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
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 | 49,388 | 56,635 | 51,253 | 51,291 | 17,321 | 14,680.19 | 12,442.01 | 10,545.06 | 8,937.33 | 7,574.72 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 2,921 | 4,007 | 6,579 | 3,677 | 2,585 | 1,406.91 | 1,192.41 | 1,010.61 | 856.53 | 725.94 |
EBITDA (%) | ||||||||||
EBIT | 2,032 | 2,448 | 4,015 | 1,560 | 683 | 682.78 | 578.68 | 490.45 | 415.68 | 352.30 |
EBIT (%) | ||||||||||
Depreciation | 889 | 1,559 | 2,564 | 2,117 | 1,902 | 724.14 | 613.73 | 520.16 | 440.86 | 373.64 |
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 | 4,369 | 7,954 | 8,711 | 8,274 | 3,751 | 2,280.54 | 1,932.84 | 1,638.15 | 1,388.40 | 1,176.72 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 1,365 | 2,800 | 2,250 | 2,884 | 1,810 | 827.09 | 700.99 | 594.12 | 503.53 | 426.76 |
Account Receivables (%) | ||||||||||
Inventories | 5,909 | 8,631 | 6,536 | 5,257 | 2,046 | 1,820.88 | 1,543.26 | 1,307.97 | 1,108.55 | 939.54 |
Inventories (%) | ||||||||||
Accounts Payable | 9,246 | 14,887 | 11,424 | 10,078 | 3,123 | 3,082.11 | 2,612.21 | 2,213.94 | 1,876.40 | 1,590.32 |
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 | 49,388 | 56,635 | 51,253 | 51,291 | 17,321 | 14,680.19 | 12,442.01 | 10,545.06 | 8,937.33 | 7,574.72 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 2,921 | 4,007 | 6,579 | 3,677 | 2,585 | 1,406.91 | 1,192.41 | 1,010.61 | 856.53 | 725.94 |
EBIT | 2,032 | 2,448 | 4,015 | 1,560 | 683 | 682.78 | 578.68 | 490.45 | 415.68 | 352.30 |
Tax Rate | 29.95% | -3.95% | -14.62% | -117.34% | 86.92% | -3.81% | -3.81% | -3.81% | -3.81% | -3.81% |
EBIAT | 1,423.47 | 2,544.63 | 4,602.15 | 3,390.57 | 89.34 | 708.79 | 600.73 | 509.14 | 431.51 | 365.72 |
Depreciation | 889 | 1,559 | 2,564 | 2,117 | 1,902 | 724.14 | 613.73 | 520.16 | 440.86 | 373.64 |
Accounts Receivable | - | -1,435 | 550 | -634 | 1,074 | 982.91 | 126.10 | 106.88 | 90.58 | 76.77 |
Inventories | - | -2,722 | 2,095 | 1,279 | 3,211 | 225.12 | 277.62 | 235.29 | 199.42 | 169.01 |
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 | -53.53 | 2,805.63 | 3,858.15 | 3,539.57 | -2,304.66 | 1,824.41 | 490.86 | 416.03 | 352.60 | 298.84 |
WACC | ||||||||||
PV UFCF | 1,784.26 | 469.50 | 389.16 | 322.57 | 267.37 | |||||
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 |