Discounted Cash Flow (DCF) Analysis Unlevered
Bradespar S.A. (BRAP4.SA)
$30.26
+0.10 (+0.33%)
All numbers are in Millions, Currency in USD
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 | 2,632.85 | 2,758.68 | -345.64 | 1,513.05 | 8,143.42 | 3,923.21 | 1,890.06 | 910.56 | 438.68 | 211.34 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 2,675.45 | 1,329.68 | -390.03 | 1,473.21 | 8,079.26 | 3,603.40 | 1,735.99 | 836.34 | 402.92 | 194.11 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 3,603.40 | 1,735.99 | 836.34 | 402.92 | 194.11 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| 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 | 1,671.66 | 459.81 | 201.19 | 62.56 | 294.71 | 233.09 | 112.30 | 54.10 | 26.06 | 12.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 252.68 | 322.32 | 552.27 | 534.92 | 209.69 | -789.15 | -380.19 | -183.16 | -88.24 | -42.51 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 723.40 | 387.97 | 246.89 | -150.75 | -811.36 | -390.88 | -188.31 | -90.72 | -43.71 | -21.06 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | -0.12 | 0.51 | 2.76 | 1.33 | 0.64 | 0.31 | 0.15 | 0.07 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 30.26 |
|---|---|
| Beta | 0.651 |
| Diluted Shares Outstanding | 418.61 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.605 |
| Total Debt | 1.07 |
| Total Equity | 12,667.28 |
| Total Capital | 12,668.35 |
| Debt Weighting | 0.01 |
| Equity Weighting | 99.99 |
| 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 | 2,632.85 | 2,758.68 | -345.64 | 1,513.05 | 8,143.42 | 3,923.21 | 1,890.06 | 910.56 | 438.68 | 211.34 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 2,675.45 | 1,329.68 | -390.03 | 1,473.21 | 8,079.26 | 3,603.40 | 1,735.99 | 836.34 | 402.92 | 194.11 |
| EBIT | - | - | - | - | - | 3,603.40 | 1,735.99 | 836.34 | 402.92 | 194.11 |
| Tax Rate | 7.26% | 0.68% | -0.03% | 0.00% | 0.00% | 1.58% | 1.58% | 1.58% | 1.58% | 1.58% |
| EBIAT | - | - | - | - | - | 3,546.38 | 1,708.52 | 823.11 | 396.54 | 191.04 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -69.64 | -229.96 | 17.35 | 325.24 | 998.84 | -408.97 | -197.03 | -94.92 | -45.73 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -335.44 | -141.08 | -397.64 | -660.61 | 420.47 | 202.57 | 97.59 | 47.02 | 22.65 |
| Capital Expenditure | - | - | -0.12 | 0.51 | 2.76 | 1.33 | 0.64 | 0.31 | 0.15 | 0.07 |
| UFCF | - | - | - | - | - | 4,967.03 | 1,502.76 | 723.98 | 348.79 | 168.03 |
| WACC | ||||||||||
| PV UFCF | 4,659.50 | 1,322.44 | 597.66 | 270.10 | 122.07 | |||||
| SUM PV UFCF | 6,971.77 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.60 |
| Free cash flow (t + 1) | 171.39 |
| Terminal Value | 3,725.95 |
| Present Value of Terminal Value | 2,706.77 |
Intrinsic Value
| Enterprise Value | 9,678.54 |
|---|---|
| Net Debt | -293.63 |
| Equity Value | 9,972.18 |
| Shares Outstanding | 418.61 |
| Equity Value Per Share | 23.82 |