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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
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 16,845.8129,598.0927,541.0222,883.8326,838.1631,475.7936,914.8143,293.6950,774.84
Revenue (%)
EBITDA 3,151.8510,892.108,482.636,208.388,475.499,940.0611,657.7013,672.1516,034.69
EBITDA (%)
EBIT 2,407.279,770.337,102.834,968.087,203.368,448.109,907.9411,620.0313,627.97
EBIT (%)
Depreciation 744.581,121.771,379.811,240.301,272.131,491.951,749.762,052.122,406.73
Depreciation (%)

Balance Sheet Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 25,742.0844,343.8631,041.4852,445.1743,987.7551,588.8360,503.3870,958.3683,219.97
Total Cash (%)
Account Receivables ---------
Account Receivables (%)
Inventories ---------
Inventories (%)
Accounts Payable ---------
Accounts Payable (%)
Capital Expenditure -500.32-704.43-437.90-521.75-560.92-657.84-771.52-904.84-1,061.19
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.58
Diluted Shares Outstanding -
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 51,557.96
Total Equity -
Total Capital 51,557.96
Debt Weighting 100.00
Equity Weighting 0.00
Wacc

Build Up Free Cash

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 16,845.8129,598.0927,541.0222,883.8326,838.1631,475.7936,914.8143,293.6950,774.84
EBITDA 3,151.8510,892.108,482.636,208.388,475.499,940.0611,657.7013,672.1516,034.69
EBIT 2,407.279,770.337,102.834,968.087,203.368,448.109,907.9411,620.0313,627.97
Tax Rate -90.90%43.74%27.34%13.97%4.56%4.56%4.56%4.56%4.56%
EBIAT 4,595.505,496.685,161.204,273.916,874.568,062.499,455.6911,089.6313,005.92
Depreciation 744.581,121.771,379.811,240.301,272.131,491.951,749.762,052.122,406.73
Accounts Receivable ---------
Inventories ---------
Accounts Payable ---------
Capital Expenditure -204.11-266.5383.8539.1796.93113.68133.32156.36
UFCF 5,340.086,822.566,274.485,598.068,185.869,651.3711,319.1313,275.0715,569.00
WACC
PV UFCF 8,537.859,651.3710,852.4712,203.0413,721.70
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.30
Free cash flow (t + 1) 16,191.76
Terminal Value 5,397,254.13
Present Value of Terminal Value 4,372,716.54

Intrinsic Value

Enterprise Value -
Net Debt -887.21
Equity Value -
Shares Outstanding -
Equity Value Per Share -

Results Unlevered DCF

Wacc / Long-term Growth -4 (%)-3 (%)-2 (%)-1 (%)0 (%)1 (%)2 (%)3 (%)4 (%)
6.30 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
5.80 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
5.30 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
4.80 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
4.30 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
3.80 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
3.30 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
2.80 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
2.30 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell