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Discounted Cash Flow (DCF) Analysis Unlevered


Banco Bradesco Sa American Depositary Shares

Banco Bradesco Sa American Depositary Shares (BBD)

Financial Services

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 24,459.7125,545.7216,844.8529,596.4027,539.4522,882.5323,900.8024,964.3926,075.3027,235.6528,447.64
Revenue (%)
EBITDA 7,188.718,322.803,151.6710,891.488,482.156,208.036,986.207,297.097,621.817,960.988,315.25
EBITDA (%)
EBIT 6,026.877,221.782,407.139,766.817,102.424,967.805,881.996,143.746,417.136,702.697,000.96
EBIT (%)
Depreciation 1,161.841,101.02744.541,124.661,379.731,240.231,104.221,153.351,204.681,258.291,314.28
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash --25,742.3044,344.2931,042.4752,444.4738,513.7540,227.6142,017.7443,887.5345,840.53
Total Cash (%)
Account Receivables -----------
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable -----------
Accounts Payable (%)
Capital Expenditure -435.38-487.92-500.29-704.39-437.88-521.72-513.87-536.73-560.62-585.57-611.62
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.43
Diluted Shares Outstanding 1,881.98
Cost of Debt
Tax Rate 13.97
After-tax Cost of Debt -0.65
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.85
Total Debt 50,385.00
Total Equity 15,865.10
Total Capital 66,250.10
Debt Weighting 76.05
Equity Weighting 23.95
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 24,459.7125,545.7216,844.8529,596.4027,539.4522,882.5323,900.8024,964.3926,075.3027,235.6528,447.64
EBITDA 7,188.718,322.803,151.6710,891.488,482.156,208.036,986.207,297.097,621.817,960.988,315.25
EBIT 6,026.877,221.782,407.139,766.817,102.424,967.805,881.996,143.746,417.136,702.697,000.96
Tax Rate 12.88%20.36%-90.90%43.74%27.34%13.97%4.56%4.56%4.56%4.56%4.56%
EBIAT 5,250.475,751.714,595.245,494.705,160.914,273.665,613.505,863.306,124.226,396.756,681.41
Depreciation 1,161.841,101.02744.541,124.661,379.731,240.231,104.221,153.351,204.681,258.291,314.28
Accounts Receivable -----------
Inventories -----------
Accounts Payable -----------
Capital Expenditure -52.5412.37204.10-266.5283.84-7.8522.8723.8824.9526.06
UFCF 6,412.306,905.275,352.156,823.466,274.125,597.746,709.877,039.537,352.797,679.988,021.74
WACC
PV UFCF 6,337.846,280.556,196.316,113.206,031.21
SUM PV UFCF 52,838.13

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.87
Free cash flow (t + 1) 8,342.61
Terminal Value 446,129.07
Present Value of Terminal Value 335,425.41

Intrinsic Value

Enterprise Value 388,263.53
Net Debt -2,059.47
Equity Value 390,323.00
Shares Outstanding 1,881.98
Equity Value Per Share 207.40