Discounted Cash Flow (DCF) Analysis Unlevered

Banco Latinoamericano de Comercio E... (BLX)

$24.04

+0.49 (+2.08%)
All numbers are in Millions, Currency in USD
Stock DCF: -391.56 | 24.04 | overvalue

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 70.07126.2399.16104.95166.67218.07285.31373.29488.39638.99
Revenue (%)
EBITDA 162.3489.6167.9366.19279.37262.49343.43449.33587.88769.16
EBITDA (%)
EBIT 159.8986.0563.5962.70276.65255.66334.49437.64572.59749.15
EBIT (%)
Depreciation 2.463.564.343.492.726.838.9311.6915.2920.01
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 1,745.651,178.17863.811,253.051,241.592,719.113,557.564,654.566,089.827,967.65
Total Cash (%)
Account Receivables 41.1441.7628.3024.7172.9681.84107.08140.09183.29239.81
Account Receivables (%)
Inventories 13.6124.5219.2620.3932.3842.3755.4372.5294.88124.14
Inventories (%)
Accounts Payable 25.9215.7711.1512.5562.5548.0762.8982.28107.65140.85
Accounts Payable (%)
Capital Expenditure -0.66-1.52-2.31-0.81-2.72-3-3.93-5.14-6.72-8.79
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 24.04
Beta 1.157
Diluted Shares Outstanding 36.30
Cost of Debt
Tax Rate 200.58
After-tax Cost of Debt -4.28%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.712
Total Debt 6,628.45
Total Equity 872.75
Total Capital 7,501.19
Debt Weighting 88.37
Equity Weighting 11.63
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 70.07126.2399.16104.95166.67218.07285.31373.29488.39638.99
EBITDA 162.3489.6167.9366.19279.37262.49343.43449.33587.88769.16
EBIT 159.8986.0563.5962.70276.65255.66334.49437.64572.59749.15
Tax Rate 0.00%0.00%0.00%0.00%200.58%40.12%40.12%40.12%40.12%40.12%
EBIAT 159.8986.0563.5962.70-278.24153.10200.31262.08342.89448.63
Depreciation 2.463.564.343.492.726.838.9311.6915.2920.01
Accounts Receivable --0.6113.463.59-48.25-8.88-25.24-33.02-43.20-56.52
Inventories --10.915.26-1.13-11.99-9.98-13.06-17.09-22.36-29.26
Accounts Payable --10.14-4.621.4050-14.4814.8219.3925.3733.20
Capital Expenditure -0.66-1.52-2.31-0.81-2.72-3-3.93-5.14-6.72-8.79
UFCF 161.6866.4279.7269.24-288.49123.58181.84237.92311.28407.26
WACC
PV UFCF 126.94191.88257.88346.58465.79
SUM PV UFCF 1,389.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -2.65
Free cash flow (t + 1) 415.41
Terminal Value -8,933.50
Present Value of Terminal Value -10,217.43

Intrinsic Value

Enterprise Value -8,828.36
Net Debt 5,386.86
Equity Value -14,215.22
Shares Outstanding 36.30
Equity Value Per Share -391.56