Discounted Cash Flow

Ultrapar Holdings Inc. ADR

UGP · Based on 10 years of SEC filings · Converted from BRL to USD

⚠ Cash flow predictability 66/100 (moderate) — FCF YoY std dev 52%, net income 52% (full history)

Average annual growth rates

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

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 $15.1b $304.7m $388.1m 2.0% $2.88
2017 $15.6b (3.4%) $307.2m (0.8%) $339.4m (-12.6%) 2.0% (-2.5%) $2.91 (0.7%)
2018 $17.7b (13.4%) $224.5m (-26.9%) $563.8m (66.1%) 1.3% (-35.5%) $1.06 (-63.5%)
2019 $17.4b (-1.5%) $72.9m (-67.5%) $570.8m (1.2%) 0.4% (-67.0%) $0.34 (-67.6%)
2020 $15.9b (-9.0%) $174.3m (139.2%) $612.4m (7.3%) 1.1% (162.9%) $0.82 (139.0%)
2021 $21.4b (35.1%) $166.0m (-4.8%) $504.6m (-17.6%) 0.8% (-29.5%) $0.78 (-5.1%)
2022 $28.0b (30.9%) $351.4m (111.7%) $155.7m (-69.1%) 1.3% (61.8%) $1.65 (111.5%)
2023 $24.6b (-12.2%) $476.1m (35.5%) $500.0m (221.2%) 1.9% (54.4%) $2.23 (35.1%)
2024 $26.1b (5.9%) $461.1m (-3.2%) $380.2m (-24.0%) 1.8% (-8.6%) $2.14 (-3.7%)
2025 $27.8b (6.6%) $536.3m (16.3%) $672.7m (76.9%) 1.9% (9.1%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

SEC filings report in BRL. Values above are converted to USD for comparison with the US-listed share price.

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