875.608,542.619,266.1210,050.9010,902.15
Total Cash (%)
Account Receivables 594.05600.07619.33450.53640.19766.03830.91901.28977.611,060.41
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 92.83195.80174.46187.87199.49221.37240.12260.45282.51306.44
Accounts Payable (%)
Capital Expenditure -88.56-105.72-78.74-80.46-126.19-125.11-135.71-147.20-159.67-173.19
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.2,764
Beta 1.632
Diluted Shares Outstanding 15,113.99
Cost of Debt
Tax Rate 71.03
After-tax Cost of Debt 3.82%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.988
Total Debt 4,449.54
Total Equity 4,177.51
Total Capital 8,627.04
Debt Weighting 51.58
Equity Weighting 48.42
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 2,259.152,474.532,455.292,508.823,084.373,345.603,628.953,936.304,269.684,631.29
EBITDA 962.94666.07456.81478.861,238.53986.201,069.731,160.321,258.601,365.19
EBIT 962.94666.07456.81478.861,099.28835.16905.89982.611,065.831,156.10
Tax Rate 46.07%51.85%46.95%129.09%71.03%69.00%69.00%69.00%69.00%69.00%
EBIAT 519.35320.68242.31-139.31318.50258.91280.84304.62330.42358.41
Depreciation ----139.25151.04163.84177.71192.76209.09
Accounts Receivable --6.02-19.26168.80-189.66-125.84-64.88-70.37-76.33-82.80
Inventories ----------
Accounts Payable -102.97-21.3313.4111.6221.8818.7520.3422.0623.93
Capital Expenditure -88.56-105.72-78.74-80.46-126.19-125.11-135.71-147.20-159.67-173.19
UFCF 430.79311.92122.99-37.57153.52180.88262.84285.10309.25335.44
WACC
PV UFCF 167.82226.26227.71229.17230.63
SUM PV UFCF 1,081.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.78
Free cash flow (t + 1) 342.15
Terminal Value 5,919.49
Present Value of Terminal Value 4,069.99

Intrinsic Value

Enterprise Value 5,151.59
Net Debt -2,530.71
Equity Value 7,682.29
Shares Outstanding 15,113.99
Equity Value Per Share 0.51