Discounted Cash Flow (DCF) Analysis Unlevered
Intercorp Financial Services Inc. (IFS)
$22.31
+0.36 (+1.64%)
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 | 6,485.15 | 7,003.90 | 7,564.14 | 8,169.19 | 8,822.65 | 9,528.37 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 2,785.14 | 3,559.30 | 1,715.18 | 3,559.22 | 4,043.52 | 3,894.45 | 4,205.97 | 4,542.40 | 4,905.75 | 5,298.16 |
EBITDA (%) | ||||||||||
EBIT | 2,620.44 | 3,297.28 | 1,446.43 | 3,278.85 | 3,707.30 | 3,570.47 | 3,856.07 | 4,164.52 | 4,497.63 | 4,857.40 |
EBIT (%) | ||||||||||
Depreciation | 164.70 | 262.02 | 268.75 | 280.37 | 336.23 | 323.98 | 349.90 | 377.88 | 408.11 | 440.76 |
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 | 37,441.64 | 40,436.60 | 43,671.11 | 47,164.36 | 50,937.03 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 2,659.81 | 1,059.16 | 1,460.63 | 3,607.79 | 1,870.38 | 2,682.61 | 2,897.19 | 3,128.93 | 3,379.22 | 3,649.52 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 1,067.81 | 907.29 | 1,072.15 | 1,154.54 | 1,662.12 | 1,454.67 | 1,571.03 | 1,696.70 | 1,832.41 | 1,978.99 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -200.64 | -210.72 | -248.43 | -257.01 | -361.55 | -315.91 | -341.18 | -368.47 | -397.95 | -429.78 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 22.31 |
---|---|
Beta | 0.792 |
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 | 7.479 |
Total Debt | 10,475.99 |
Total Equity | 2,574.98 |
Total Capital | 13,050.97 |
Debt Weighting | 80.27 |
Equity Weighting | 19.73 |
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 | 6,485.15 | 7,003.90 | 7,564.14 | 8,169.19 | 8,822.65 | 9,528.37 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 2,785.14 | 3,559.30 | 1,715.18 | 3,559.22 | 4,043.52 | 3,894.45 | 4,205.97 | 4,542.40 | 4,905.75 | 5,298.16 |
EBIT | 2,620.44 | 3,297.28 | 1,446.43 | 3,278.85 | 3,707.30 | 3,570.47 | 3,856.07 | 4,164.52 | 4,497.63 | 4,857.40 |
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 | 2,467.83 | 1,555.71 | 2,454.27 | 2,836.95 | 2,885.62 | 3,116.44 | 3,365.72 | 3,634.94 | 3,925.70 |
Depreciation | 164.70 | 262.02 | 268.75 | 280.37 | 336.23 | 323.98 | 349.90 | 377.88 | 408.11 | 440.76 |
Accounts Receivable | - | 1,600.65 | -401.46 | -2,147.16 | 1,737.40 | -812.22 | -214.58 | -231.75 | -250.28 | -270.30 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | -160.52 | 164.86 | 82.39 | 507.58 | -207.45 | 116.36 | 125.67 | 135.72 | 146.57 |
Capital Expenditure | -200.64 | -210.72 | -248.43 | -257.01 | -361.55 | -315.91 | -341.18 | -368.47 | -397.95 | -429.78 |
UFCF | 1,806.78 | 3,959.25 | 1,339.43 | 412.85 | 5,056.62 | 1,874.01 | 3,026.93 | 3,269.05 | 3,530.54 | 3,812.95 |
WACC | ||||||||||
PV UFCF | 1,691.96 | 2,467.38 | 2,405.88 | 2,345.90 | 2,287.42 | |||||
SUM PV UFCF | 11,198.54 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 10.76 |
Free cash flow (t + 1) | 3,889.21 |
Terminal Value | 44,397.38 |
Present Value of Terminal Value | 26,634.38 |
Intrinsic Value
Enterprise Value | 37,832.93 |
---|---|
Net Debt | -2,527.90 |
Equity Value | 40,360.83 |
Shares Outstanding | 115.42 |
Equity Value Per Share | 349.69 |