1 Midlincoln
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Key Info

Banco Comercial Portugues SA Web - www.millenniumbcp.pt

Tel - 351-211-131-084

Next Reporting Date - 20.02.2020

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    Banco Comercial Portugues SA

    Banks

    PORTUGAL


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    4.00%

    Cost of Debt

    4.00%

    Long Term Growth

    2.00%

    Beta Assumption

    Current Market Cap mln$

    3,149.02

    Net Debt mln$

    -3,149.02

    WACC Estimate

    0.00%

    Ordinary Current Price $

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue3864.373217.443219.443314.103230.153169.143081.772993.522903.812820.412739.392660.712584.282510.052437.95
    EBITDA Costs3864.373217.443219.443314.103230.153169.143081.772993.522903.812820.412739.392660.712584.282510.052437.95
    EBITDA0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
    EBITDA Margin0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
    Operating Costs3512.733610.952967.842806.193136.913106.163062.143017.672972.472929.192886.552844.532803.122762.312722.10
    Operating Profit351.64-393.51251.61507.9193.2562.9819.63-24.15-68.65-108.79-147.16-183.82-218.83-252.26-284.14
    Operating Margin9.10-12.237.8215.332.891.990.64-0.81-2.36-3.86-5.37-6.91-8.47-10.05-11.65
    Pretax Costs3522.143528.772859.642654.793021.832979.852919.752859.032797.312738.982681.872625.952571.202517.582465.09
    PTP342.23-311.33359.81659.31208.32189.28162.02134.49106.5081.4257.5234.7613.09-7.53-27.13
    Pretax Margin8.86-9.6811.1819.896.455.975.264.493.672.892.101.310.51-0.30-1.11
    Net Income Costs3619.403110.813010.262932.473006.642949.882868.602786.492703.042625.442550.072476.862405.752336.682269.60
    Net Income244.97106.63209.19381.63223.51219.26213.17207.02200.77194.97189.33183.85178.53173.37168.35
    Net Margin6.343.316.5011.526.926.926.926.926.916.916.916.916.916.916.91
    Revenue Less Capex3864.373217.443219.443314.103230.153169.143081.772993.522903.812820.412739.392660.712584.282510.052437.95
    Capex0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
    Capex to Revenues0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
    Revenue less FCF2808.281488.771888.48-3318.05136.50-67.37-359.31-654.20-953.93-2738.40-7860.97-22566.04-64779.09-185957.76-533818.72
    FCF1056.091728.671330.966632.153093.653236.513441.073647.713857.745558.8010600.3625226.7567363.37188467.82536256.67
    FCF to Revenue27.3353.7341.34200.1295.77102.13111.66121.85132.85197.09386.96948.122606.667508.5221996.17

    PORTUGAL Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    BCP GRBanco Comercial Portugues SAPORTUGAL 3149.02----1.23-#????!-5.6#N/A N/A

