Discounted Cash Flow

Banco Santander, S.A. ADR

SAN · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $74.2b $6.2b $22.0b 8.4% $0.40
2017 $74.2b (0.0%) $6.6b (6.7%) $40.2b (82.4%) 8.9% (6.7%) $0.40 (0.7%)
2018 $45.6b (-38.5%) $7.8b (18.0%) $3.4b (-91.5%) 17.1% (91.8%) $0.45 (11.1%)
2019 $47.5b (4.0%) $6.5b (-16.6%) $3.4b (-0.8%) 13.7% (-19.8%) $0.36 (-19.4%)
2020 $45.7b (-3.6%) $-8.8b (-234.6%) $66.2b (1852.0%) -19.2% (-239.7%) $-0.54 (-248.6%)
2021 $46.5b (1.6%) $8.1b (192.6%) $56.7b (-14.3%) 17.5% (191.2%) $0.44 (181.4%)
2022 $71.4b (53.7%) $9.6b (18.2%) $16.9b (-70.2%) 13.4% (-23.1%) $0.54 (23.1%)
2023 $105.3b (47.3%) $11.1b (15.3%) $-8.6b (-151.2%) 10.5% (-21.7%) $0.65 (21.3%)
2024 $112.7b (7.1%) $12.6b (13.5%) $-34.8b (-302.8%) 11.2% (6.0%) $0.77 (17.9%)
2025 $101.7b (-9.8%) $14.1b (12.1%) $-22.5b (35.3%) 13.9% (24.3%) $0.91 (17.4%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model