Discounted Cash Flow (DCF) Analysis Unlevered

Banco do Estado do Rio Grande do Su... (BRSR6.SA)

$9.9

-0.07 (-0.70%)
All numbers are in Millions, Currency in USD
Stock DCF: 52.44 | 9.9 | 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 7,636.277,976.138,118.817,611.427,204.317,107.797,012.576,918.626,825.936,734.48
Revenue (%)
EBITDA 6,422.395,717.735,247.794,172.884,841.594,868.204,802.984,738.634,675.154,612.51
EBITDA (%)
EBIT 6,233.895,518.145,037.263,949.864,596.724,670.704,608.124,546.394,485.484,425.39
EBIT (%)
Depreciation 188.50199.59210.53223.02244.87197.50194.85192.24189.67187.12
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 12,643.1114,523.6615,149.1615,695.3317,733.2514,025.1513,837.2613,651.8813,468.9813,288.53
Total Cash (%)
Account Receivables 7,895.966,993.137,073.48274.56232.274,051.903,997.623,944.063,891.223,839.09
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ---1,118.981,263.581,145.791,130.441,115.301,100.361,085.62
Accounts Payable (%)
Capital Expenditure -119.45-125.03-154.01-195.34-221.17-151.61-149.58-147.58-145.60-143.65
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.9
Beta 0.775
Diluted Shares Outstanding 408.97
Cost of Debt
Tax Rate 30.05
After-tax Cost of Debt 33.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.187
Total Debt 7,105.91
Total Equity 4,048.85
Total Capital 11,154.76
Debt Weighting 63.70
Equity Weighting 36.30
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 7,636.277,976.138,118.817,611.427,204.317,107.797,012.576,918.626,825.936,734.48
EBITDA 6,422.395,717.735,247.794,172.884,841.594,868.204,802.984,738.634,675.154,612.51
EBIT 6,233.895,518.145,037.263,949.864,596.724,670.704,608.124,546.394,485.484,425.39
Tax Rate 33.96%41.19%15.93%33.59%30.05%30.95%30.95%30.95%30.95%30.95%
EBIAT 4,116.633,245.084,234.822,623.123,215.373,225.333,182.123,139.493,097.433,055.93
Depreciation 188.50199.59210.53223.02244.87197.50194.85192.24189.67187.12
Accounts Receivable -902.83-80.356,798.9242.29-3,819.6354.2853.5652.8452.13
Inventories ----------
Accounts Payable ----144.60-117.79-15.35-15.14-14.94-14.74
Capital Expenditure -119.45-125.03-154.01-195.34-221.17-151.61-149.58-147.58-145.60-143.65
UFCF 4,185.684,222.474,210.999,449.723,425.97-666.203,266.333,222.573,179.403,136.80
WACC
PV UFCF -538.472,133.931,701.701,357.021,082.15
SUM PV UFCF 5,736.32

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 23.72
Free cash flow (t + 1) 3,199.54
Terminal Value 14,730.83
Present Value of Terminal Value 5,081.92

Intrinsic Value

Enterprise Value 10,818.24
Net Debt -10,627.33
Equity Value 21,445.58
Shares Outstanding 408.97
Equity Value Per Share 52.44