Discounted Cash Flow (DCF) Analysis Unlevered

Telecom Italia S.p.A. (TIT.BR)

0.31 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 0.31 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 17,97415,80515,31615,78816,29615,934.9615,581.9215,236.7014,899.1314,569.04
Revenue (%)
EBITDA 7,4746,5285,1695,46316,2968,006.907,829.517,656.057,486.437,320.56
EBITDA (%)
EBIT 2,5471,91267968611,562.393,378.173,303.323,230.143,158.573,088.60
EBIT (%)
Depreciation 4,9274,6164,4904,7774,733.614,628.734,526.184,425.914,327.854,231.97
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 4,1216,0689,2745,1326,289.336,149.996,013.745,880.505,750.225,622.82
Total Cash (%)
Account Receivables 4,2763,5803,3613,5373,698.723,616.783,536.653,458.293,381.673,306.75
Account Receivables (%)
Inventories 270264552604431.94422.37413.01403.86394.91386.16
Inventories (%)
Accounts Payable 4,3234,1335,1615,2954,784.354,678.364,574.714,473.354,374.254,277.34
Accounts Payable (%)
Capital Expenditure -4,924-4,697-5,297-6,305-5,362.76-5,243.95-5,127.77-5,014.16-4,903.07-4,794.44
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.31
Beta 1.096
Diluted Shares Outstanding -
Cost of Debt
Tax Rate -275.17
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.433
Total Debt -
Total Equity -
Total Capital -
Debt Weighting -
Equity Weighting -
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 17,97415,80515,31615,78816,29615,934.9615,581.9215,236.7014,899.1314,569.04
EBITDA 7,4746,5285,1695,46316,2968,006.907,829.517,656.057,486.437,320.56
EBIT 2,5471,91267968611,562.393,378.173,303.323,230.143,158.573,088.60
Tax Rate 47.36%-679.29%-90.03%-378.72%-275.17%-275.17%-275.17%-275.17%-275.17%-275.17%
EBIAT 1,340.8314,899.991,290.293,284.0443,378.7312,673.9012,393.1112,118.5411,850.0511,587.51
Depreciation 4,9274,6164,4904,7774,733.614,628.734,526.184,425.914,327.854,231.97
Accounts Receivable -696219-176-161.7281.9580.1378.3576.6274.92
Inventories -6-288-52172.069.579.369.158.958.75
Accounts Payable --1901,028134-510.65-106-103.65-101.35-99.11-96.91
Capital Expenditure -4,924-4,697-5,297-6,305-5,362.76-5,243.95-5,127.77-5,014.16-4,903.07-4,794.44
UFCF 1,343.8315,330.991,442.291,662.0442,249.2812,044.2111,777.3711,516.4411,261.2911,011.80
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 11,232.03
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -
Equity Value -
Shares Outstanding -
Equity Value Per Share -