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
Stock DCF: 23.82 | 30.26 | overvalue

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 2,632.852,758.68-345.641,513.058,143.423,923.211,890.06910.56438.68211.34
Revenue (%)
EBITDA 2,675.451,329.68-390.031,473.218,079.263,603.401,735.99836.34402.92194.11
EBITDA (%)
EBIT -----3,603.401,735.99836.34402.92194.11
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 1,671.66459.81201.1962.56294.71233.09112.3054.1026.0612.56
Total Cash (%)
Account Receivables 252.68322.32552.27534.92209.69-789.15-380.19-183.16-88.24-42.51
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 723.40387.97246.89-150.75-811.36-390.88-188.31-90.72-43.71-21.06
Accounts Payable (%)
Capital Expenditure ---0.120.512.761.330.640.310.150.07
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 2,632.852,758.68-345.641,513.058,143.423,923.211,890.06910.56438.68211.34
EBITDA 2,675.451,329.68-390.031,473.218,079.263,603.401,735.99836.34402.92194.11
EBIT -----3,603.401,735.99836.34402.92194.11
Tax Rate 7.26%0.68%-0.03%0.00%0.00%1.58%1.58%1.58%1.58%1.58%
EBIAT -----3,546.381,708.52823.11396.54191.04
Depreciation ----------
Accounts Receivable --69.64-229.9617.35325.24998.84-408.97-197.03-94.92-45.73
Inventories ----------
Accounts Payable --335.44-141.08-397.64-660.61420.47202.5797.5947.0222.65
Capital Expenditure ---0.120.512.761.330.640.310.150.07
UFCF -----4,967.031,502.76723.98348.79168.03
WACC
PV UFCF 4,659.501,322.44597.66270.10122.07
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