Discounted Cash Flow (DCF) Analysis Levered
Ambev S.A. (ABEV)
$2.89
-0.01 (-0.34%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 47,899.30 | 50,231.30 | 52,599.70 | 58,379 | 72,854.30 | 81,117.12 | 90,317.06 | 100,560.43 | 111,965.55 | 124,664.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 17,874.10 | 17,911.20 | 18,381.30 | 18,855.80 | 22,901 | 27,847.83 | 31,006.21 | 34,522.80 | 38,438.22 | 42,797.72 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -3,203.60 | -3,571 | -5,069.40 | -4,692.70 | -7,677.10 | -6,815.61 | -7,588.61 | -8,449.28 | -9,407.56 | -10,474.52 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 14,670.50 | 14,340.20 | 13,311.90 | 14,163.10 | 15,223.90 | 21,032.22 | 23,417.60 | 26,073.52 | 29,030.66 | 32,323.19 |
Weighted Average Cost Of Capital
| Share price | $ 2.89 |
|---|---|
| Beta | 0.910 |
| Diluted Shares Outstanding | 15,857.40 |
| Cost of Debt | |
| Tax Rate | 7.91 |
| After-tax Cost of Debt | 42.53% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.055 |
| Total Debt | 3,100.50 |
| Total Equity | 45,827.89 |
| Total Capital | 48,928.39 |
| Debt Weighting | 6.34 |
| Equity Weighting | 93.66 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 47,899.30 | 50,231.30 | 52,599.70 | 58,379 | 72,854.30 | 81,117.12 | 90,317.06 | 100,560.43 | 111,965.55 | 124,664.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 17,874.10 | 17,911.20 | 18,381.30 | 18,855.80 | 22,901 | 27,847.83 | 31,006.21 | 34,522.80 | 38,438.22 | 42,797.72 |
| Capital Expenditure | -3,203.60 | -3,571 | -5,069.40 | -4,692.70 | -7,677.10 | -6,815.61 | -7,588.61 | -8,449.28 | -9,407.56 | -10,474.52 |
| Free Cash Flow | 14,670.50 | 14,340.20 | 13,311.90 | 14,163.10 | 15,223.90 | 21,032.22 | 23,417.60 | 26,073.52 | 29,030.66 | 32,323.19 |
| WACC | ||||||||||
| PV LFCF | 19,242.65 | 19,602.07 | 19,968.21 | 20,341.19 | 20,721.13 | |||||
| SUM PV LFCF | 99,875.25 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.30 |
| Free cash flow (t + 1) | 32,969.66 |
| Terminal Value | 451,639.13 |
| Present Value of Terminal Value | 289,528.12 |
Intrinsic Value
| Enterprise Value | 389,403.37 |
|---|---|
| Net Debt | -13,527.20 |
| Equity Value | 402,930.57 |
| Shares Outstanding | 15,857.40 |
| Equity Value Per Share | 25.41 |