Discounted Cash Flow (DCF) Analysis Levered
Ambev S.A. (ABEV)
$2.57
-0.05 (-1.91%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 50,231.30 | 52,599.70 | 58,379 | 72,854.30 | 79,708.80 | 89,653.71 | 100,839.40 | 113,420.68 | 127,571.67 | 143,488.22 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 17,911.20 | 18,381.30 | 18,855.80 | 22,901 | 20,642.20 | 28,730.97 | 32,315.60 | 36,347.48 | 40,882.39 | 45,983.10 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -3,571 | -5,069.40 | -4,692.70 | -7,677.10 | -6,533.10 | -7,803.27 | -8,776.85 | -9,871.90 | -11,103.57 | -12,488.92 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 14,340.20 | 13,311.90 | 14,163.10 | 15,223.90 | 14,109.10 | 20,927.70 | 23,538.75 | 26,475.57 | 29,778.81 | 33,494.18 |
Weighted Average Cost Of Capital
Share price | $ 2.57 |
---|---|
Beta | 0.626 |
Diluted Shares Outstanding | 15,848.60 |
Cost of Debt | |
Tax Rate | -1.56 |
After-tax Cost of Debt | 60.55% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.513 |
Total Debt | 3,845 |
Total Equity | 40,730.90 |
Total Capital | 44,575.90 |
Debt Weighting | 8.63 |
Equity Weighting | 91.37 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 50,231.30 | 52,599.70 | 58,379 | 72,854.30 | 79,708.80 | 89,653.71 | 100,839.40 | 113,420.68 | 127,571.67 | 143,488.22 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 17,911.20 | 18,381.30 | 18,855.80 | 22,901 | 20,642.20 | 28,730.97 | 32,315.60 | 36,347.48 | 40,882.39 | 45,983.10 |
Capital Expenditure | -3,571 | -5,069.40 | -4,692.70 | -7,677.10 | -6,533.10 | -7,803.27 | -8,776.85 | -9,871.90 | -11,103.57 | -12,488.92 |
Free Cash Flow | 14,340.20 | 13,311.90 | 14,163.10 | 15,223.90 | 14,109.10 | 20,927.70 | 23,538.75 | 26,475.57 | 29,778.81 | 33,494.18 |
WACC | ||||||||||
PV LFCF | 18,670.44 | 18,734.83 | 18,799.43 | 18,864.27 | 18,929.32 | |||||
SUM PV LFCF | 93,998.29 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 12.09 |
Free cash flow (t + 1) | 34,164.07 |
Terminal Value | 338,593.32 |
Present Value of Terminal Value | 191,356.86 |
Intrinsic Value
Enterprise Value | 285,355.14 |
---|---|
Net Debt | -11,081.40 |
Equity Value | 296,436.54 |
Shares Outstanding | 15,848.60 |
Equity Value Per Share | 18.70 |