Discounted Cash Flow (DCF) Analysis Unlevered

CaixaBank, S.A. (CABK.MC)

3.419 €

-0.14 (-4.01%)
All numbers are in Millions, Currency in USD
Stock DCF: 30.12 | 3.419 | 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 8,894.459,371.999,2409,12311,35512,126.0112,949.3613,828.6214,767.5915,770.31
Revenue (%)
EBITDA 4,713.645,139.524,7244,0047,9266,612.337,061.317,540.778,052.798,599.58
EBITDA (%)
EBIT 4,286.714,735.104,1783,4647,2315,955.986,360.396,792.267,253.457,745.96
EBIT (%)
Depreciation 426.93404.41546540695656.35700.92748.51799.34853.61
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 20,160.3219,163.2115,11651,615104,27950,416.2753,839.5457,495.2461,399.1765,568.18
Total Cash (%)
Account Receivables 215.7823.50736280.7986.2892.1498.39105.07
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 466.16905.681,3081,1691,3141,296.181,384.191,478.181,578.551,685.73
Accounts Payable (%)
Capital Expenditure -585.27-736.53-757-690-678-877.09-936.65-1,000.25-1,068.16-1,140.69
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.419
Beta 1.017
Diluted Shares Outstanding 7,575
Cost of Debt
Tax Rate 1.67
After-tax Cost of Debt 3.72%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.329
Total Debt 50,741
Total Equity 25,898.92
Total Capital 76,639.93
Debt Weighting 66.21
Equity Weighting 33.79
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 8,894.459,371.999,2409,12311,35512,126.0112,949.3613,828.6214,767.5915,770.31
EBITDA 4,713.645,139.524,7244,0047,9266,612.337,061.317,540.778,052.798,599.58
EBIT 4,286.714,735.104,1783,4647,2315,955.986,360.396,792.267,253.457,745.96
Tax Rate 19.72%29.29%17.91%13.69%1.67%16.46%16.46%16.46%16.46%16.46%
EBIAT 3,441.183,348.143,429.702,989.867,109.924,975.765,313.625,674.416,059.716,471.16
Depreciation 426.93404.41546540695656.35700.92748.51799.34853.61
Accounts Receivable -192.2816.504-59-18.79-5.49-5.86-6.26-6.68
Inventories ----------
Accounts Payable -439.51402.32-139145-17.8288.0193.99100.37107.18
Capital Expenditure -585.27-736.53-757-690-678-877.09-936.65-1,000.25-1,068.16-1,140.69
UFCF 3,282.843,647.823,637.532,704.867,212.924,718.415,160.425,510.815,884.996,284.59
WACC
PV UFCF 4,481.784,655.794,722.564,790.304,859
SUM PV UFCF 23,509.43

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.28
Free cash flow (t + 1) 6,410.28
Terminal Value 195,435.28
Present Value of Terminal Value 151,103.18

Intrinsic Value

Enterprise Value 174,612.60
Net Debt -53,538
Equity Value 228,150.60
Shares Outstanding 7,575
Equity Value Per Share 30.12