Discounted Cash Flow (DCF) Analysis Unlevered

Companhia Brasileira de Distribuiçã... (CBD)

$3.43

-0.08 (-2.28%)
All numbers are in Millions, Currency in USD
Stock DCF: 394.69 | 3.43 | 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 49,38856,63551,25351,29117,32114,680.1912,442.0110,545.068,937.337,574.72
Revenue (%)
EBITDA 2,9214,0076,5793,6772,5851,406.911,192.411,010.61856.53725.94
EBITDA (%)
EBIT 2,0322,4484,0151,560683682.78578.68490.45415.68352.30
EBIT (%)
Depreciation 8891,5592,5642,1171,902724.14613.73520.16440.86373.64
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 4,3697,9548,7118,2743,7512,280.541,932.841,638.151,388.401,176.72
Total Cash (%)
Account Receivables 1,3652,8002,2502,8841,810827.09700.99594.12503.53426.76
Account Receivables (%)
Inventories 5,9098,6316,5365,2572,0461,820.881,543.261,307.971,108.55939.54
Inventories (%)
Accounts Payable 9,24614,88711,42410,0783,1233,082.112,612.212,213.941,876.401,590.32
Accounts Payable (%)
Capital Expenditure -2,366-2,782-2,490-1,267-1,626-775.66-657.40-557.17-472.23-400.23
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.43
Beta 0.870
Diluted Shares Outstanding 269
Cost of Debt
Tax Rate 86.92
After-tax Cost of Debt 1.73%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.878
Total Debt 9,900
Total Equity 922.67
Total Capital 10,822.67
Debt Weighting 91.47
Equity Weighting 8.53
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 49,38856,63551,25351,29117,32114,680.1912,442.0110,545.068,937.337,574.72
EBITDA 2,9214,0076,5793,6772,5851,406.911,192.411,010.61856.53725.94
EBIT 2,0322,4484,0151,560683682.78578.68490.45415.68352.30
Tax Rate 29.95%-3.95%-14.62%-117.34%86.92%-3.81%-3.81%-3.81%-3.81%-3.81%
EBIAT 1,423.472,544.634,602.153,390.5789.34708.79600.73509.14431.51365.72
Depreciation 8891,5592,5642,1171,902724.14613.73520.16440.86373.64
Accounts Receivable --1,435550-6341,074982.91126.10106.8890.5876.77
Inventories --2,7222,0951,2793,211225.12277.62235.29199.42169.01
Accounts Payable -5,641-3,463-1,346-6,955-40.89-469.91-398.26-337.54-286.08
Capital Expenditure -2,366-2,782-2,490-1,267-1,626-775.66-657.40-557.17-472.23-400.23
UFCF -53.532,805.633,858.153,539.57-2,304.661,824.41490.86416.03352.60298.84
WACC
PV UFCF 1,784.26469.50389.16322.57267.37
SUM PV UFCF 3,232.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.25
Free cash flow (t + 1) 304.82
Terminal Value 121,926.24
Present Value of Terminal Value 109,088.90

Intrinsic Value

Enterprise Value 112,321.77
Net Debt 6,149
Equity Value 106,172.77
Shares Outstanding 269
Equity Value Per Share 394.69