    International Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    JPM USJPMorgan Chase & CoUNITED STATES 431141.2213.3612.69--2.522.44-1.8314.9112.29
    BAC USBank of America CorpUNITED STATES 307939.7912.7211.5--2.251.87-1.2910.732.46
    1398 HKIndustrial & Commercial Bank of China LtdCHINA 274283.385.85.51--2.45.19#????!0.7112.91-5.02
    939 HKChina Construction Bank CorpCHINA 211707.835.555.26--2.175.44#????!0.713.14-6.78
    WFC USWells Fargo & CoUNITED STATES 199360.7713.0511.84--2.193.57-1.3410.6-1.98
    1288 HKAgricultural Bank of China LtdCHINA 171237.714.754.52--1.916.32#????!0.5612.43-10.15
    C USCitigroup IncUNITED STATES 166569.949.939.18-151.342.4-0.9610.297.79
    HSBA LNHSBC Holdings PLCBRITAIN 156364.7310.8411.47--2.856.63#????!0.948.09-3.93
    3988 HKBank of China LtdCHINA 143470.134.714.49--1.846.54#????!0.5111.27-8.44
    3968 HKChina Merchants Bank Co LtdCHINA 130235.969.888.74--3.353.04#????!1.5316.588.21
    RY CNRoyal Bank of CanadaCANADA 116771.0511.911.66--2.43.83-1.9516.993.56
    CBA AUCommonwealth Bank of AustraliaAUSTRALIA 106548.417.4818.32--3.135.21-2.112.5213.84
    TD CNToronto-Dominion Bank/TheCANADA 103176.5611.3510.91--2.533.84-1.6614.641.87
    HDFCB INHDFC Bank LtdINDIA 93379.427.8324.93--4.80.65-4.1116.97-1.25
    SBER LISberbank of Russia PJSCRUSSIA 85808.126.455.8--2.737.53#????!1.2620.724.51
    SBER RMSberbank of Russia PJSCRUSSIA 85542.266.435.78--2.727.55#????!1.2620.723.45
    USB USUS BancorpUNITED STATES 84538.7413.6912.64--2.92.66-1.9814.518.62
    ITUB4 BZItau Unibanco Holding SABRAZIL 73318.4713.3311.26--1.995.21-2.6319.81-7.24
    BNP FPBNP Paribas SAFRANCE 73090.268.518.41--0.815.87-0.678.074.8
    SAN SMBanco Santander SASPAIN 70953.9710.38.33--0.88--0.626.63-15.61
    8306 JPMitsubishi UFJ Financial Group IncJAPAN 70388.538.229.01--1.624-0.445.424.57
    BNS CNBank of Nova Scotia/TheCANADA 68517.9710.8510.25--2.114.62-1.4413.175.12
    PNC USPNC Financial Services Group Inc/TheUNITED STATES 66738.2913.9413.02--2.732.63-1.5311.527.28
    WBC AUWestpac Banking CorpAUSTRALIA 62255.1115.0814.83--2.486.34-1.5810.4314.3
    BBCA IJBank Central Asia Tbk PTINDONESIA 60547.3128.8525.58--11.781.04#????!4.7817.6812.93
    BBDC3 BZBanco Bradesco SABRAZIL 59288.7212.879.04--1.85.06-2.1717.51-10.37
    BBDC4 BZBanco Bradesco SABRAZIL 59288.7212.879.58--1.85.06-2.1717.51-15.58
    HDFC INHousing Development Finance Corp LtdINDIA 57009.3620.6320.4214.29-3.681.0745.353.0315.943.25
    NAB AUNational Australia Bank LtdAUSTRALIA 54095.7816.613.29--2.215.59-1.599.1216.93
    3328 HKBank of Communications Co LtdCHINA 53557.094.654.45--1.676.63#????!0.4911.12-14.52

    EV, Debt, Cash

    Fields2018
    EV
    Cash8478.88
    Debt15370.35
    Debt/Equity340.14
    Pref Equity0
    Shares Out#N/A Field Not Applicable
    minorities1355.27

    Last Price

    Fields2018
    Last Price#N/A N/A
    Next DVD Ex Date#N/A N/A
    DVD Announcement Date07.11.2019
    Last Ex Date#N/A N/A

    CashflowSummary

    Fields201520162017201820192020
    Revenue3864.3717413217.4391783219.4413173314.104872556.4872673.067
    Operating Profit351.6448703-393.5085863251.6058768507.91415941274.4931339.377
    PTP342.2342849-311.3287706359.8060629659.3142159659.669808.473
    Net Income244.9726995106.6289694209.1859721381.6330734409.089469.703
    EPS#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable0.0310.033
    DPS#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable00.005
    EBITDA
    BPS#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable0.4440.463
    Capex0000
    FCF1056.0945611728.6660591330.9608016632.14997
    EV TO T12M EBIT------
    EV/EBITDA------
    CUR RATIO------

    Ratios

    Fields201520162017201820192020
    Market Cap3149.023149.023149.023149.023149.023149.02
    PE RATIO#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable--
    EV/EBITDA------
    P/S#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable1.231.18
    DIVIDEND YIELD#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable--
    EBITDA Margin----#????!0.5
    P/B#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable--
    ROE5.470.543.65.15.66.73
    6 month return#N/A N/A#N/A N/A#N/A N/A#N/A N/A#N/A N/A#N/A N/A