Discounted Cash Flow (DCF) Analysis Unlevered

Itaú Corpbanca (ITCB)

$3.51

-0.05 (-1.40%)
Financial Summary
Financial Statements
Quarter Financials
Chart
Financial Ratios
Profile
Historical Data
DCFDCF Levered
All numbers are in Millions, Currency in USD
Stock DCF: 1,047,882.26 | 3.51 | 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 1,056,5181,221,9531,222,555.991,010,627.991,303,790.991,393,038.851,488,395.951,590,280.491,699,139.301,815,449.76
Revenue (%)
EBITDA 960,141.991,176,8611,161,925.01-114,3131,201,819.011,011,614.111,080,861.711,154,849.481,233,901.911,318,365.68
EBITDA (%)
EBIT 878,296.991,090,0441,034,759.01-240,7571,100,236.01884,691.88945,251.321,009,956.211,079,090.321,152,956.83
EBIT (%)
Depreciation 81,845.0186,817127,166126,444101,583126,922.24135,610.39144,893.27154,811.59165,408.84
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 3,784,5253,963,4924,839,875.997,233,1637,572,3386,616,794.777,069,731.457,553,672.808,070,741.198,623,204.25
Total Cash (%)
Account Receivables 1,646,6091,495,2671,457,4371,359,5811,388,6471,778,822.691,900,587.702,030,687.832,169,693.652,318,214.78
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 348,036393,575523,070335,285459,426491,322.14524,954.41560,888.89599,283.18640,305.66
Accounts Payable (%)
Capital Expenditure -87,155-82,952-65,716-67,675-46,170-85,394.91-91,240.41-97,486.05-104,159.23-111,289.19
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.51
Beta 0.771
Diluted Shares Outstanding 79.87
Cost of Debt
Tax Rate 30.23
After-tax Cost of Debt 4.19%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.245
Total Debt 11,839,242
Total Equity 280.33
Total Capital 11,839,522.33
Debt Weighting 100.00
Equity Weighting 0.00
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 1,056,5181,221,9531,222,555.991,010,627.991,303,790.991,393,038.851,488,395.951,590,280.491,699,139.301,815,449.76
EBITDA 960,141.991,176,8611,161,925.01-114,3131,201,819.011,011,614.111,080,861.711,154,849.481,233,901.911,318,365.68
EBIT 878,296.991,090,0441,034,759.01-240,7571,100,236.01884,691.88945,251.321,009,956.211,079,090.321,152,956.83
Tax Rate -581.34%26.75%34.05%14.08%30.23%-95.25%-95.25%-95.25%-95.25%-95.25%
EBIAT 5,984,225.45798,409.36682,439.70-206,849767,645.041,727,322.641,845,562.331,971,895.842,106,877.192,251,098.37
Depreciation 81,845.0186,817127,166126,444101,583126,922.24135,610.39144,893.27154,811.59165,408.84
Accounts Receivable -151,341.9937,830.0197,856-29,066-390,175.69-121,765-130,100.13-139,005.82-148,521.13
Inventories ----------
Accounts Payable -45,539129,494.99-187,784.99124,140.9931,896.1433,632.2735,934.4838,394.2941,022.48
Capital Expenditure -87,155-82,952-65,716-67,675-46,170-85,394.91-91,240.41-97,486.05-104,159.23-111,289.19
UFCF 5,978,915.45999,155.35911,214.69-238,008.99918,133.031,410,570.421,801,799.581,925,137.412,056,918.032,197,719.37
WACC
PV UFCF 1,353,844.341,659,794.821,702,094.301,745,471.781,789,954.73
SUM PV UFCF 8,251,159.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.19
Free cash flow (t + 1) 2,241,673.76
Terminal Value 102,359,532.47
Present Value of Terminal Value 83,367,754.39

Intrinsic Value

Enterprise Value 91,618,914.36
Net Debt 7,927,354
Equity Value 83,691,560.36
Shares Outstanding 79.87
Equity Value Per Share 1,047,882.26