Braskem SA (BAK) intrinsic value & 10-year financials
Braskem SA (BAK) has a Graham intrinsic value of $302.64 per share. Over the last 10 fiscal years revenue grew 5.7% a year to $77.4B, with an average return on invested capital of 61.5%.
- Graham intrinsic value
- $302.64
- Revenue (FY2024)
- $77.4B
- Revenue growth (10-yr CAGR)
- 5.7%
- ROIC (10-yr avg)
- 61.5%
- Free cash flow (FY2024)
- -$1.3B
BAK 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2024 | $77.4B | -$12.1B | — | -$1.3B | -1.4% | -2.2% |
| FY2023 | $70.6B | -$4.9B | — | -$6.8B | -4.0% | -7.3% |
| FY2022 | $96.5B | -$820.4M | — | $4.1B | 4.4% | 6.9% |
| FY2021 | $105.6B | $14.0B | $17.57 | $11.4B | 24.7% | 71.8% |
| FY2020 | $58.5B | -$7.0B | -$8.41 | $3.5B | -0.1% | -0.2% |
| FY2019 | $52.3B | -$2.6B | -$3.19 | -$417.2M | 0.3% | 0.3% |
| FY2018 | $58.0B | $2.9B | — | $6.5B | 14.3% | 26.3% |
| FY2017 | $49.3B | $3.9B | — | $188.4M | 18.7% | 31.5% |
| FY2016 | $47.7B | -$729.2M | — | $1.9B | 12.5% | 32.4% |
| FY2015 | $46.9B | $2.8B | — | $3.8B | 14.7% | 455.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
BRASKEM SA has demonstrated mature, steady growth, with revenue compounding at 5.7% annually over the past decade.
BRASKEM SA has earned high returns on invested capital, averaging 16.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, BRASKEM SA shows that management has aggressively returned capital to shareholders by retiring 99.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, BRASKEM SA is modeled at 5.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $302.64 per share.