Discounted Cash Flow (DCF) Analysis Unlevered
Intercorp Financial Services Inc. (IFS)
$22.68
-0.12 (-0.53%)
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 | 4,779 | 5,371.39 | 5,473.71 | 5,952.68 | 6,483.31 | 7,001.41 | 7,560.91 | 8,165.12 | 8,817.62 | 9,522.25 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 2,785.14 | 2,196.60 | 579.08 | 2,571.96 | 4,043.52 | 3,015.19 | 3,256.14 | 3,516.35 | 3,797.35 | 4,100.80 |
EBITDA (%) | ||||||||||
EBIT | 2,620.44 | 1,934.58 | 310.33 | 2,292.27 | 3,707.30 | 2,691.46 | 2,906.54 | 3,138.81 | 3,389.64 | 3,660.52 |
EBIT (%) | ||||||||||
Depreciation | 164.70 | 262.02 | 268.75 | 279.69 | 336.23 | 323.73 | 349.60 | 377.53 | 407.70 | 440.28 |
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 | 21,756.01 | 25,250.93 | 37,691.06 | 34,991.31 | 30,555.72 | 37,430.21 | 40,421.35 | 43,651.53 | 47,139.83 | 50,906.89 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 2,659.81 | 1,059.16 | 1,460.63 | 1,669.06 | 1,750.34 | 2,199.78 | 2,375.57 | 2,565.41 | 2,770.42 | 2,991.81 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 1,067.81 | 907.29 | 885.30 | 983.58 | 1,277.06 | 1,283.07 | 1,385.61 | 1,496.33 | 1,615.91 | 1,745.04 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -200.64 | -210.72 | -248.43 | -257.81 | -362.31 | -316.17 | -341.44 | -368.72 | -398.19 | -430.01 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 22.68 |
---|---|
Beta | 0.797 |
Diluted Shares Outstanding | 115.42 |
Cost of Debt | |
Tax Rate | 23.48 |
After-tax Cost of Debt | 11.57% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.333 |
Total Debt | 10,474.92 |
Total Equity | 2,617.68 |
Total Capital | 13,092.60 |
Debt Weighting | 80.01 |
Equity Weighting | 19.99 |
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 | 4,779 | 5,371.39 | 5,473.71 | 5,952.68 | 6,483.31 | 7,001.41 | 7,560.91 | 8,165.12 | 8,817.62 | 9,522.25 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 2,785.14 | 2,196.60 | 579.08 | 2,571.96 | 4,043.52 | 3,015.19 | 3,256.14 | 3,516.35 | 3,797.35 | 4,100.80 |
EBIT | 2,620.44 | 1,934.58 | 310.33 | 2,292.27 | 3,707.30 | 2,691.46 | 2,906.54 | 3,138.81 | 3,389.64 | 3,660.52 |
Tax Rate | 29.68% | 25.16% | -7.55% | 25.15% | 23.48% | 19.18% | 19.18% | 19.18% | 19.18% | 19.18% |
EBIAT | 1,842.72 | 1,447.93 | 333.77 | 1,715.79 | 2,836.95 | 2,175.21 | 2,349.04 | 2,536.76 | 2,739.48 | 2,958.39 |
Depreciation | 164.70 | 262.02 | 268.75 | 279.69 | 336.23 | 323.73 | 349.60 | 377.53 | 407.70 | 440.28 |
Accounts Receivable | - | 1,600.65 | -401.46 | -208.43 | -81.28 | -449.44 | -175.79 | -189.84 | -205.01 | -221.39 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | -160.52 | -21.99 | 98.28 | 293.49 | 6.01 | 102.53 | 110.73 | 119.58 | 129.13 |
Capital Expenditure | -200.64 | -210.72 | -248.43 | -257.81 | -362.31 | -316.17 | -341.44 | -368.72 | -398.19 | -430.01 |
UFCF | 1,806.78 | 2,939.35 | -69.36 | 1,627.52 | 3,023.07 | 1,739.34 | 2,283.94 | 2,466.46 | 2,663.56 | 2,876.41 |
WACC | ||||||||||
PV UFCF | 1,568.10 | 1,856.37 | 1,807.36 | 1,759.63 | 1,713.17 | |||||
SUM PV UFCF | 8,704.63 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 10.92 |
Free cash flow (t + 1) | 2,933.94 |
Terminal Value | 32,891.66 |
Present Value of Terminal Value | 19,590.09 |
Intrinsic Value
Enterprise Value | 28,294.72 |
---|---|
Net Debt | -2,528.98 |
Equity Value | 30,823.70 |
Shares Outstanding | 115.42 |
Equity Value Per Share | 267.06 |