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
Stock DCF: 35.79 | 5.01 | undervalue

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 38,521.8646,958.2632,421.6948,722.2543,282.5146,534.7450,031.3453,790.6757,832.4762,177.98
Revenue (%)
EBITDA 45,989.3452,960.4430,543.1153,821.8289,829.7959,972.3264,478.6169,323.5174,532.4480,132.78
EBITDA (%)
EBIT 44,249.3850,568.5827,963.9851,387.9087,244.2957,316.6461,623.3966,253.7471,232.0276,584.36
EBIT (%)
Depreciation 1,739.962,391.862,579.132,433.922,585.502,655.682,855.233,069.773,300.433,548.42
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 117,153.02116,247.60129,889.11117,898.99150,475.41143,507.60154,290.70165,884.03178,348.48191,749.51
Total Cash (%)
Account Receivables 5,446.796,856.917,062.018,157.5313,142.609,086.469,769.2210,503.2711,292.4812,141
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 38,521.8646,958.2632,421.6948,722.2543,282.5146,534.7450,031.3453,790.6757,832.4762,177.98
EBITDA 45,989.3452,960.4430,543.1153,821.8289,829.7959,972.3264,478.6169,323.5174,532.4480,132.78
EBIT 44,249.3850,568.5827,963.9851,387.9087,244.2957,316.6461,623.3966,253.7471,232.0276,584.36
Tax Rate 20.91%26.34%-38.85%37.26%27.01%14.53%14.53%14.53%14.53%14.53%
EBIAT 34,995.2837,250.0238,828.2732,240.1463,677.3748,985.7952,666.5656,623.9160,878.6065,452.99
Depreciation 1,739.962,391.862,579.132,433.922,585.502,655.682,855.233,069.773,300.433,548.42
Accounts Receivable --1,410.11-205.10-1,095.52-4,985.074,056.14-682.75-734.05-789.21-848.51
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 33,724.7134,787.2639,196.5931,213.3458,414.1552,644.2551,556.2555,430.1659,595.1664,073.12
WACC
PV UFCF 39,047.8128,364.3422,619.5118,038.2214,384.81
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