Discounted Cash Flow (DCF) Analysis Unlevered

EDP - Energias do Brasil S.A. (ENBR3.SA)

$20.81

+0.09 (+0.43%)
All numbers are in Millions, Currency in USD
Stock DCF: 221.82 | 20.81 | 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 12,373.3813,834.2215,228.3414,983.8018,874.1521,056.0823,490.2526,205.8129,235.3132,615.03
Revenue (%)
EBITDA 2,339.232,904.053,046.713,235.194,232.864,376.384,882.315,446.726,076.386,778.84
EBITDA (%)
EBIT 1,760.892,294.152,424.352,586.633,492.793,474.383,876.034,324.114,8245,381.67
EBIT (%)
Depreciation 578.34609.90622.36648.56740.079021,006.281,122.611,252.381,397.16
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 431.522,742.593,001.483,116.493,352.683,435.703,832.884,275.984,770.305,321.76
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 144.82266.97168.72183.08460.41331.39369.70412.44460.12513.31
Inventories (%)
Accounts Payable 1,754.391,610.982,104.902,251.451,944.092,736.113,052.423,405.293,798.964,238.13
Accounts Payable (%)
Capital Expenditure -724.23-129.68-135.29-1,443.89-274.70-790.47-881.85-983.80-1,097.53-1,224.41
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 20.81
Beta 0.251
Diluted Shares Outstanding 605.37
Cost of Debt
Tax Rate 28.37
After-tax Cost of Debt 4.62%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.697
Total Debt 10,627.36
Total Equity 12,597.79
Total Capital 23,225.16
Debt Weighting 45.76
Equity Weighting 54.24
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 12,373.3813,834.2215,228.3414,983.8018,874.1521,056.0823,490.2526,205.8129,235.3132,615.03
EBITDA 2,339.232,904.053,046.713,235.194,232.864,376.384,882.315,446.726,076.386,778.84
EBIT 1,760.892,294.152,424.352,586.633,492.793,474.383,876.034,324.114,8245,381.67
Tax Rate 41.40%29.17%30.58%36.16%28.37%33.14%33.14%33.14%33.14%33.14%
EBIAT 1,031.841,625.011,682.911,651.422,501.772,323.102,591.662,891.263,225.513,598.39
Depreciation 578.34609.90622.36648.56740.079021,006.281,122.611,252.381,397.16
Accounts Receivable ----------
Inventories --122.1598.25-14.36-277.33129.02-38.31-42.74-47.68-53.19
Accounts Payable --143.42493.92146.55-307.35792.02316.31352.87393.67439.17
Capital Expenditure -724.23-129.68-135.29-1,443.89-274.70-790.47-881.85-983.80-1,097.53-1,224.41
UFCF 885.961,839.672,762.14988.282,382.463,355.672,994.083,340.203,726.354,157.13
WACC
PV UFCF 3,206.262,733.392,913.613,105.713,310.47
SUM PV UFCF 15,269.43

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.66
Free cash flow (t + 1) 4,240.27
Terminal Value 159,408.59
Present Value of Terminal Value 126,942.80

Intrinsic Value

Enterprise Value 142,212.23
Net Debt 7,929.58
Equity Value 134,282.65
Shares Outstanding 605.37
Equity Value Per Share 221.82