Discounted Cash Flow (DCF) Analysis Unlevered
Banco Santander (Brasil) S.A. (BSBR)
$5.01
+0.06 (+1.21%)
All numbers are in Millions, Currency in USD
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 | 38,521.86 | 46,958.26 | 32,421.69 | 48,722.25 | 43,282.51 | 46,534.74 | 50,031.34 | 53,790.67 | 57,832.47 | 62,177.98 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 45,989.34 | 52,960.44 | 30,543.11 | 53,821.82 | 89,829.79 | 59,972.32 | 64,478.61 | 69,323.51 | 74,532.44 | 80,132.78 |
EBITDA (%) | ||||||||||
EBIT | 44,249.38 | 50,568.58 | 27,963.98 | 51,387.90 | 87,244.29 | 57,316.64 | 61,623.39 | 66,253.74 | 71,232.02 | 76,584.36 |
EBIT (%) | ||||||||||
Depreciation | 1,739.96 | 2,391.86 | 2,579.13 | 2,433.92 | 2,585.50 | 2,655.68 | 2,855.23 | 3,069.77 | 3,300.43 | 3,548.42 |
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 | 117,153.02 | 116,247.60 | 129,889.11 | 117,898.99 | 150,475.41 | 143,507.60 | 154,290.70 | 165,884.03 | 178,348.48 | 191,749.51 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 5,446.79 | 6,856.91 | 7,062.01 | 8,157.53 | 13,142.60 | 9,086.46 | 9,769.22 | 10,503.27 | 11,292.48 | 12,141 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | - | - | - | - | - | - | - | - | - | - |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -3,010.52 | -3,444.51 | -2,005.71 | -2,365.19 | -2,863.66 | -3,053.36 | -3,282.79 | -3,529.45 | -3,794.66 | -4,079.78 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 5.01 |
---|---|
Beta | 0.693 |
Diluted Shares Outstanding | 3,787.53 |
Cost of Debt | |
Tax Rate | 27.01 |
After-tax Cost of Debt | 39.03% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.759 |
Total Debt | 126,658.49 |
Total Equity | 18,975.54 |
Total Capital | 145,634.03 |
Debt Weighting | 86.97 |
Equity Weighting | 13.03 |
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 | 38,521.86 | 46,958.26 | 32,421.69 | 48,722.25 | 43,282.51 | 46,534.74 | 50,031.34 | 53,790.67 | 57,832.47 | 62,177.98 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 45,989.34 | 52,960.44 | 30,543.11 | 53,821.82 | 89,829.79 | 59,972.32 | 64,478.61 | 69,323.51 | 74,532.44 | 80,132.78 |
EBIT | 44,249.38 | 50,568.58 | 27,963.98 | 51,387.90 | 87,244.29 | 57,316.64 | 61,623.39 | 66,253.74 | 71,232.02 | 76,584.36 |
Tax Rate | 20.91% | 26.34% | -38.85% | 37.26% | 27.01% | 14.53% | 14.53% | 14.53% | 14.53% | 14.53% |
EBIAT | 34,995.28 | 37,250.02 | 38,828.27 | 32,240.14 | 63,677.37 | 48,985.79 | 52,666.56 | 56,623.91 | 60,878.60 | 65,452.99 |
Depreciation | 1,739.96 | 2,391.86 | 2,579.13 | 2,433.92 | 2,585.50 | 2,655.68 | 2,855.23 | 3,069.77 | 3,300.43 | 3,548.42 |
Accounts Receivable | - | -1,410.11 | -205.10 | -1,095.52 | -4,985.07 | 4,056.14 | -682.75 | -734.05 | -789.21 | -848.51 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | - | - | - | - | - | - | - | - | - |
Capital Expenditure | -3,010.52 | -3,444.51 | -2,005.71 | -2,365.19 | -2,863.66 | -3,053.36 | -3,282.79 | -3,529.45 | -3,794.66 | -4,079.78 |
UFCF | 33,724.71 | 34,787.26 | 39,196.59 | 31,213.34 | 58,414.15 | 52,644.25 | 51,556.25 | 55,430.16 | 59,595.16 | 64,073.12 |
WACC | ||||||||||
PV UFCF | 39,047.81 | 28,364.34 | 22,619.51 | 18,038.22 | 14,384.81 | |||||
SUM PV UFCF | 122,454.69 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 34.82 |
Free cash flow (t + 1) | 65,354.58 |
Terminal Value | 199,130.34 |
Present Value of Terminal Value | 44,706 |
Intrinsic Value
Enterprise Value | 167,160.69 |
---|---|
Net Debt | 31,608.76 |
Equity Value | 135,551.94 |
Shares Outstanding | 3,787.53 |
Equity Value Per Share | 35.79 |